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.

The impact of financial anxiety on the American workforce has been revealed in Franklin Templeton's recent study, "Voice of the American Worker". The study highlights the challenges employees face due to the current economic climate and the importance of financial wellness in job satisfaction. Throughout the study, it exposed that this financial concern has reversed the pandemic’s “Great Resignation” to “the Great Return” and is reshaping employee benefits expectations. The study highlights that financial wellness is a critical component of job satisfaction, and employers can improve retention rates by providing their employees with the necessary financial tools and personalized solutions. To address this, employers can offer resources that enhance wellness across all dimensions - financial, physical, and mental.

As an employer with a company-sponsored retirement plan, you have a fiduciary responsibility to act in the best interests of your employees. This includes ensuring that the plan is administered in accordance with all applicable laws and regulations. In recent years, there has been an increase in lawsuits filed by participants against plan sponsors alleging breach of fiduciary duty, among other claims. These lawsuits can be costly and time-consuming, so it is important that everyone take steps to protect themselves.

Here are three ways an employer with a company-sponsored retirement plan can improve their fiduciary oversight and minimize risk of litigation:

ARLINGTON, VA — AFS 401(k) Retirement Services has been named to the National Association of Plan Advisors’ list of the nation’s top defined contribution (DC) Advisor Teams with Assets under Advisement over $100 Million.

For retirement plan employers, 401(k) nondiscrimination testing is one of the most critical functions of operating a healthy retirement plan—and it’s also an important mandate of ERISA. Here’s a look at some commonly asked questions and need-to-know terms and concepts, as well as how this important task affects your company’s retirement plan.

It’s finally here! After much back-and-forth, Congress passed the long-awaited SECURE 2.0 just before the close of 2022. This legislation is intended to expand access to retirement plans and increase savings, preserve Americans’ income, and simplify/clarify retirement plan rules. There are over 100 total provisions, so here is a summary of the components you should be aware of:

Reposted from 401(k) Specialist by John Sullivan, Editor-In-Chief

Understated isn’t a term generally associated with Alex Assaley, but he managed to pull it off when describing current market conditions.

“It’s been a really interesting year for investors and advisors,” Assaley, Managing Principal with AFS 401(k) Retirement Services, said from the floor of the Wealth@wor(k) conference in Las Vegas.

In today’s digital world, we all have a lot of data and personal information stored online – information like e-mails, phone numbers, personal contacts, and even financial asset values and information. Most of us trust companies (like banks, financial institutions, social media, and tech firms) to manage and protect this information and provide us with it in a matter of seconds. This raises some concerns about “who has access to this data,” and how can they protect it.

On August 16, 2022, the Retirement Advisor Council recognized Wiley|Wilson, as an honoree of its Financial Wellness Excellence Awards. This recognition was presented at the Retirement Advisor Council’s 2022 Annual Planning Meeting in Des Moines, IA. Connie Burnette of Wiley|Wilson accepted the award on behalf of her team and was recognized for her thoughtful leadership and dedication to providing the best possible employee financial wellness program to her organization.

We sat down with some of the team members of AFS and here's how they answered the following questions...

1. What advice would you give your younger self?
2. What's the worst piece of financial advice you're ever received?
3. What's the best piece of financial advice you're ever received?
4. What does AFS stand for? (wrong answers only)