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In this time of increased market volatility and economic uncertainty, employees are trying to figure out what to do. They have questions about their retirement savings plan accounts and their finances in general. And because employers are a trusted source of information, their natural inclination is to turn to you for answers.
Employees are hoping you're going to do the hard work of researching which parts of the CARES Act and the SECURE Act will be meaningful and helpful to them. And they're going to take their cues from you, too, about what kinds of financial decisions are sensible and which ones they should re-think.
As the sponsor of a defined contribution (DC) plan, what you say and the way you say it will play a vital role in helping employees navigate their way through a sea of unusual financial challenges.
1. Make your retirement messages relevant to the whole person.
Typically, we communicate retirement and health plan benefits separately. But the issues participants are facing are not siloed. Financial, physical, and mental health issues are interconnected. With 78% of Americans living paycheck to paycheck, according to a 2017 study by CareerBuilder, there's a fear factor at work as they struggle with questions like "Where did my savings go?" and "Am I going to be laid off?"
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