Being less optimistic than advisers about participants’ retirement readiness, plan sponsors also want guidance about alternative plan designs and cite increasing defined contribution (DC) plan participation as their biggest challenge, a Voya survey found.
Tag: Financial Wellness
Recipients of the 2019 PLANSPONSOR Retirement Plan Sponsor of the Year award talk in detail about their award-winning plans—about what it takes to build and then maintain a top-level retirement plan.
The University of Pittsburgh has found stories from peers resonate well with every employee group.
AdvisorConnect is a support network of plan sponsor-approved, registered financial professionals who specialize in the public-sector retirement space, and one of its key components is the My Financial Wellness Center.
Employers’ growing interest in improving their workers’ financial wellness is driving the change, Prudential experts say.
The report discusses the power of compounding, finding extra dollars to save, saving for college and retirement and managing debt, and provides asset allocation guidance.
Seventy-seven percent of Americans think Congress should do more to expand access to retirement plans, while 83% favor making it easier to save for retirement, and 69% think policymakers should support solutions that convert savings into an income stream.
MapMyFinances replaces MapMyBenefits and creates a to-do list of simple, actionable steps to help employees reach their financial goals.
The firm has partnered with EVERFI so employers can address employees’ student loan and financial wellness needs.
The Society of Actuaries says financial wellness programs need to be designed so individuals of different fragility levels can connect to what is useful and important to their situation.
Principal Flash Briefing, the firm’s financial wellness platform, relies on Alexa.
Company stock plan participants surveyed by Fidelity Investments reported they have used or will use proceeds for things such as reinvesting in retirement accounts or paying bills and debt.
Not only are three-fourths of Millennial college graduates carrying student loan debt, but a Guardian report notes that, “Baby Boomer parents, in trying to fulfill their children’s dreams of a college education, have too often tapped their retirement savings.”
Franklin Templeton is rolling out R6 shares for health savings accounts, while Principal has announced its first collaboration with an HSA provider.
Research findings suggest that employers could do a better job of educating employees about benefits that may improve their overall financial security.
The firm’s features allow users to control debt, evaluate spending and life insurance coverage needs, prioritize goals, build a plan for special financial objectives, and more, according to Alight.
The 2018 PLANSPONSOR Defined Contribution Survey also found 403(b) plan sponsors, to a higher degree than respondents overall, offer college savings and student loan repayment benefits.