In the last couple of years employers have become more aware of the importance of their employees’ financial wellness. We know that employees now expect their employers to provide financial wellness education. We also know that employers are increasingly doing so.
In the event you’re looking for additional data to support a financial wellness initiative within your organization, a new publication from the Financial Wellness Task Force and the Defined Contribution Institutional Investment Association might help. Check out: “A Financial Wellness Primer: Why Financial Wellness?”
Also, here’s an excerpt from this month’s QPA newsletter, which addresses the subject of financial wellness and the paper linked above:
In short, financially unwell employees are stressed, less focused, less efficient, less productive, less present, physically unhealthy, less happy, and less profitable, yet they present the risk of hanging around too long. On the other hand, when employees feel comfortable about their financial situation, those adjectives flip to the positive. With less stress comes more focus, more efficiency, greater productivity, more consistent attendance, lower medical costs, greater fulfillment, and a greater likelihood of retiring on time. Does that sound too simple to be true? If you’ve focused on financial wellness at your company, your experience may already show you that (a) it’s not simple, but (b) the potential for those positive results is real.
Finally, the Task Force’s paper explores the ways in which your retirement plan – and a focus on retirement readiness – can provide the foundation for financial wellness. It’s encouraging that employers are absorbing that message and enhancing their retirement plan offerings in response.
Matthew loves to write. He also loves to think, though he’s probably a better writer than a thinker. He does not like to be on camera or in videos. This blog will allow him to write, challenge his ability to think, and, from time to time, test him with video blog entries.
He has a unique blend of legal and practical experience that helps us to serve our clients well. On the one hand, he has more than 12 years of private legal practice experience focusing exclusively on employee benefits, including time as a partner in an employee benefits boutique where he has represented clients in front of the DOL and IRS. On the other hand, he holds his FINRA Series 7 and 66 registrations and serves as the Director of ERISA Services for Qualified Plan Advisors.
Matthew likes to stay active. He provides fiduciary training, Investment Policy Statement design, and vendor oversight to our clients. He is an active member of the Employee Benefits Committee of the American Bar Association Tax Section, serving as Chair of the Defined Contribution Plans Subcommittee. He also has been appointed to the IRS TE/GE Gulf States Council and is a frequent speaker on regulatory developments, fiduciary responsibilities, and retirement readiness.
Most importantly, he stays active with his family. His wife, Laura, is the founder of REbeL, Inc., a not-for-profit organization. His three young boys are mixed up in far too many sports, and they enjoy traveling, watching college football, running with Dad, and rooting for the Huskers.
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