Pandemic sharpens focus on employee financial wellness

Leslie Olds, FSA, EA, FCA, MAAA Thought Leadership

COVID-19 has made financial wellness a hot topic in 2020 as employees seek to become more financially resilient. Here are some initial steps plan sponsors can take to gauge how well employees are using their existing benefits and determine whether additional financial wellness benefits are called for.

‘Free’ plan implementation can come with big costs

Andy Adams Thought Leadership

“Free implementation” has become a ubiquitous element of benefit plan administration proposals. The appeal to plan sponsors is understandable, but rest assured, with free implementation, you get what you pay for. Understanding the true cost of implementation will help plan sponsors evaluate potential benefit administrators and initiate the implementation process with eyes wide open and a more realistic budget.

Here’s how to create a SECURE Act plan of action

Leslie Olds, FSA, EA, FCA, MAAA Thought Leadership

Given the SECURE Act’s broad scope and nuanced provisions, how should plan sponsors prioritize their responsibilities under the new law? Here’s a systematic approach for developing a SECURE Act plan of action.

Preventive maintenance is key to retirement plan health

Jay Schmitt, ASA Thought Leadership

Periodic checkups can keep plans running smoothly and help plan sponsors identify issues early, before those become difficult and expensive to correct. Such audits come in two varieties—transactional audits and operational audits.

A background on retirement plan cyber crimes and how to mitigate them

Rebecca Moore, Managing Editor of Digital for PLANSPONSOR Thought Leadership

The onus of safeguarding plan participants from fraud does not fall solely on the recordkeeper. Both DC plan sponsors and recordkeepers need to agree on fraud-resistant processes that are clearly documented, rigorously implemented and consistently followed. Here are a few tips.

Retirement readiness starts at work

Leslie Olds, FSA, EA, FCA, MAAA Thought Leadership

Every year, 3.8 million people in the U.S. reach retirement age. How can plan sponsors help workers get ready? Offering a retirement readiness program that considers employees’ emotional, financial and healthcare needs can go a long way toward helping them prepare.

Keeping up with all the players in outsourced benefits administration

Andy Adams and Jay Schmitt, ASA Thought Leadership

The benefits outsourcing market is evolving rapidly, making it hard for plan sponsors to know what to look for — and who to consider — when preparing RFPs for the outsourcing of defined benefit, defined contribution, health and welfare and nonqualified benefits. Here are some tips.

How to walk the line with pension overpayments

Mindy Zatto, FSA, EA, FCA, MAAA and Mary Shah, FSA, EA, FCA Thought Leadership

SBA principals Mary Shah and Mindy Zatto discuss ways to recoup pension overpayments that satisfy regulators and do not place burden on retirees, as well as how to prevent overpayments from happening.