The Best Ideas for Employee Benefits in 2023 | Trends Report

As advocates for company-sponsored retirement plans and benefits, we are constantly seeking new ways to improve employee benefits and engagement for our clients and prospective partners. That's why we are excited to share our latest trends report, which compiles some of the most innovative ideas and initiatives from our Annual Employee Benefits Symposium, held last fall (2022). This event brings together some of the industry’s brightest thought leaders.

This report seeks to address the generational shift in the workforce, with a focus on expanding benefits packages to support unique employee situations. We also delve into the fiduciary essentials for defined contribution plans to maintain compliance and competitiveness, the evolving cybersecurity landscape that has prompted the implementation of cyber threat protections and protocols in the retirement plan industry, and other emerging ideas.

Each of these trends generates potentially new benefit design structures and plan design stipulations for organizations and their Committees to consider. As we strive to create worthwhile, effective, and compliant retirement programs meant for a diverse, multi-generational workforce, the insights shared in this report provide valuable guidance. Here are some of the key topics addressed in the report:

Employee Benefits in a Shifting Landscape

Employers have navigated significant changes with the pandemic, pivoting to remote work and focusing on essential employee safety. As we move into the "return to office" phase, there are many important considerations including hybrid work environments, staff retention, engagement, support, and addressing disengagement.

Cybersecurity & Your Retirement Plan

Is your organization's retirement plan secure from cyber threats? Have you implemented proper cybersecurity policies and due diligence of vendors? Have you developed a consistent process for storing and moving sensitive data, including using encrypted email platforms?

Trends in Class Action Lawsuits

Retirement plan class action lawsuits have increased significantly. They are mostly centered around a breach of fiduciary duty, self-dealing allegations by plan administrators or trustees, or excessive fees charged to participants.

At AFS, we remain steadfast in our mission to help every working American enjoy their life – all of it. To fulfill this mission and push ourselves to the forefront of the retirement plan industry, we strive to bring simplicity and understanding to the complex world of retirement plans, personal finances, and employee benefit regulations.

Throughout the past 16+ years, we have met with thousands of working Americans individually and we continue to learn from these experiences and refine our programs directly from the hands-on experiences we have with employees across the nation. The resounding words we hear are individuals’ requests for down-to-Earth and aspirational guidance to prepare for their financial lives today, tomorrow, and many years in the future. This report should help educate plan sponsors, HR professionals, and employers on the needs of their employees to achieve these goals.

Download the report ⬇️

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