PLANSPONSOR - June/July 2020 - 14

COVER STORY
Revisit
Wellnes
How to present financial subjects in
a light that engages employees now
A
ll are aware of the countless negative consequences of the COVID-19 pandemic
and the accompanying swift economic downturn. But one bright spot is the
opportunity it gives plan sponsors to reconnect with employees about money.
The high unemployment rates and volatile stock market mean that even those
workers not worried about job security may be more focused than usual on their
finances, in both the short and long term. That may make them uniquely receptive to
communications from their sponsor.
" From a plan sponsor perspective, you have the participants' attention a little more, "
says Doug Chittenden, executive vice president and head of institutional relationships
at TIAA in Charlotte, North Carolina. " It's a great time to reinforce some of the fundamental
things that lead to successful retirement outcomes. "
The nature of this particular recession creates an extraordinary opportunity for
sponsors, says Jerry Patterson, senior vice president, retirement income and solutions
at Principal Financial Group in Des Moines, Iowa. While markets remain volatile, they
have recovered much of the losses sustained in March, and unemployment rates are
starting to wane, he says. " We may have one of the biggest second-chance moments
for workers when it comes to financial planning that we've ever had after a recession, "
Patterson says. " Most recessions take years to crawl out of. "
Employers should use this time to actively engage with participants, either directly
or by facilitating messaging from plan providers.
" We encourage plan sponsors to engage with their plan provider, which can assist
with telephone and online support, including everything from asset allocation to
[reviewing] options when it comes to accessing funds, " says Eric Stevenson, president of
Nationwide Retirement Plans in Westerville, Ohio. " We also remind our plan sponsors
and their participants to remain calm and stay focused on their long-term plan. "
14 PLANSPONSOR.COM June - July 2020
Art by Jing Wei

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PLANSPONSOR - June/July 2020

Table of Contents for the Digital Edition of PLANSPONSOR - June/July 2020

Revisiting Wellness
2020 Recordkeeping Survey
Blight Resistant
Debt Busters
A Time for Caution
PLANSPONSOR - June/July 2020 - Cover1
PLANSPONSOR - June/July 2020 - Cover2
PLANSPONSOR - June/July 2020 - 1
PLANSPONSOR - June/July 2020 - 2
PLANSPONSOR - June/July 2020 - 3
PLANSPONSOR - June/July 2020 - 4
PLANSPONSOR - June/July 2020 - 5
PLANSPONSOR - June/July 2020 - 6
PLANSPONSOR - June/July 2020 - 7
PLANSPONSOR - June/July 2020 - 8
PLANSPONSOR - June/July 2020 - 9
PLANSPONSOR - June/July 2020 - 10
PLANSPONSOR - June/July 2020 - 11
PLANSPONSOR - June/July 2020 - 12
PLANSPONSOR - June/July 2020 - 13
PLANSPONSOR - June/July 2020 - Revisiting Wellness
PLANSPONSOR - June/July 2020 - 15
PLANSPONSOR - June/July 2020 - 16
PLANSPONSOR - June/July 2020 - 17
PLANSPONSOR - June/July 2020 - 2020 Recordkeeping Survey
PLANSPONSOR - June/July 2020 - 19
PLANSPONSOR - June/July 2020 - 20
PLANSPONSOR - June/July 2020 - 21
PLANSPONSOR - June/July 2020 - 22
PLANSPONSOR - June/July 2020 - 23
PLANSPONSOR - June/July 2020 - 24
PLANSPONSOR - June/July 2020 - 25
PLANSPONSOR - June/July 2020 - 26
PLANSPONSOR - June/July 2020 - 27
PLANSPONSOR - June/July 2020 - 28
PLANSPONSOR - June/July 2020 - 29
PLANSPONSOR - June/July 2020 - 30
PLANSPONSOR - June/July 2020 - 31
PLANSPONSOR - June/July 2020 - 32
PLANSPONSOR - June/July 2020 - 33
PLANSPONSOR - June/July 2020 - 34
PLANSPONSOR - June/July 2020 - 35
PLANSPONSOR - June/July 2020 - Blight Resistant
PLANSPONSOR - June/July 2020 - 37
PLANSPONSOR - June/July 2020 - Debt Busters
PLANSPONSOR - June/July 2020 - 39
PLANSPONSOR - June/July 2020 - A Time for Caution
PLANSPONSOR - June/July 2020 - 41
PLANSPONSOR - June/July 2020 - 42
PLANSPONSOR - June/July 2020 - 43
PLANSPONSOR - June/July 2020 - 44
PLANSPONSOR - June/July 2020 - 45
PLANSPONSOR - June/July 2020 - 46
PLANSPONSOR - June/July 2020 - 47
PLANSPONSOR - June/July 2020 - 48
PLANSPONSOR - June/July 2020 - Cover3
PLANSPONSOR - June/July 2020 - Cover4
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