just fielded in July, will examine the impact of the current environment on employer-sponsored financial wellbeing initiatives (look for a symposium on this in the fall). Our research agenda has plenty of non-COVID-19 topics for the rest of 2020 and entering 2021. EBRI’s Retirem Augu ent S st 6, ecurity 2020 Research Center will be focusing on developing insights into retirement personas, or the different ways in which people draw down their retirement savings. We’ll use the Health and Retirement Study as well as a survey funded by the Retirement Research Foundation for Aging to understand not only how people spend in retirement but why — and what support they need. Summer 2020 President’s Letter We’ll continue to mine consumer data in partnership with JP Morgan Chase with an Issue Brief on the spending In my Winter President’s Letter in February, I talked about the benefits ecosystem. I had no idea at the time how patterns of 401(k) savers. We’ll also be releasing our inaugural HSA/401(k) database results, examining the much that ecosystem would change in just a few weeks thanks to COVID-19. Now, five months into the substitution effect on 401(k) plans of introducing health savings accounts. pandemic, in my Summer 2020 President’s Letter, I will outline the state of EBRI during this crisis, our future res With the earch age presi nd dential a, andelecti our recent for on just aro ays un d into the corner the virtu , al envi we’ll be ronme mode ntlin . g the impact of a Medicare buy-in on employers. Finally, standards such as findings from the EBRI/ICI database are also on the agenda, including our State of EBRI report on 401(k) balances, contributions, and asset allocation. Many have asked how EBRI is faring during this pandemic. The answer is that it is doing remarkably well. EBRI EBRI’s Virtual Environment employees are safe and healthy. Most are working from home, as might be expected. But research is getting th Like every organization, EBRI has had to adapt to a virtual environment in the first half of 2020. We held our 87 done and our educational programs have moved online. Policy Forum via Zoom — with outstanding turnout. Our first virtual American Savings Education Council partners In the first half of the year, as was true for everyone in the benefits realm, we were consumed by COVID-19 and meeting was also very well attended and scored some of the best feedback ever on content. We are planning a the Coronavirus Aid, Relief, and Economic Security (CARES Act). Research Director Jack VanDerhei wrote an virtual December Policy Forum as well — and we’ll be rolling out some innovations around virtual networking for Issue Brief on “Impact of the COVID-19 Pandemic on Retirement Income Adequacy: Evidence From attendees. EBRI’s Retirement Security Projection Model®” on April 21, 2020, in which he focused on the aggregate On potenti the techn al impact of th ology front e 20 , y20 ou may crisis h on retirement i ave noticed a n nceome s w way th ecurity. at E BRI He found is sharing that its the res dent i earch: n r etirement d EBRInteractef ivicits e chart due to s. th One e m oarket decli f our first ne sucas h ch well arts a s— the “HOPD potenti -Inf al em used pl Oncology oyee and M eedici mployer nes Ma resrk pons up b e y MSAs — at lea as nd t up State to that ” — was point — designed was managea and co ble. ntrib Likewi uted se, byJa EBRI ck’s more r member ecent PhRM “CA AR . SE ince S Act then, : Im EB pli RIntera cations for ctives Ret have in irem clud ent ed Securi “Average ty of Annual Am Empl er oyee C ican W ontrib orkers ution t ” Iso Hea sue Br lth iefSaving founds l Accoun imited red ts ( uct HSAs) by ions in bal Stat anc e,” es “ a How M t retirem uchent und More Ser m ecure osDoes t scenari the SEC os —URE Act Mak except w e Am hereerican W workersorke failers: Evidenc d to repay wit e From EB hdrawaRI’ ls, san Re d tirem particul ent S arly ecurity where they Projection M took repea odel,® ted ” and CARE “Comp S-Act-alik rison of e withdr Retirem aw ent Pl als oan Particip ver time — at e ion by ssenti Stat ally turni e: Tra ng di their tional v 401 s. A (k) p djulans int sted Eso tim emergency ates by the sa C vin urrent gs vehicl Popu es. lation Surv ey.” Together with our infographics and PowerPoints, the new EBRInteractives provide another user-friendly avenue In turn, Senior Research Associate Craig Copeland examined the impact of COVID-19 on the retirement for consuming EBRI research. th confidence of workers and retirees in the 30 annual Retirement Confidence Survey. While confidence remained Finally, in gen Seperally tember, w high b e w etwe ill ben th e unve ori eiling gi our nal Janu new A ary merican fieldingSavi of the survey ngs Educatand the ion Counci end l we of bsite, March which refield we ing, it — not une demoed xpect in ouedly r July — p pl artner ummsete md eet for o ing. n e group in particular: those with current or anticipated job losses. EBRI’s upcoming Workplace Wellness Survey, which is currently in the field, will explore this phenomenon further as Conclusion: Research Is More Important Than Ever more workers spend more time on furlough or being laid off. Each day brings a new challenge for the benefits world, EBRI members, and EBRI. We believe EBRI’s best and Meanwhile, COVID-19 had Director of the Health Research and Education Program Paul Fronstin and Research highest value right now is to continue with our mission of providing preeminent fact-based research. Indeed, in Associate Jake Spiegel focusing on COBRA: A Closer Look at Who Enrolls and the Case for Subsidies an environment as fluid as the current one, EBRI’s unbiased research has never been more important. At the during the first half of the year. Bottom line: They found that COBRA subsidies can help reduce adverse selection same time, we are also committed to providing connections, which are of such value in this time of social against COBRA plans by making COBRA plans more attractive relative to alternatives for healthier people. distancing, through webinars, forums, and direct outreach to members. Finally, we look forward to continuing to EBRI’s research agenda was not entirely dominated by COVID-19 and the current environment. We also released innovate to find new ways of disseminating our research, partnering with members, and collaborating with sister our inaugural Public Retirement Research Lab (PRRL) research study, “Trends in Public-Sector Employee organizations. Tenure,” which documented the important tenure differences between workers in the public sector vs. the private sector — and outlined the need for PRRL’s public plan database. Lori Lucas Future Research Agenda President and CEO EBRI will continue to add to its research on COVID-19 in the second half of the year. On our agenda is Employer Views on the Future of Employment-Based Health Insurance. This essentially asks the question: In the first recession since the Affordable Care Act (ACA) was introduced, are employers going to shift employee health benefits to the ACA exchanges? In addition, our Employer Perspectives on Financial Wellbeing Survey, which was