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"A substantial portion of employees" (approximately 15 percent in any given workplace), "are spending time on personal money matters on the job, negatively affecting productivity. They are also less likely to participate in an employer's 401(k) retirement plan." . . . "Employees have yet to be offered motivational packages to make financial wellness a priority. Employers will educate their employees on safety issues, but are still lagging when it comes to educating their employees on personal finance topics." - E. Thomas Garman, Professor, Virginia Tech University The trend we're seeing today, mostly stemming from participant direction in 401(k)s, is a much more "democratic" exposure to financial education, says Gary Kushner. "It stems from the implementation of the 401(k) plan itself," says Kushner. The 401K plan puts employees in a position of having to decide for themselves how to invest contributions. "To realize the fiduciary protection of ERISA Section 404(c), companies are required to educate employees about the their investment selections." -Gary Kushner, President and Founder Kushner & Co., a national employee benefit consulting and administration firm "We invite predominantly local planners to assist us, says Hass. "We're careful not to endorse any planner or firm as a professional resource. We simply endorse them as capable of presenting planning information and stress that no one at Weyerhaeuser is empowered to give any employee legal or financial advice. We do not offer a list of seminar participants to the planners. It's up to the employee to select them as a resource." -Sally Hass, Technology Planning Manager, Weyerhaeuser |
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