How to Help Employees Master Budgeting Techniques Using Holiday Spending as a Teaching Tool
Here we are – the end of the year and the holiday season. Right now, employees face the challenge of budgeting for all the expenses that come with this time of year: food, travel, gifts, and more. Bad budgeting can lead to high credit card debt, hurting their ability to reach other goals, like saving for retirement. Employers can help employees budget this holiday season – here’s how.
Snags in Savings: Considerations for Sponsors on Employee Savings Plans
Employees’ interest in savings accounts may be as high as the rates offered on those accounts. But regulations are still slightly less than salient when it comes to how sponsors enroll and incentivize employees to enroll in savings accounts.
The Microretirements Trend
A growing number of younger people are looking for “microretirements” as part of their career paths. What is a microretirement, and how can employees and employers work together to benefit each other with this growing trend?
New Techniques to Make Open Enrollment Easier
Open enrollment season is often synonymous with stress—for both employees and plan sponsors. With an overwhelming number of benefits options and the complex terminology surrounding them, it’s no surprise that confusion reigns. Fortunately, modern techniques, including new technologies and marketing approaches, are reshaping open enrollment to make it easier, more efficient, and engaging. Here’s what sponsors need to know.
High vs Wide: How Will the EBSA’s Budget Change its Enforcement Action Priorities?
Given the potential changes in regulatory power that could flow from the Supreme Court’s decisions in the summer of 2024, plan sponsors may be wondering if there might be changes in how the DOL enforces its regulations. But that might not be the right tree to go barking up. Instead, a key to understanding changes in enforcement actions could lay with its leadership and its budget.
Building a Comprehensive Policy Library for Emergency Preparedness: A Proactive Approach for Benefits Teams
Having a well-curated policy library in place, particularly in case of an emergency, is no longer just a best practice for plan sponsors—it’s essential for effective risk management. This article explores the importance of preparing a policy library, how plan sponsors can proactively secure sample policies from industry groups, and why working with legal counsel is critical to ensuring compliance and accuracy.
Common Misconceptions in Retirement Planning: Time to Review
Plan Sponsors may want to consider addressing common misconceptions plan participants have when looking to planning educational resources. Three of the most common misconceptions in retirement planning are 1) budgeting only to prepare; 2) longevity missteps; and 3) amounts over accounts.