The American Student Loan Crisis – Plan Sponsor Solutions

The American Student Loan Crisis – Plan Sponsor Solutions

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At the end of each spring semester, millions of college graduates in the United States celebrate their college diploma in return for their hard work. With the hopes that their degree will bring a successful career, these graduates enter the workforce, often bringing with them tens of thousands of dollars in student loan debt. With 44.7 million Americans currently carrying an estimated $1.5 trillion in student debt, this financial burden will remain with many for decades. And as these graduates become part of the employee population of many companies, employers are now exploring their role on how they can assist with tackling this debt.

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Keys to an Effective Financial Wellness Program

Keys to an Effective Financial Wellness Program

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Financial wellness is a topic receiving a greater amount of attention in recent years, but many plan sponsors are unaware of what that really means for their employees. Financial wellness is vital to ensuring employees feel secure about their financial well-being, helping them meet current, future and ongoing financial obligations. Additionally, financial wellness programs help maximize participation in the company’s retirement plan. While there proves to be many benefits by offering a financial wellness program, it is not yet universal. If it isn’t already, establishing a comprehensive financial wellness program should be a priority for plan sponsors. We review five key components to making your wellness program effective.

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Maximizing Plan Design to Drive Better Outcomes

Maximizing Plan Design to Drive Better Outcomes

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A successful retirement plan program encourages and enables its participants to build sufficient retirement savings, choose the appropriate investments, manage investment risk, and generate a lifetime of income. Although there exist nearly as many retirement plan structures as individuals who participate in them, not all plans are created equal—and plan design can significantly influence savings and retirement decisions. However, due to the number of options available, plan design can be a complex undertaking. Learn more about the plan design features that will boost your plan participants’ readiness for retirement.

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Ongoing Plan Sponsor Concerns

Ongoing Plan Sponsor Concerns

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Managing a thoughtful retirement plan while trying to keep up with the ever-changing legal and regulatory environment can be challenging. Often, concerns over managing a retirement plan can vary, and plan sponsors are unsure of what needs to be addressed. Below, we review five ongoing plan sponsor concerns that sponsors should keep in mind to guarantee they have an effective retirement plan in place not only to ensure the retirement readiness of their employees, but to avoid liability should an audit occur.

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how-secure-act-can-affect-your-retirement-plan

How the SECURE Act Can Affect Your Retirement Plan

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With around 10,000 Baby Boomers turning 65 every day, retirement reform has taken a front seat in the U.S. legislature. In late May 2019, the U.S. House passed (by a near-unanimous vote) the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which seeks to overhaul retirement planning the same way the Tax Cuts and Jobs Act of 2017 overhauled U.S. tax laws.

The SECURE Act’s changes can impact plan sponsors of all types and sizes. Learn more about what’s in this Act and how plan sponsors can (and should) prepare for its seemingly likely passage.

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