PLANSPONSOR - June - July 2022 - 28
BEST PRACTICES | THIRD-PARTY PROVIDERS
BY
T
28 PLANSPONSOR.COM June - July 2022 Art by Philip Lindeman
EXTEN
Why plan sponsors may want to evaluate their recordkeeper's partners
he employer's role in plan participants' retirement saving
process has broadened. Today, many employers offer
ancillary aid to improve workers' financial wellness and,
thus, their ability to save in the plan. To supply for that plan
sponsor need, increasingly the recordkeeper turns to outside
service providers, via either partnership or acquisition, in order
to expand what it has to offer.
The rise of preferred providers has been a result, according
to sources, and reflects both plan sponsors' and recordkeepers'
growing recognition of workers' need for wellness, and of technology's
ability to deliver solutions.
While sponsors were interested in both financial wellness
and technology before the pandemic, COVID-19 accelerated
their demand for such offerings from providers.
" Firms are looking for unique ways to deliver their services
in a more technologically enhanced way, " says David Swallow,
managing director, consulting relations and retention at TIAA
in Tampa, Florida. " It's not new competitors but new capabilities
being provided by other parties that come in to support the
marketplace. "
These solutions might focus on paying down student loans
or learning how to budget or building emergency savings-
there may also be co-fiduciary partners that allow plan sponsors
access to 3(16) services or managed accounts via a 3(38) provider.
For older participants, there might also be an emphasis on
draw-down strategies and planning for income in retirement.
As more companies offer high-deductible health plans, they are
looking for health savings accounts to help employees manage
current and future medical costs.
Such additional benefits might be particularly appealing
to plan sponsors as a differentiator for job applicants in today's
competitive employment market. A Bank of America survey
of 834 employers last year found that more of them-46%, up
from 40% in 2020-are expanding the types of financial wellness
support they offer.
When plan recordkeepers partner with firms, across the
spectrum of offerings, they often integrate the service with
the plan, meaning participants have access to these providers
through their web interface or single log on.
For
example, Milliman Inc.
and Transamerica
each
recently announced a partnership with SecureSave to provide
an emergency savings program to retirement plan participants.
Meanwhile, John Hancock has partnered with Signature
Fiduciary Connect to supply more support services for plan
sponsors' administrative and fiduciary duties.
It is up to plan sponsors to understand which, if any,
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PLANSPONSOR - June - July 2022
Table of Contents for the Digital Edition of PLANSPONSOR - June - July 2022
INSIGHTS
RULES & REGULATIONS
UPFRONT
2022 Plan Sponsor of the Year Winners
By Extension
Talent Management
The Best Line of Defense
Under-the-Radar Plan Errors
FIDUCIARY FORUM
INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover1
PLANSPONSOR - June - July 2022 - Cover2
PLANSPONSOR - June - July 2022 - 1
PLANSPONSOR - June - July 2022 - INSIGHTS
PLANSPONSOR - June - July 2022 - 3
PLANSPONSOR - June - July 2022 - RULES & REGULATIONS
PLANSPONSOR - June - July 2022 - 5
PLANSPONSOR - June - July 2022 - 6
PLANSPONSOR - June - July 2022 - 7
PLANSPONSOR - June - July 2022 - UPFRONT
PLANSPONSOR - June - July 2022 - 9
PLANSPONSOR - June - July 2022 - 10
PLANSPONSOR - June - July 2022 - 11
PLANSPONSOR - June - July 2022 - 12
PLANSPONSOR - June - July 2022 - 13
PLANSPONSOR - June - July 2022 - 2022 Plan Sponsor of the Year Winners
PLANSPONSOR - June - July 2022 - 15
PLANSPONSOR - June - July 2022 - 16
PLANSPONSOR - June - July 2022 - 17
PLANSPONSOR - June - July 2022 - 18
PLANSPONSOR - June - July 2022 - 19
PLANSPONSOR - June - July 2022 - 20
PLANSPONSOR - June - July 2022 - 21
PLANSPONSOR - June - July 2022 - 22
PLANSPONSOR - June - July 2022 - 23
PLANSPONSOR - June - July 2022 - 24
PLANSPONSOR - June - July 2022 - 25
PLANSPONSOR - June - July 2022 - 26
PLANSPONSOR - June - July 2022 - 27
PLANSPONSOR - June - July 2022 - By Extension
PLANSPONSOR - June - July 2022 - 29
PLANSPONSOR - June - July 2022 - 30
PLANSPONSOR - June - July 2022 - 31
PLANSPONSOR - June - July 2022 - Talent Management
PLANSPONSOR - June - July 2022 - 33
PLANSPONSOR - June - July 2022 - The Best Line of Defense
PLANSPONSOR - June - July 2022 - 35
PLANSPONSOR - June - July 2022 - Under-the-Radar Plan Errors
PLANSPONSOR - June - July 2022 - 37
PLANSPONSOR - June - July 2022 - FIDUCIARY FORUM
PLANSPONSOR - June - July 2022 - 39
PLANSPONSOR - June - July 2022 - INSIDE ANGLE
PLANSPONSOR - June - July 2022 - Cover3
PLANSPONSOR - June - July 2022 - Cover4
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