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
AT&T Sued Over Calculation of Early Retirement Benefits

The plaintiffs say the plan’s terms reduce benefits using “Early Retirement Factors” and “Joint and Survivor Annuity Factors” which result in plan participants receiving less than the actuarial equivalent of their vested accrued benefit, as required by ERISA.

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.

Social Security Administration Announced COLA for 2020

Employees not only need basic education, but they need to know how to include Social Security in their retirement income strategy.

New Lawsuit Highlights Importance of Cybersecurity for Retirement Plans

A former 401(k) plan participant is suing the plan sponsor and plan providers after unauthorized distributions were made from her account.

IRS Releases 2019-2020 Priority Guidance Plan

The IRS invites public comments and suggestions about guidance.

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

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