The retention and recruitment tool that’s gaining traction  Talent acquisition is more competitive than ever. HR professionals and recruiters are now looking beyond traditional methods to attract and retain top talent. One strategy that is gaining traction is offering a robust, comprehensive employee benefits plan .   By catering to different cohorts within your workforce, you can transform your benefits package into a powerful talent sourcing tool and help keep your top performers, something 81% of business executives are concerned about, according to Guild .   The importance of employee benefits in talent acquisition  Employee benefits can make or break your talent acquisition strategy. Offering a diverse range of benefits helps attract and retain top-tier talent. Consider enhancing your employee benefits package to:  1. Increase employee retention and reduce turnover costs  High turnover rates can be detrimental to any organization. Not only does turnover disrupt productivity, but

Investors flock to thematic investing to stay afloat  In the second quarter, investors saw unexpected volatility and high-performance dispersion across equity sectors and capitalization sizes, despite a strong Q1 for equities. Struggling to combat the back and forth, investors turned to thematic investing for stability amongst the hard-to-predict market — making the second half of 2024 anything but boring.   With the unexpected choppy waters for Q3, you’ll want to read the full Q2 2024 Retirement Market Recap for insights on:   Equity market performance: Narrow market leadership driven by a small number of outperformers and sector-specific trends like artificial intelligence and GLP-1 semaglutide drugs.  Federal Reserve and interest rates: Uncertainty regarding the Fed's future actions and a “higher for longer" narrative are creating uncertainty in bond markets.  Geopolitical tensions: Growing concerns over the NATO alliance and international stability.  Global equity perfo

Understanding risk management in retirement programs  Managing a retirement program is complex, with multiple layers of risk. For organizations and their leadership, understanding and mitigating these risks is crucial to ensuring the long-term success and reliability of these programs.   It often leaves human resource professionals, employers and program administrators questioning, "What is risk management, and how can we excel at it?"  This blog post explores the various aspects of risk management in retirement program administration and provides actionable insights to help organizations better manage these risks.  The importance of risk management  Retirement programs are designed to benefit participants and beneficiaries, but they come with their own set of risks. These risks can be broadly categorized into four main topics:  Fees  Administration  Investments  Cybersecurity  Each of these topics requires meticulous attention and a well-documented process to ensure that the

Is workplace compliance on your radar?   The workplace compliance landscape is constantly evolving, and 2024 brings several significant changes that HR managers need to understand. With the implementation of the SECURE 2.0 Act, mastering these changes is crucial for maintaining compliance and maximizing benefits for your employees.  5 Key changes to watch  1. No RMD for Roth Accounts  One of the most impactful changes is the elimination of required minimum distributions (RMDs) for Roth accounts. This adjustment means participants may need to revisit and modify their withdrawal strategies.  2. Super catch-up contribution limits  Beginning in 2025, employees ages 60-63 will be given the opportunity to save more in catch-up contribution limits, saving the greater of $10,000 or 150% of the current limit. For example, using the current 2024 catch-up limit of $7,500, someone aged 60 will be permitted to contribute $11,250.  3. Student loan payments matched in retirement plans  A groundbreaki

There is a significant gap between employees and employers regarding financial wellness programs, according to the Harvard Business Review . “80% of employees report being financially stressed. Only 28% of employers offer financial wellness programs,” the article states.   Similarly, Forbes highlights a 2023 Transamerican Institute study showing that 77% of workers consider financial wellness programs an important benefit.  With so much research on the need for these programs, what should employers do?  The first way employers can bridge this gap is to learn what financial wellness is and how it can improve an employee’s overall being. In this short Q&A, we introduce the topic and offer some essential tips to get started.  Q1: What is financial wellness?  A: Financial wellness refers to the sense of security a person feels about their financial situation in all aspects of their life. It means having control over day-to-day finances, being prepared for emergencies and having a plan

Fiduciary liability extends beyond employee benefits  Employers and program administrators commonly ask, “What is fiduciary liability?”  IRMI defines fiduciary liability as “the responsibility on trustees, employers, fiduciaries, professional administrators, and the plan itself with respect to errors and omissions (E&O) in the administration of employee benefit programs as imposed by the Employee Retirement Income Security Act (ERISA).”  However, fiduciary liability extends beyond employee benefit programs. The importance of fiduciary responsibility in retirement programs is often overlooked.   In this blog post, we fill the educational gap, providing essential information on retirement plans and the liability responsibility of trustees, employers, program administrators and fiduciaries.  Understanding fiduciary responsibility in retirement programs  Retirement programs play a crucial role in ensuring the financial well-being of participants and beneficiaries. However, overseeing

Employer-sponsored retirement plans are a cornerstone of financial security for many employees. They provide a structured way to save for the future and offer significant benefits, including tax advantages, employer contributions and automated savings mechanisms.   This post will delve into the various types of employer-sponsored retirement plans, their benefits and how they are managed to ensure compliance and effectiveness.  What is an employer-sponsored retirement plan?  An employer-sponsored retirement plan is a financial arrangement created by employers to help their employees save for retirement. These plans offer a variety of investment options and often include contributions from the employer, making them a valuable tool for employees' financial security. They provide tax benefits, automated savings and the potential for employer contributions, which can significantly boost retirement savings.    What makes these plans especially beneficial is their flexibility; organizati