Products April 1, 2016

Service Strategy Tips from Pentegra Retirement Service

Pentegra Retirement Services Introduced the Advisor SmartPath report to help advisers drive retirement readiness among their client base through innovative approaches to client service and plan design.
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Pentegra Retirement Services presents new strategies and techniques for retirement specialists to use in helping plan sponsors and participants achieve greater retirement readiness.

The new report focuses on helping advisers start conversations with plan sponsors by discussing how key solutions—such as fiduciary outsourcing, multiple employer plans (MEPs), retirement income solutions, and targeted communications—can fit together to help address the most critical concerns of plan sponsors today.

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According to Rich Rausser, senior vice president at Pentegra, “plan sponsors are far more focused today than in the past on retirement outcomes and helping participants achieve adequate levels of retirement readiness.” This is especially true in the DC plan sponsor world, Rausser adds. “They are concerned with the changing regulatory landscape and overall plan administrative burdens—there is a strong desire to reduce workloads, fiduciary liability, and risk.”

Rausser explains the new Advisor SmartPath tool will be a helpful resource for advisers, as it dives deep into progressive plan design; integrated retirement income solutions; communication and education that speak in terms of outcomes; outsourced fiduciary responsibility; and broader retirement insurance coverage.

“Today and in the future, plans that have these types of features will be well on track to succeed in delivering successful outcomes for everyone,” Rausser concludes.

The full strategy report is available here. 

Client Service April 1, 2016

Holistic Wellness Remains a Hot Topic Among Employers

From managing stress to improving resiliency, companies are finding new ways to assist with their employees’ financial challenges.
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More employers are investing in “total well-being” programs that address areas such as financial and emotional health, according to the 7th annual survey about corporate Health & Well-being from Fidelity Investments and the National Business Group on Health.

The survey revealed employers are adding programs that help employees manage stress, improve their resiliency and assist with their financial challenges.

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This year’s survey results indicate employers recognize a “healthy” employee may be affected negatively by non-health factors and are including programs to address emotional and financial needs rather than focusing solely on physical health. In 2016, 87% of employers offer emotional or mental well-being programs and 76% provide financial health programs. When employers were asked about well-being programs in the future, 67% plan to expand their efforts, and an additional 17% plan to maintain at the current level.

“Employers have long understood the importance of improving employee productivity, and are now focused on the factors that impact productivity, specifically, drivers of well-being, such as emotional stress and financial challenges to achieve their goals,” says Adam Stavisky, senior vice president, Fidelity Benefits Consulting.

NEXT: Wellness program components and incentives

Stress management is by far the most popular emotional well-being program offered—54% of employers currently offer this program, and an additional 12% are planning to do so in 2017. Also popular is resiliency training, which helps employees manage setbacks in the workplace or in life outside work—27% of employers offer this program, with another 20% planning to do so in 2017.

To help employees manage their financial well-being, nearly three-quarters (73%) of companies surveyed offer on-site financial seminars, and 59% make a financial coach available to employees. Student loan repayment assistance—a benefit typically only offered in the public sector—will now be offered by 13% of employers in 2016, and another 21% are considering adding it in the future.

In 2015, 81% of employees received at least some amount of incentives, up from 73% in 2014. The percent of employees receiving incentives steadily increased as employers expand well-being programs to appeal to additional elements of overall well-being, as well as provide employees with more ways to earn incentives. At the same time, as employers expand into new areas, they are moving away from

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