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Congress Tells Treasury SECURE 2.0 Corrections Are Coming

John Sullivan

On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0. Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee Chairman Jason Smith (R-MO), Ranking Member Richard... Read More >>

ROI on Financial Wellness

Sponsored by Allianz Life Insurance Company of North America Though financial wellness programs are increasingly popular, one of the challenges with implementing these programs that plan sponsors raised at PSCA’s recent conference, is how to measure the return on investment. This is generally a concern regarding getting leadership on board with... Read More >>

Employee Financial Stress at Peak Levels: Report

John Sullivan

Distressing news from financial wellness pioneer Financial Finesse, which found financial stress levels as high as 2008, when the housing and financial crisis crashed much of the global economy. The company’s Workplace Financial Wellness in America report, an annual snapshot of the American workforce through the lens of financial wellness, paints... Read More >>

Mandating Plan Eligibility at Age 18

Hattie Greenan

Sponsored by MFS Investment Management.  There is a proposal in Congress to change the minimum age requirement from 21 to 18 years old. PSCA annual survey data shows that 40 percent of plans currently have a minimum age requirement of 21, where the rest have either no minimum age requirement or already have an age 18 minimum. We wanted to know... Read More >>

How SECURE 2.0 Helps with Employee Financial Wellness: PSCA National

Joey Santos-Jones

SECURE 2.0 was front and center for much of PSCA National, with many sessions detailing how it can be leveraged by plan sponsors to supercharge their offerings. Are plan sponsors fully utilizing emergency savings and understanding the attractiveness of student loan matching to a younger generation? Perhaps not, according to moderator Will Hansen... Read More >>

Operation Financial Wellness: PSCA National

Hattie Greenan

This breakout workshop at PSCA National on May 4, 2023, covered resources and ideas for plan sponsors to implement a low-cost financial wellness program for employees. The workshop was presented by Tracy Tillery, Westchester Medical Center Health Network and Jillian Verspyck, Bank of America (Gillian Godjas, Belzona, was a contributor but not on... Read More >>

401(k) Contributions up in Q1, but Mixed Bag for Other Stats

Ted Godbout

According to Bank of America’s latest 401(k) Participant Pulse report, there was some good news to offset the less favorable news amid ongoing economic headwinds.  Notably, the firm’s first quarter, 2023 data shows that fewer participants took loans, but for higher amounts, while hardships increased in number and amount. At the same time,... Read More >>

Half of Households at Risk of Lower Living Standards in Retirement

Ted Godbout

Retirement readiness remains a major challenge for many of today’s working-age households that may need to save more and/or work longer to improve their prospects for a secure retirement.  That’s according to the Center for Retirement Research’s newly released National Retirement Risk Index (NRRI), which measures the percentage of working-age... Read More >>

Missing Participants: DIY or Locator Service?

Hattie Greenan

Sponsored by MFS Investment Management.    One of the sessions at last week’s National Conference was about missing participants. One of the suggestions was to engage a commercial locator service to help track down participants. Though most of the audience did not use such a service, some did and we wondered how prevalent this is among members.... Read More >>

Retirement Savers, Investors Believe AI Will Change Everything

John Sullivan

A wide majority of investors believe artificial intelligence (AI) will be an investing and trading game-changer and help advisors better serve clients, yet most (thankfully) also believe AI will never replace human advice. Morgan Stanley Wealth Management recently announced the results of its quarterly individual investor pulse survey. The results... Read More >>