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Emergency Savings: Employer Perspectives and Solutions

Data from the Federal Reserve show that among families with working family heads, only 20.1 percent had liquid savings of more than three months of their family income in 2016. In other words, most workers would likely struggle with unexpected expenses such as car repairs or medical expenses. Clearly, this can have a bottom-line impact on employers: Financially stressed employees may be less productive. Indeed, if an employee cannot afford to repair their car, they may not even be able to make it into their workplace.

It’s little wonder that employers are increasingly concerned about workers’ emergency savings situation. Reported approaches to encouraging employees to save for emergencies range from providing guidance and tools to offering incentives, creating “sidecar” or rainy day accounts, and matching employee emergency savings contributions.

To better understand employer goals, motivations, and challenges when it comes to helping employees with their emergency savings, attend EBRI’s webinar: Emergency Savings: Employer Perspectives and Solutions on April 8 at 2 p.m. ET. EBRI President & CEO Lori Lucas will discuss responses from “emergency-fund-focused employers” or those employers in its 2019 Employer Approaches to Financial Wellbeing Solutions survey that said they offer or plan to offer an emergency fund or employee hardship assistance as a financial wellness initiative. David John, Senior Strategic Policy Advisor at the AARP Public Policy Institute will discuss Unlocking the Potential of Emergency Savings Accounts, and AARP efforts in assessing ways to help employees with rainy day savings. David and Lori will be joined by Suzanne Schmitt, Vice President, Financial Wellness, Prudential Financial. Greg Ward, Director of the Financial Wellness Think Tank at Financial Finesse will moderate.

Speakers:

  • Lori Lucas, President and CEO, EBRI
  • David John, Senior Strategic Policy Advisor, AARP Public Policy Institute
  • Suzanne Schmitt, Vice President, Financial Wellness, Prudential Financial
  • Moderator: Greg Ward, Senior Resident Financial Planner, Financial Finesse

Details:

  • Date: April 8
  • Time: 2:00 p.m. EST

Impact of the 2020 Market Crisis on Retirement Income Adequacy—and How Can Employers Help

In the face of the current pandemic, market volatility has reached astonishing levels. But we’ve been through other market crises, and can use those experiences to model how defined contribution plan sponsors might react in terms of plan changes, and how participants might react as well in terms of changes to their accounts. Using EBRI’s Retirement Security Projection Model® and based on the EBRI/ICI database of 27 million 401(k) participants’ accounts, EBRI Director of Research Jack VanDerhei explores how market volatility and DC participant and plan sponsor reactions could impact workers’ long-term retirement income adequacy.

Speakers:

  • Jack VanDerhei, Research Director, EBRI

Details:

  • Date: April 14
  • Time: 1:00 p.m. EST

Older Americans' Debt

Both the likelihood and level of debt of older Americans have increased over the past 25 years. Carrying high levels of debt at older ages has implications for retirees’ financial security and pre-retirees’ decision to retire and claim social security, with some coping by staying in the labor market longer and delaying the receipt of Social Security benefits. Join EBRI for a webinar that explores the consequences of this rising level of debt, and explore findings from our recent study, “The Impact of Rising Household Debt Among Older Americans.”

Speakers:

  • Zahra Ebrahimi, Research Associate, EBRI
  • Katherine Roy, Chief Retirement Strategist, JPMorgan Asset Management
  • Moderator: Brett Hammond, Research Leader, Client Analytics Group, Capital Group

Details:

  • Date: April 21
  • Time: 2:00 p.m. EST

If you are interested in sponsoring one of our webinars, please contact us at memberships@ebri.org.

The Impact of the SECURE Act on Retirement Income Adequacy

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with Jack VanDerhei, Bob Holcomb, and Michael Doshier

Webinar Slides