Many American workers struggled financially before the COVID-19 pandemic. Therefore, it isn’t surprising that this crisis could greatly hinder their ability to reach their retirement income goals. Indeed, more than three-quarters of employees (77%) say they have been concerned about their financial well-being since the COVID-19 outbreak[1] and 82% will rely on their workplace retirement…

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When employees are financially stressed, they spend three or more hours a week – approximately 150 hours per year – worrying about personal finances or dealing with them at work.[1] A financial wellness program is a soft benefit, so if you feel anxious about offering this benefit, you’re not alone. There are a lot of…

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Employees are worried about their finances. They worry about them in the evenings, on weekends and during working hours. Plus, with the increased stress caused by the pandemic, it’s no secret your workforce could use some help. More than meets the eye Many employees struggle with cash for emergencies. In a recent 2020 study, they…

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Retirement plans are complex and have many moving parts; as such, many plan sponsors create retirement plan committees to help keep them running smoothly. They may be called “investment” or “administrative” committees and can range in size.  Regardless of the name or number of people involved, the committee’s organization, process and documentation are key to…

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Anyone who has received stacks of mailed booklets, leaflets or other paper 401(k) disclosure materials might be cheering about the Department of Labor’s (DOL) recent rule that expands employer options for delivering retirement plan documents online.[1] The Electronic Disclosure Safe Harbor for Retirement Plans went into effect July 27, 2020 as a “voluntary safe harbor…

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As we start to resume “business as usual” in the new year, it’s important to revisit your fiduciary duties, which never take a holiday break! Our quarterly newsletter touches on fiduciary plan governance topics to help you stay informed on what has changed or requires action this year: The Importance of a retirement plan committee…

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As a plan sponsor, you’re automatically a fiduciary. You are responsible for keeping your plan in compliance with government regulations. One of the important areas of compliance involves the many documents that are part of plan administration. These documents must be in writing and kept at your fingertips in case you need to refer to…

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If navigating a worldwide pandemic weren’t enough, the world of employee benefits continues to throw curve balls at employers and plan sponsors who must constantly keep up. Below are 5 big changes that retirement plan decision-makers should know about. 1. How far will retirement savings go All defined contribution (DC) plan benefits to be expressed…

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