Benefits

Prior to the pandemic, ultra-low unemployment put a spotlight on ‘lifestyle benefits’ for employees. The COVID-19 downturn has already shifted the focus of many plan sponsors.

Amid the pandemic, many are pausing their cash balance plans out of concern that there could be insufficient cash on hand to make required contributions.

Fidelity Investments reports the more an employer communicates with workers on benefits, the likelier they are to use them.

The report highlights how a loan or distribution option under the CARES Act can affect employees.

As unemployment rises and employees retire sooner, experts say Social Security will be exhausted faster than predicted.

Many older employees either want or need to work past the traditional retirement age; sources say it makes economical sense for employers to help them do so.

This year's events offer employers a chance to connect with employees and change workforce and retirement plan investing efforts.

Despite employers’ own financial strain, most are committed to expanding wellness programs to address increased employee needs during the pandemic.

Considerations for plan sponsors that need to cut costs but would rather avoid taking away benefits.

The CARES Act allows telehealth services to be included under HDHPs until December 31, 2021, and some are hopeful that will be extended.

The retirement plan system has the infrastructure to get people started building emergency savings.

The CARES Act has expanded the number of medical devices and medicines the funds can be used to buy, and telehealth is also an option.

The coronavirus pandemic has exposed workers’ need for financial coaching and for employers to offer resources.

Research shows older employees may turn to Social Security for income following a financial crisis, but that can throw retirement planning off course.

This will be especially true for Millennials, retirement industry sources say.

While the estimates are current, they do not reflect the potential effects of COVID-19, the Social Security Board of Trustees notes.

More employers will see financial wellness programs as a necessity and emergency savings as a top priority.