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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
New Financial Audit Rule Increases Requirements for Plan Sponsors
Plan sponsors will be required to provide much more data, as well as certifications about plan administration and governance, and limited-scope audits will no longer be so limited.
Research
2021 Recordkeeping Survey
Data and Research
Participants Missing the Full Match Remains a Big Problem
A new survey shows there are several reasons employees decide not to contribute to their retirement plans.
Compliance
Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement
A judge found the interests of a subclass of terminated, vested participants were adequately protected in a newly proposed settlement.
Compliance
2021 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan
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