Defined Contribution

With employee burnout driving high turnover, a growing number of firms offer paid or partially paid leave, but careful thought needs to go into designing and implementing how health coverage and 401(k)s fit into the picture.

Testifying before the Senate, SSA Commissioner Martin O'Malley said the agency is changing its policy of recouping past overpayments, after it took an aggressive stance last year by clawing back $4.7 billion from beneficiaries.

There's a major shift underway in the financial services industry – the convergence of workers' retirement and wealth needs, which have been placed in separate domains, much to the dismay of the average investor, says T. Rowe Price.

With new provisions in SECURE 2.0 taking effect in 2024, employers have new options they can leverage to engage with employees who want more workplace benefits, such as student loan matching and emergency savings.

In a report that highlights generational differences, baby boomers had the highest SDBA balances, followed by Gen X and millennials, but all need practical education from plan sponsors to provide their individual desired outcomes.

Small changes can make a big difference, both for workers seeking additional help and coverage for their financial future, and for employers seeking new ways to support their employees, particularly during Women's History Month.