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Financial Wellness is So Much More Than Just Saving for Retirement

401k Plan Design Getting More Attention 

Health Wellness – stimulating a healthy lifestyle.

Financial wellness is so much more than just saving for retirement.  The overall interest in having a healthy workforce is demonstrated in this video.  Amy, is a benefits specialist who continually communicates and educates health benefits as savings among her company’s 800 hospital employees in Indiana.   Fred Barstein, Founder and CEO of The Plan Sponsor University (TPSU) interviewed Amy after a TPSU program at Butler University in Indiana.  Amy spends significant time communicating and educating the hospital workforce on the importance of maintaining a healthy lifestyle.

Full Transcript Below

Fred:
Fred Barstein with 401K TV here at Butler University in Indianapolis. A beautiful sunny day here and we’ve just completed a TPSU program. I am here with Amy.

Amy:
Yes.

Fred:
Amy, welcome. Okay if we ask you a few questions?

Amy:
Sure, absolutely.

Fred:
Very good. One of the things you talked about is you have a health wellness program, right?

Amy:
Yes.

Fred:
You’ve had that for a while?

Amy:
Yes, for a hospital and we want folks to engage in their health.

Fred:
That’s great. I forgot to ask, how many employees at your hospital?

Amy:
We have 800 employees.

Fred:
Eight hundred employees. What’s your role?

Amy:
My role is benefits specialist and so I am always communicating and educating.

Fred:
Great. At the program today you talked about how you integrated or were trying to integrate financial wellness into your healthcare. What are doing, actually, to integrate that?

Amy:
Well, what I did and our program, our wellness committee wants to encourage healthy engagement. For employees who participate in a mammogram, an annual physical, they can earn two entries tickets into a quarterly drawing for $500.00.

Fred:
I see.

Amy:
And, so, the wellness program, it’s really more than just about eating right and exercising, it’s also about financial wellness.

Fred:
Oh, good.

Amy:
I wanted to tie that in and encourage folks to get some education on our retirement readiness programs as well as financial wellness topics. We said if you attend one of these luncheons and learns, folks are busy so you kind of have to do it maybe over a lunch hour, get them involved, if you attend one you’ll earn two entries tickets for the $500.00 drawing.

Fred:
Are people attending?

Amy:
Oh, yes.

Fred:
They’re coming. A little bit, just that much will help. Final question, a couple of things that you learned today or heard today you want to try to take back?

Amy:
Today I’m really, really excited about some of the plan design options. I would like to see … I’m very passionate about retirement savings and I would like to see our work on the auto-enrollment and the auto escalation.

Fred:
Great. Well, good luck with that.

Amy:
Right, yep.

Fred:
Next time we’re back you’ll have to tell us how you’re doing on that.

Amy:
Sure.

Fred:
Very good. Well, thanks for your time today, appreciate it.

Amy:
You’re very welcome.

Fred:
Thank you for watching 401K TV.

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