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.

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.

Is your nonqualified plan causing you anxiety? Here’s what to do

Lynn Bullard, ASA, EA, FCA Thought Leadership

Nonqualified retirement plans are less common — and more frequently misunderstood — than their qualified plan counterparts. This article highlights common nonqualified plan challenges that HR managers and benefits coordinators may encounter.

Plan sponsors could consider a different solution to provider woes

Andy Adams and Jay Schmitt, ASA Thought Leadership

Occasional employee complaints about a benefit plan are inevitable. But when they become a regular occurrence, it can point to more significant problems with a plan administrator or other vendor. Companies that find themselves in this position have several options — including an often-overlooked option that we call “vendor recovery.”