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week ending October 25th, 2019
Employees are financially stressed. This has led more employers to incorporate financial wellness programs into their benefits offerings. Plan sponsors can take cues from participant retirement plan activity—not contributing up to the match amount, taking plan loans, etc.—to determine plan participants’ financial health and needs, according to Una Morabito, senior vice president for client management at Workforce Solutions. It is important to implement a financial wellness program that meets the unique needs of each plan sponsor’s workforce, and measuring the success of a program already in place can help plan sponsors adjust their programs to do so. Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
Participants
Putting a Price Tag on Workplace Financial Stress
According to John Hancock’s research, debt is one of the most significant indicators for financial stress, and most people are dealing with some kind of debt.
Benefits
Measuring the Success of Financial Wellness Programs
Incorporating sound measures of the effectiveness of financial wellness programs will allow plan sponsors to adjust them to address the varying needs of their workforce.
Checklist for Financial Wellness
An excerpt from Una Morabito's Keynote lecture at the PLANSPONSOR National Conference 2019
Opinions
Driving Financial Wellness at Work
Wes Collins, senior manager of participant advice services at CAPTRUST, discusses financial wellness areas of focus, broken out by career stage.
Administration
Teaching Employees Skills and Practices for Retirement Confidence
Unfortunately, there are no do-overs in life, but there are ways to help employees feel confidence about their financial futures going forward.
Popular Reads
Compliance
IRS Announces 2020 Contribution and Benefit Limits
The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans is increased from $19,000 to $19,500.
Compliance
Congressional Leaders Want SECURE Act Passage in 2019
Based on the conversations industry advocates are having in Washington, none of the leadership in the Senate or the House opposes passage of the SECURE Act.
Data and Research
Rethinking the Idea That There is a Retirement Crisis
A new report says Americans have greater access to workplace retirement plans and are saving more than in the past, and better protections are in place to guard their savings.
Compliance
IRS Proposes Update to Mortality Tables Used to Calculate RMDs
The life expectancy tables and applicable distribution period tables in the proposed regulations reflect longer life expectancies than the tables in the existing regulations.
Compliance
IRS Announces 2020 HSA Contribution Limits
The limits will increase $50 for an individual with self-only coverage and $100 for an individual with family coverage in 2020.
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