Providing retirement plan participant education and communication requires knowing what information participants want and need and how they would prefer to receive it. Some communications are required by law. Both types of communications, as well as any education, should be easy for participants to understand. The new trend in retirement plan participant education goes beyond just education about retirement saving and investing into education about overall financial wellness. Plan sponsors need to know how to build a successful financial education program as well as how to measure its success. This edition of PLANSPONSOR Weekend includes articles aimed to help readers with their education and communication duties.
They want help with calculating how much money to save for retirement, determining how to invest their 401(k) assets, determining the age at which they can retire, and figuring out their expenses in retirement.Read more >
Although a majority of workers thought workplace financial well-being programs would be either very or somewhat helpful in better preparing or saving for retirement, fewer than half of workers thought debt counseling or budgeting help would be helpful, EBRI found.Read more >
President Donald Trump asked both the Treasury and Labor Departments to review actions that could make retirement plan disclosures easier to understand for participants and less costly to employers.Read more >
Between retirement reforms first created by the SECURE Act and then updated by the CARES Act, there is a lot of confusion about required minimum distribution deadlines and the tax treatment of coronavirus-related hardship withdrawals.