PLANSPONSOR - August/September 2020 - 36
TOTAL BENEFITS
New Support for HR Teams
Sponsors might find their plan adviser can do more than they think
P
lan advisers have focused primarily
on plan design, fiduciary duties and
issues concerning the Employee
Retirement Income Security Act (ERISA),
but as companies take a more holistic
approach to their benefits package, advisers
are often being asked to add to their
areas of guidance.
The increased cost of health care to
employees, and the use of health savings
accounts (HSAs) to manage those costs,
has expanded the already wide overlap
between health benefits and financial
benefits. Companies also recognize that
assisting employees with all aspects of
wellness is good for their business.
" Employers are having an 'Aha!'
moment, where they are realizing that
financial outcomes, health care outcomes,
life outcomes are all interconnected, " says
Daniel Bryant, president of national sales,
retirement and private wealth at Sheridan
Road Financial in Northbrook, Illinois. " It
used to be HR [human resources] directors
talking about it, but CEOs and CFOs
[chief financial officers] are really starting
to understand this now, as well. "
A comprehensive benefits program
is among the top drivers of employee
productivity and loyalty, according
to a MetLife study, and also encourages
engagement and mitigates stress,
burnout and depression. Separately, a
2020 pre-COVID survey by Buck, an
integrated HR consulting services firm,
found that 98% of employers either had
a financial well-being strategy in place or
had plans to create one.
" The CFO is sitting in the room
during benefit conversations now,
because it's the No. 1 reason people go
to work at a company or stay with it,
and health care is the No. 1 spend on a
profit and loss [P&L] sheet, " says Jamie
Greenleaf, lead adviser and principal
of Cafaro Greenleaf in New York City.
36 PLANSPONSOR.COM August - September 2020 Art by Ellen Weinstein
" We're talking about retirement, but if
we can't see everything, then we're not a
good partner to our clients. "
Scaling Up-and Down
In recent years, plan sponsors have turned
to their adviser to help craft such holistic
programs as a means to attract and retain
the best talent. This has involved enlarging
their voluntary benefits programs to
include not just the traditional health, life
and disability insurance, but also supplemental
health benefits, pet insurance and
assistance with child or elder care. Since
the pandemic hit, however, many sponsors
have been asking their adviser for
help to implement layoffs and furloughs.
" We've had five or six clients ask us
what their separation agreements should
look like, " Bryant says. " We told them to
talk to their attorneys, but we also helped
them think through the right benefits
and retirement packages for those folks,
http://www.PLANSPONSOR.COM
PLANSPONSOR - August/September 2020
Table of Contents for the Digital Edition of PLANSPONSOR - August/September 2020
2020 Plan Sponsor of the Year Winners
New Support for HR Teams
Social Security Demystified
An Unstable Time for Funding
Rethinking Fixed Income
Winning Ways in the Pandemic
PLANSPONSOR - August/September 2020 - Cover1
PLANSPONSOR - August/September 2020 - Cover2
PLANSPONSOR - August/September 2020 - 1
PLANSPONSOR - August/September 2020 - 2
PLANSPONSOR - August/September 2020 - 3
PLANSPONSOR - August/September 2020 - 4
PLANSPONSOR - August/September 2020 - 5
PLANSPONSOR - August/September 2020 - 6
PLANSPONSOR - August/September 2020 - 7
PLANSPONSOR - August/September 2020 - 8
PLANSPONSOR - August/September 2020 - 9
PLANSPONSOR - August/September 2020 - 10
PLANSPONSOR - August/September 2020 - 11
PLANSPONSOR - August/September 2020 - 12
PLANSPONSOR - August/September 2020 - 13
PLANSPONSOR - August/September 2020 - 14
PLANSPONSOR - August/September 2020 - 15
PLANSPONSOR - August/September 2020 - 2020 Plan Sponsor of the Year Winners
PLANSPONSOR - August/September 2020 - 17
PLANSPONSOR - August/September 2020 - 18
PLANSPONSOR - August/September 2020 - 19
PLANSPONSOR - August/September 2020 - 20
PLANSPONSOR - August/September 2020 - 21
PLANSPONSOR - August/September 2020 - 22
PLANSPONSOR - August/September 2020 - 23
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PLANSPONSOR - August/September 2020 - 25
PLANSPONSOR - August/September 2020 - 26
PLANSPONSOR - August/September 2020 - 27
PLANSPONSOR - August/September 2020 - 28
PLANSPONSOR - August/September 2020 - 29
PLANSPONSOR - August/September 2020 - 30
PLANSPONSOR - August/September 2020 - 31
PLANSPONSOR - August/September 2020 - 32
PLANSPONSOR - August/September 2020 - 33
PLANSPONSOR - August/September 2020 - 34
PLANSPONSOR - August/September 2020 - 35
PLANSPONSOR - August/September 2020 - New Support for HR Teams
PLANSPONSOR - August/September 2020 - 37
PLANSPONSOR - August/September 2020 - Social Security Demystified
PLANSPONSOR - August/September 2020 - 39
PLANSPONSOR - August/September 2020 - An Unstable Time for Funding
PLANSPONSOR - August/September 2020 - 41
PLANSPONSOR - August/September 2020 - Rethinking Fixed Income
PLANSPONSOR - August/September 2020 - 43
PLANSPONSOR - August/September 2020 - 44
PLANSPONSOR - August/September 2020 - 45
PLANSPONSOR - August/September 2020 - 46
PLANSPONSOR - August/September 2020 - 47
PLANSPONSOR - August/September 2020 - Winning Ways in the Pandemic
PLANSPONSOR - August/September 2020 - Cover3
PLANSPONSOR - August/September 2020 - Cover4
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