Employee Financial Wellness Benefits Employers
Financial stress can have a direct impact on employee productivity, focus, morale, and retention. With rising costs, inflation, and limited emergency savings, many employees struggle to manage day-to-day finances, which can negatively affect workplace performance. Employers are uniquely positioned to help by offering financial wellness programs that support employees’ overall wellbeing.
Financial wellness means having control over daily expenses, the ability to manage unexpected costs, and progress toward short and long-term financial goals. Financial literacy is foundational, yet many Americans—especially women and people of color—lack access to education, resources, or professional financial guidance. These disparities contribute to long-term financial instability and stress.
Employers that offer financial wellness benefits often see higher retention, improved morale, stronger engagement, and better productivity. Effective programs may include retirement plans, safety net insurance, financial planning and coaching, student loan support, and emergency savings options. These benefits can also serve as powerful recruitment and retention tools in a competitive labor market.
Successful financial wellness programs start by understanding employee needs, launching a few high impact offerings, and expanding over time based on participation and feedback. Partnering with financial wellness experts can help employers implement, manage, and measure these programs effectively – creating a win win for both employees and organizations.
SBAM’s pooled employer retirement plan through Transamerica helps employers take a meaningful step toward improving their employees’ financial wellness by making retirement savings more accessible, affordable, and easier to manage. Learn more at sbam.org/retirement.
View this complete article along with additional resources at transamerica.com
Before adopting any plan, employers should carefully consider all of the benefits, risks, and costs associated with a plan. Information regarding retirement plans is general and is not intended as legal or tax advice. Retirement plans are complex, and the federal and state laws or regulations on which they are based vary for each type of plan and are subject to change. In addition, some products, investment vehicles, and services may not be available or appropriate in all workplace retirement plans. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.
Pooled employer plans (PEPs) are a newer type of multiple employer plan for which Department of Labor (DOL) and IRS guidance is still pending in a number of areas. An employer participating in a PEP retains certain fiduciary responsibilities, including responsibility for retaining and monitoring the Pooled Plan Provider (PPP) and any named fiduciary, for determining the reasonableness of its plan fees, and for periodically reviewing the plan as a whole. Among other responsibilities, the PPP acts as the ERISA 3(16) Plan Administrator.
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