PLANSPONSOR - December 2022-February 2023 - 34

TOTAL BENEFITS
In Case of Emergency
E
Should 'ESAs' become a core employee benefit?
stablishing an emergency fund is
one of the essential building blocks
for personal financial security, but
it is a goal that has remained out of reach
for millions of Americans. About one in
three U.S. adults lacked sufficient
liquid
assets to cover an unexpected $400
expense, according to a 2021 survey by the
Federal Reserve.
The pandemic, with its associated
health and economic challenges,
brought a greater focus to the difficulties
faced by Americans living on the financial
edge and exacerbated their already
precarious situation, says Rachel Weker,
senior manager in marketing and client
experience, retirement plan services, at T.
Rowe Price in Catonsville, Maryland. One
response has been from employers who
are increasingly interested in using their
workplace benefits to nudge workers into
starting-and building-an emergency
savings account, she says.
" Before the pandemic, when you
talked about benefits, people were gravitating
toward student loan assistance, "
Weker says. " When we came through
the pandemic and we saw the pause on
student loans, the focus turned to leakage
and shifted to emergency savings as the
topic that plan sponsors, advisers and
consultants are most concerned about. "
The WTW Defined Contribution
and Savings Survey 2022 found that 18%
of DC plan sponsors allow participants
to redirect plan contributions to emergency
savings, or expect to do so by
2024. Such efforts could get a welcome
regulatory boost now that the so-called
SECURE 2.0 legislation-which builds
on the Setting Every Community Up for
Retirement Enhancement Act of 2019-
has become law.
" We're not seeing as much action yet
in terms of programs being put into place,
but there are a lot of conversations about
the different ways you can solve for emergency
savings, " Weker says. " Do you look
34 PLANSPONSOR.COM December 2022 - February 2023
Art by Wenting Li
http://www.PLANSPONSOR.COM

PLANSPONSOR - December 2022-February 2023

Table of Contents for the Digital Edition of PLANSPONSOR - December 2022-February 2023

INSIGHTS
RULES & REGULATIONS
PARTICIPANT ANALYSIS
UPFRONT
Risk Protection
Benchmarking Beyond Fees
Exploring ESG Investing
In Case of Emergency
Employee-Owned
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - December 2022-February 2023 - Cover1
PLANSPONSOR - December 2022-February 2023 - Cover2
PLANSPONSOR - December 2022-February 2023 - 1
PLANSPONSOR - December 2022-February 2023 - INSIGHTS
PLANSPONSOR - December 2022-February 2023 - 3
PLANSPONSOR - December 2022-February 2023 - RULES & REGULATIONS
PLANSPONSOR - December 2022-February 2023 - 5
PLANSPONSOR - December 2022-February 2023 - 6
PLANSPONSOR - December 2022-February 2023 - PARTICIPANT ANALYSIS
PLANSPONSOR - December 2022-February 2023 - UPFRONT
PLANSPONSOR - December 2022-February 2023 - 9
PLANSPONSOR - December 2022-February 2023 - 10
PLANSPONSOR - December 2022-February 2023 - 11
PLANSPONSOR - December 2022-February 2023 - 12
PLANSPONSOR - December 2022-February 2023 - 13
PLANSPONSOR - December 2022-February 2023 - Risk Protection
PLANSPONSOR - December 2022-February 2023 - 15
PLANSPONSOR - December 2022-February 2023 - 16
PLANSPONSOR - December 2022-February 2023 - 17
PLANSPONSOR - December 2022-February 2023 - Benchmarking Beyond Fees
PLANSPONSOR - December 2022-February 2023 - 19
PLANSPONSOR - December 2022-February 2023 - 20
PLANSPONSOR - December 2022-February 2023 - 21
PLANSPONSOR - December 2022-February 2023 - 22
PLANSPONSOR - December 2022-February 2023 - 23
PLANSPONSOR - December 2022-February 2023 - 24
PLANSPONSOR - December 2022-February 2023 - 25
PLANSPONSOR - December 2022-February 2023 - 26
PLANSPONSOR - December 2022-February 2023 - 27
PLANSPONSOR - December 2022-February 2023 - Exploring ESG Investing
PLANSPONSOR - December 2022-February 2023 - 29
PLANSPONSOR - December 2022-February 2023 - 30
PLANSPONSOR - December 2022-February 2023 - 31
PLANSPONSOR - December 2022-February 2023 - 32
PLANSPONSOR - December 2022-February 2023 - 33
PLANSPONSOR - December 2022-February 2023 - In Case of Emergency
PLANSPONSOR - December 2022-February 2023 - 35
PLANSPONSOR - December 2022-February 2023 - Employee-Owned
PLANSPONSOR - December 2022-February 2023 - 37
PLANSPONSOR - December 2022-February 2023 - FIDUCIARY FORUM
PLANSPONSOR - December 2022-February 2023 - INSIDE ANGLE
PLANSPONSOR - December 2022-February 2023 - PLAN PROFILE
PLANSPONSOR - December 2022-February 2023 - Cover3
PLANSPONSOR - December 2022-February 2023 - Cover4
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