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Financial Literacy 2.2022: Why Combining Digital FinLit with Basics is Essential

When it comes to financial literacy, student loan forgiveness and mortgage rates may be top of mind for younger plan participants. These may be areas that participants have identified as weaknesses or gaps in their knowledge, but there’s an argument to be made for focusing on the basics of financial literacy: they don’t know what they don’t know.

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The Season’s Hot New Trends

Everyone loves a three-day weekend, so wouldn’t it be grand to have them every week? Maybe in theory, but in practice it’s far more complicated than that, and can require restructuring of an organization’s workforce. So how do sponsors know if it’s right for them?

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“Financial Influencers”: Investing, Enrollment and Your Employees

There may be buzz around new laws on auto-enrollment’s impact on plan sponsors and their employees, but getting those employees to enroll and stay enrolled is still a pain point for many sponsors. If plan sponsors aren’t reaching their employees about the importance of saving for retirement, maybe there’s another option: social media influencers who post about personal finance.

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Auto-Enroll Your Employees in More than a 401(k): Why FinLit and Financial Wellness Can Boost Your Bottom Line

Many companies offering their employees a new financial wellness benefit. Plan Sponsors may want to take note, not just for how your competition may be enticing employees, but also, how those programs can increase productivity. Here’s the Who, How, Why and What of it all.

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Decisions, Decisions, Decisions

Even small money decisions and discussions can be difficult and stressful but saying “no” and saying “yes” are essential skills every employee should learn.

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Hughes Applied and FINRA’s New Alternative Mutual Funds Notice: Compliance Concerns to Watch

Sponsors looking for more definitive guidelines following the Supreme Court’s Hughes decision may be waiting awhile. New court decisions haven’t stemmed the influx of cases, and further FINRA notices may indicate that Sponsors need to tighten their compliance efforts.

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This Time It’s Personal

To meet employees where they are, plan sponsors should take a lesson from BuzzFeed quizzes and subscription boxes.

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Small Business Basics on 401(k) Enrollments

How can small businesses choose the right plan that factors administrative costs but also addresses their need for flexibility? They may want to consider goals and culture. Here’s why.

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Let Them Eat 401(k)ake!

It’s time to ditch the ping-pong table, snack bar, and bean bag chairs (not that they’ve gotten much use in the last few years). The best recruitment tools aren’t free lunches or nap pods, it’s just better benefits.

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Document Retention Policies Post-Pandemic- Is it Time to Rethink Yours?

Is it time to revamp your company’s document retention policy? As always, discuss any change to information management and client records with your legal counsel. Here are a few things to consider asking your counsel, especially if you are continuing to work in a remote or hybrid work environment.

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The Three Questions Your Employees Have on HSA Investments

Few realize that HSA contributions can be invested for long-term gains. When teaching “HSA investment 101”, here are three questions sponsors will have to answer.

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Rock, Paper, Scissors: Considerations for Contemplating Adding New Plan Providers

As benefits continue to be a leading item in recruitment and retention of top candidates, plan sponsors may be considering changing their plan providers as well as their plan options. Here are a few thoughts on the pros and cons of adding plan providers, consolidating multiple plans and staying put.

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An Increase in Lawsuits against Sponsors May Call for Fresh Benchmarking Data

The Supreme Court’s recent case concerning plan fees has opened a pandora’s box of options for plaintiffs. Plan Sponsors may want to monitor recent developments and consider expanding their benchmarking plans.

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Workforce Changes To Monitor

Plan Sponsors may feel overwhelmed having kept up with what might have felt like large swings to their demographics in their workforce. Those who are eager to keep track of demographic changes in the overall investing habits of America may want to take note of several new studies and statistics that were released.

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DEI: Diversity, Equity, and….Investments?

401(K) matching only matters if you have money to invest. How do sponsors make sure no one is financially left behind?

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Educating GenZ

Recent studies have shown an uptick in interest in investing in alternative investments by Generation Z. GenZ are those who are roughly ages 10 to 25 in 2022. Plan Sponsors who worry that their GenZ employees may be forgoing 401(k)s for buying blitzes of bitcoin can rest a little easier. GenZ is investing in their 401(k)s, but that’s not all they’re betting on.

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Postal Service law and Plan Sponsors

Changes to the laws around the post office may have arrived right on time. Many plan sponsors struggled with using first class mail during the pandemic due to the overload on the Post Office. But not so fast, struggles may still be on extended delivery. Here’s a quick survey of what plan sponsors may want to consider around first-class mail and plan disclosures.

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Strategic planning approaches for plan sponsors

Changes to employee benefits may be a small part of an overall organizational strategic plan. It may seem odd, then, to consider strategic planning a benefits change. But a review of the different models of strategic planning may help plan sponsors consider how to structure the process of changing plan documents.

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Go Go Gadget Investing!

Persuading employees to engage with their benefits options is like finding Cinderella armed with just a shoe: it’s about finding the right fit. For new investors, those with low investment capital, and straightforward finances, robo-investment can be an excellent fit.

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Better Benefits Meetings: Why Virtual Might be the Right Answer

Turn “this could have been an email” into “this was a great meeting” by assessing the who, how and why of benefits meetings.

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Making Better Decisions: Informing Employees About Typical Decision-Making Shortfalls

25% of Gen Z employees and 23% of Millennials are planning on leaving their jobs in the next 6 months. In the midst of these large, life changing decisions, how can plan sponsors help their employees navigate smaller but no less important decisions, like planning for retirement?

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Name That Tune: Educating Employees about the Federal Reserve

While everyone may seem like they are singing the same sad tune about the Fed, there could be one key group left out of the chorus: your Employees. They need to know how the Fed impacts their savings and retirement plans.

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New Plan Designs: Expanding on Auto-Enrollment Features

If 87% of employers agree that auto-enrollment in a 401(k) plan has a favorable impact on employees’ retirement readiness, why not try other stumbling blocks for retirement readiness? Results from a retirement readiness survey seem to suggest that many plan sponsors are considering just that.

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Location, Location, Location

In the TV show of life, the hottest will they/won’t they is about remote vs. in-office work. What’s the best decision, and for whom?

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Buyer Beware!

It’s time to revisit spending—and budgeting. Especially given the financial fallout from the COVID-19 pandemic, more people are turning to “buy now pay later” loan programs which can be downright predatory.

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Authors

Beau Adams
Executive Vice President, BCG
John Correll
Client Relations Team Leader
Kevin Bonner
Regional Retirement Sales Director
Nina Wilkinson
Client Relations Manager
Robert Terry
Retirement Plan Sales Manager

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