PLANSPONSOR - December/January 2020 - 4

ISSUE INTRO
Connectivity
A
s I review the stories in this issue, I'm struck by how many connect to
each other. Our cover story is about a situation relating to employees
lucky enough to work full time for an employer and receive benefits. After
employers offer retirement plans and possibly iterations of wellness programs and
other benefits, what is the role of the sponsor in helping these workers maximize
their savings? In " The Savings Hierarchy " (page 14), experts offer guidance on
employee savings pyramids, each pyramid to be based on the individual's circumstances
and the resources available to him.
Participants are in the driver's seat when it comes to how they prioritize their
deferral into a defined contribution (DC) plan and whether those funds " have a
rock on them " -a term my great-aunt used regularly, referring to whether money
was kept intact or not. Then it's up to an employer to decide if and how to contribute
funds to employees' wellness.
In regard to their defined contribution plans, sponsors can offer one of several
types of employer matches. Discretionary contributions to DC plans are another
option, or employers may contribute via making student loan repayments, to name
a benefit still in its infancy but growing. Our new 2020 Wellness Strategies department
kicks off with " The Employer Component " (page 42).
Many experts believe that a health savings account (HSA) is a long-term retirement
savings vehicle, as important for saving and investing as a DC plan. Some plan
sponsors encourage HSA savings by contributing funds to these employee accounts.
An HSA is yet another stratum in the savings pyramid-one we explore in detail in
this issue's Investment Focus: " HSA Investment Options " (page 38).
Yet another option besides the DC plan for sponsors to offer their employees is a
cash balance plan. For larger organizations, these can cost less than matching participants'
401(k) contributions, according to one expert, but these plans need not be
figured into the pyramid as employees don't contribute to them. " Steady as It Goes "
(page 40), this issue's DB Focus piece, covers the option in depth.
In addition, we focus on the disadvantages that Millennials, the largest demographic
in the workforce, face when saving for retirement. " On Their Own Terms "
(page 32) discusses how sponsors can help. -Judy Faust Hartnett, Managing Editor
We appreciate all of the comments we get about our conference, and we take
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Orlando, Florida. There, our venue's room rates will be approximately $80
less per night for attendees. Of course, we'll still have a top-notch agenda
presented by experts from across the industry, including many of your peers!
We look forward to seeing you in Orlando!
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PLANSPONSOR - December/January 2020

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