One important purpose of offering more holistic benefits and education that link health and wealth concerns for employees is that it “prevents the 401(k) plan from being treated like a checkbook.”
Is it more than education? Is it a full-blown program or something spontaneous and ad hoc? How frequently is it delivered, and how is it benchmarked? Who delivers it, and when?
The Financial Elements program breaks down challenging concepts into simple elements to increase financial literacy and reduce employee financial stress through education and behavioral coaching.
Future retirees expect a greater monthly payment from Social Security than what current retirees say they collect, according to a survey from Nationwide.
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.