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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
Administration
Furloughs Vs. Layoffs: Which May Trigger a Partial Plan Termination?
‘Companies tend to use the terms interchangeably, which is why it can be confusing,’ says Lorie Maring, a partner at Fisher Phillips.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Benefits
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
Administration
Administrative Considerations for CARES Act Transactions
Plan sponsors need to understand the details and ask themselves certain questions to make sure they are complying with the new law.
Administration
The Math Behind Plan Fee Evaluations
Determining whether fees are reasonable for participants requires an additional layer of calculation, and some fee elements and allocations make it more complicated than it should be.
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