Wednesday, November 1st, 2023 A biweekly topical newsletter from PLANSPONSOR The Benefits Spend Information about how plan sponsors are allocating their companies’ benefits dollars and getting value for their money. SPONSORED AD Benefits Time to Shine: Plan Sponsors Must Optimize Open Enrollment Window Most participants procrastinate in reviewing their benefits, and many do it quickly. Plan sponsors need to communicate effectively and leverage educational tools, according to Voya.   Benefits Tackling HSAs During Open Enrollment Employers offering high-deductible health plans can use open enrollment as a time to educate participants and correct misconceptions about health savings accounts. Benefits 5 Ways Employers Can Improve Retirement Readiness for Underserved Participants From incorporating an in-plan emergency savings vehicle to facilitating auto-portability, employers can take actionable steps to help disadvantaged workers save for retirement, Alight advises.  Benefits Setting Your Plan Up for Success During Open Enrollment Season By making health benefits more affordable for employees and ensuring there is time to explore all offerings, one midsize employer saw increased engagement during open enrollment season.  Benefits Small Employers Take Advantage of ICHRAs to Lower Their Employees’ Health Care Costs Individual coverage health reimbursement arrangements are becoming increasingly popular among small employers who want to help employees manage rising health care expenses. Benefits Saver’s Match: Opportunity to Help Close Retirement Savings Access Gap Outlined in SECURE 2.0 to be introduced for the 2027 tax year, the Saver’s Match is a 50% federal matching contribution deposited directly into a taxpayer’s IRA or retirement plan. Did someone forward you this newsletter? Sign up here to get PLANSPONSOR Spotlight directly in your mailbox!

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