84% of employees describe financial wellness programs (e.g., planning, education, workshops, tools) as benefit offerings they want or need.
The text of the complaint includes substantial detail about the inner workings of the Home Depot retirement plan, and its relationships with advice providers Financial Engines and, later, Alight Financial Advisors.
In issuing a strong ruling to vacate the DOL fiduciary rule expansion, the Fifth U.S. Circuit Court of Appeals is now at odds with multiple other courts that have upheld the rule, including the Tenth Circuit.
Research reveals that less than half of sponsors believe that employees are solely responsible for their own retirement savings and investing decisions, but greater than three-quarters of participants feel that they have sole responsibility for these decisions.
SEC-mandated regulatory filings from Wells Fargo Advisors have triggered state and federal inquiries into whether the firm’s advisers have made inappropriate referrals or recommendations, including with respect to rollovers for 401(k) plan participants.
The planner is designed to help employees better understand their stock awards and more easily integrate these stock awards into their overall financial plans.
The agency also offered suggestions for rollovers by participants in foreign retirement plans.
Growing contributions and a strong equity market helped propel HSA investment assets up 53% year over year during 2017; data shows employees increasingly want advice on how to invest and eventually spend HSA dollars.
The revamped website will present employees with “a more simplified and interactive experience,” the firm says, while featuring data-driven recommendations.
“Financial stress distracts employees and can hurt an organization’s bottom line by lowering productivity, increasing turnover and harming workers’ health,” warns Elias Vogen, Securian’s director of group insurance client relationships.
Rising health care costs and the advent of digital tools has made health care options more accessible and pushed the benefits industry toward a consumer-centric and retail-like model, to both the benefit and detriment of employees.
Survey data shows a sizable group of retirement plan participants have lowered their contributions in the last year to address debt, unexpected bills, health care costs and other challenges.
A new analysis from Questis takes a striking look back at the recent and not-so-recent development of workplace financial education in the United States; quotes from figures throughout history show how the problem of poor financial literacy has been around since the beginning of the American Republic.
Data shows about one-fourth of nonprofit plan sponsors are not aware of what comprises a formal fee policy statement, and half of respondents are unfamiliar with the tenants of fee levelization.
Until the final rule’s publication in the Federal Register, the exact details and length of the second enforcement delay will remain unclear, but industry reports are widely discussing an 18-month delay.
The firm has appointed a director of bilingual employee education, tasked with delivering more culturally diverse education strategies and collateral to plan participants.
Forty-four percent of middle-income women say they cannot afford to save for retirement, compared to 14% of men.