PLANSPONSOR Weekend Newsdash
Week ending September 27th, 2019
In this era of automation in retirement plans, engagement of retirement plan participants could be lost. That’s why it’s still important to provide education to move participants past saving and investing defaults. One type of education gaining ground is financial wellness. But, in order for financial wellness education to engage participants, it should be personalized and actionable. And, plan sponsors should measure their financial wellness programs’ success in order to know where to improve. Enjoy this edition of PLANSPONSOR Weekend!
Editor's choice
Benefits
Moving the Needle with Participant Education
Automatic plan features, including do-it-for-me investments, have helped defined contribution (DC) plan participants. However, they have also replaced human interaction in some cases, and survey after survey shows DC plan participants want face-to-face communication and education.Read more >
Benefits
Health Care a Top Concern to Address in Financial Wellness Programs
Surya Kolluri, with Bank of America, says financial wellness should be thought of in the broadest way, with an eye toward how employees live their lives; this includes health care and caregiving efforts.Read more >
Benefits
Financial Wellness Programs Need to Become Personalized
Financial stress is on the rise in all generations, indicating that financial wellness programs are missing the mark, according to PwC. A new survey report from the firm suggests many employers have simply relabeled existing resources as “financial wellness programs.”Read more >
Benefits
To Succeed, Financial Wellness Programs Need to Motivate Participants
To truly help participants, financial wellness programs need to advance beyond mere education to truly motivate participants to take action to improve their financial outlook, according to Cerulli Associates.Read more >
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.Read more >
Administration
Plan Sponsors Should Address Financial Squeeze Put on Gen X
Struggling with debt and budgeting, Gen Xers are in their prime earning years, they are getting close to retirement and they are taking care of both their children and their parents.Read more >
MOST POPULAR STORIES
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.

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.

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.

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.

DB Plan Relief Included in the CARES Act

The bill provides a delay for minimum annual required contributions and relief for plans that may have benefit restrictions triggered due to a drop in funding levels.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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