Emergency Savings Contributions Protect Retirement Plan Assets

sidecar savings account

Emergency Savings contributions are gaining traction in the self-funded Retirement Plan space.  As a result, Emergency Savings conversations are replacing discussions around other employee benefits.  This includes Health Savings Accounts and paying-down Student Loan debt.  Consequently, there is less focus on asset allocation and saving for the long term.  Emergency Savings is the sole focus of this Friday’s May 22nd 1:00PM to 2:00PM EDT Virtual Town Hall Meeting.

Sponsored by DCIIA, the SPARK Institute, and The Plan Sponsor University, the next TPSU Virtual Town Hall Meeting will focus exclusively on the establishment and use of Emergency Savings accounts.  Therefore, the participating associations and industry leaders are working together to help plan sponsors navigate the cash crunch.  This cash crunch is being experienced by retirement plan participants in the midst of the pandemic.

The new definition of the healthy retirement plan incorporates Financial Wellness and Emergency Savings.  The team of:  Warren Cormier, Executive Director, DCIIA Retirement Research Center (moderator), Tim Flacke, Executive Director, Commonwealth, David John, Senior Strategic Policy Advisor, AARP, and Christine Lange, Head of Retirement Business Management & Customer Solutions, Prudential Financial will discuss how future Emergency Savings programs might be designed and utilized.  Plan fiduciaries and retirement committee members will not want to miss this important ground-breaking session.  The TPSU Virtual Town Hall Meetings are approved for one hour of HR related Continuing Education Credits.

Click-here to register to attend the May 22nd Virtual Town Hall Meeting.

The Virtual Town Hall Meeting topics will include:

  • Emergency savings as a “sidecar” feature to a DC plan;
  • An expanded view of workplace retirement programs and platforms;
  • New perspectives on financial well-being and retirement security;
  • What industry providers and associations are doing to address liquidity challenges and offer solutions.

The TPSU Virtual Town Hall Meeting last week addressed working with government programs to obtain PPP Funds and EIDL Funds.  To listen to the prior TPSU Virtual Town Hall Meeting Click here.


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