PLANSPONSOR - August/September 2021 - 34

FINANCIAL WELLNESS | EMERGENCY SAVINGS
The Security of Savings
Things to mull over when adding an emergency savings program to a plan
A
s the retirement planning industry
has pivoted to embrace a
more holistic approach to financial
security in recent years, the need for
employees to have emergency savings has
been growing increasingly apparent.
This need was highlighted all the
more over the past year as the pandemic
further drove home the perilous financial
situation of many Americans. A 2020
study by Prudential and FlexJobs found
that nearly two-thirds of respondents
lacked enough emergency savings to
cover six months of expenses-the target
benchmark commonly cited by financial
planners. Nearly half of plan sponsors
surveyed by Willis Towers Watson in
December said they currently offer, or
are interested in helping employees build
emergency funds by offering, Roth or
other after-tax contribution features.
The events of the past year have even
piqued the interest of legislators who also
recognize the importance of making sure
American workers have access to their
savings in times of crisis. Senators James
Lankford, R-Oklahoma, and Michael
Bennett, D-Colorado, in June announced
the Enhancing Retirement and Savings
Act of 2021, which would let individuals
tap into their 401(k) funds penalty-free if
an emergency struck.
" During COVID, we saw that, for
many employees, their retirement plan
was their backstop, " says Jeff Cimini,
senior vice president, retirement product
management, at Voya in Boston. " They
were jeopardizing their long-term goals
by having to satisfy a short-term need. "
" We believe that the workplace, for
many employees, is the epicenter of their
lives, " says Drew Carrington, head of
institutional defined contribution (DC)
at Franklin Templeton in San Mateo,
California. " The programs that enable
34 PLANSPONSOR.COM August - September 2021 Art by Claudi Kessels
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PLANSPONSOR - August/September 2021

Table of Contents for the Digital Edition of PLANSPONSOR - August/September 2021

To Ensure All Are Well
2021 PLANSPONSOR National Conference
Equipped for Anything?
The Security of Savings
Take a Load Off
PLANSPONSOR - August/September 2021 - Cover1
PLANSPONSOR - August/September 2021 - Cover2
PLANSPONSOR - August/September 2021 - 1
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PLANSPONSOR - August/September 2021 - To Ensure All Are Well
PLANSPONSOR - August/September 2021 - 17
PLANSPONSOR - August/September 2021 - 18
PLANSPONSOR - August/September 2021 - 19
PLANSPONSOR - August/September 2021 - 2021 PLANSPONSOR National Conference
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PLANSPONSOR - August/September 2021 - Equipped for Anything?
PLANSPONSOR - August/September 2021 - 31
PLANSPONSOR - August/September 2021 - 32
PLANSPONSOR - August/September 2021 - 33
PLANSPONSOR - August/September 2021 - The Security of Savings
PLANSPONSOR - August/September 2021 - 35
PLANSPONSOR - August/September 2021 - Take a Load Off
PLANSPONSOR - August/September 2021 - 37
PLANSPONSOR - August/September 2021 - 38
PLANSPONSOR - August/September 2021 - 39
PLANSPONSOR - August/September 2021 - 40
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