Expert Opinion

Support is especially critical to lower-salaried employees, who are more likely to delay or forgo preventive care, regular check-ups, surgeries, and even dental appointments, which were delayed by COVID.

If plan features are preventing many retirees from preserving their retirement assets, adding versatile decumulation options, such as installment services and ad-hoc withdrawals, can provide them with an array of options.

The sweeping SECURE 2.0 legislation aspires to bridge the gap through incentives and mandates, however, a public policy organization is proposing a new retirement saving program modeled after the federal Thrift Savings Plan.

To be successful, you need a system that takes a large universe, distills it down to potential prospects and gets you in front of the right person at decision making time.

As the new law rolls out, some plan sponsors are questioning whether the government's capabilities to negotiate with Medicare on lower drug prices could prompt manufacturers to increase medication costs for employer plans.

While compensation is important, there's more to employee retention than just paying more: Financial wellness benefits, a health and fitness reimbursement and HSAs make an actual impact in your employees' lives.

Even if this isn't the time to expand your company's benefits roster, you still can add value by providing tailored financial education and information about external support like government-based programs or local backup care.

The problem is real and can be costly - the estimated cost to replace a departing employee is 2.5 times their salary - so showing employees you value them as individuals can make a positive impact on employee retention.