PLANSPONSOR Weekend Newsdash
Week ending September 8th, 2017
Hello, PLANSPONSOR readers! This week’s focus in on financial wellness and participant education. With open enrollment season approaching, benefits education is part of what ensures success. Mercer hosted a webcast with tips to create a better open enrollment experience, and we covered a survey in which employees shared issues they have with open enrollment. An analysis from Corporate Insight reveals retirement plan providers are stepping up their educational resources, which is good because a study from Financial Engines shows Americans are lacking in financial literacy that has much to do with retirement finances. A couple months ago, The Defined Contribution Institutional Investment Association (DCIIA) published “A Financial Wellness Primer.” Enjoy this edition of PLANSPONSOR Weekend!
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Benefits
Creating a Better Open Enrollment Experience
Leaders from Mercer discuss strategies to enhance the open enrollment season for both employers and employees.Read more >
Benefits
Employees Want a Better Open Enrollment Experience
A survey by Namely, a human resources platform focusing on mid-sized employers, revealed some key findings about how employees prefer to be introduced to their benefits options during open enrollment season. It also showed employers have room for improvement in this realm.Read more >
Data and Research
Plan Providers Unveil Sophisticated Education Resources
Since the beginning of 2016, 17 firms within the Retirement Plan Monitor coverage set have introduced new retirement readiness resources to participant sites—and 12 of those firms have done so in this year alone.Read more >
Data and Research
Americans Underestimate Long-Term Financial Needs
Despite being confident about their current financial situation, a large portion of Americans significantly underestimate the projected costs of living in retirement, according to a recent survey by independent adviser Financial Engines. They underestimated the cost of health care in retirement, and 64.9% of respondents to a financial literacy quiz offered by Financial Engines did not know they could defer claiming Social Security benefits until age 70.Read more >
Products
DCIIA Publishes Financial Wellness Primer
The guide discusses why employers are well-suited to play a role in promoting financial literacy and wellness; the cost of a workforce that is not financially healthy; productivity gains and return on investment; and the value of retirement readiness. It also includes a section specifically about women and financial wellness.Read more >
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