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Defined contribution plans could use some work from plan sponsors, according to a new report from Willis Towers Watson, specificallyin the areas of financial well-being, investments andcompliance, if they're going to be the most help to employees in2020 and the years to come.
According to the report, while plan assets are definitely on therise—having risen "about 90 percent between 2007 and mid-2019," andare projected to continue to increase—plans themselves need an assist if they're toprovide the greatest benefit to participants.
1. Design plans to address employee financialstress
When it comes to financial well-being, the report says,employers need to evaluate the level of financial stress underwhich their employees are working. If they don't know the areasgiving workers the most trouble, they aren't properly equipped tohelp out in ways that will be of the most help.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
