Help With Emergency Savings and Caregiving Among Top Benefits Trends in 2021

Interest has also increased in enhancing workplace giving and volunteer programs, student loan debt help and health care advocacy.

Employee benefits executives have found that employers are offering several types of benefits this year for the first time, many as a result of the pandemic.

Most notably, many employers are offering automatic emergency savings programs and caregiving support, according to Fidelity.

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“The financial impact of the pandemic has highlighted the importance of having an emergency fund to help employees avoid tapping their retirement savings to cover financial emergencies,” Fidelity says in a research report, “Top Employee Benefit Trends for 2021.” Recent Fidelity research indicates eight in 10 Americans plan to focus on emergency savings this year. “A growing number of employers are providing information and resources to help employees understand how to create an emergency fund, as well as exploring adding an emergency fund option that would allow employees to contribute directly from their paycheck,” Fidelity says.

Fidelity also says more employers are willing to give “broader support for employee total well-being with an increased focus on employee caregiving roles. Employers are increasingly focused on providing benefits to support caregivers, such as paid caregiver leave, elder care and parent support groups, and child care support and tools to assist new parents.”

Fidelity also says more employers are offering “workplace giving and volunteer programs to help employees support their community and the causes important to them. Many of the events of 2020—including the pandemic, natural disasters and social justice issues—have prompted an increasing number of employers to consider adding a workplace giving program to their benefits offerings.”

Sensitive to the fact that Americans are carrying $1.6 trillion in student loan debt, Fidelity says, more employers are willing to help their workers with this debt. “These include employer contribution programs that make after-tax contributions on their employees’ outstanding student loans,” Fidelity says.

For those whose have lost a relative to COVID-19, or who were laid off or put on furlough, help with mental health has also become important, Fidelity says. As a result, “many employers will be focused on providing emotional and mental health support, additional telehealth and telemedicine benefits, and stress management,” Fidelity says.

Finally, employers are showing “a lot more interest in advocacy and transparency services related to health care benefits,” says Kim Buckey, vice president of client services at DirectPath. Its advocacy program permits workers to call an 800 number and get a second opinion on a medical issue, and its transparency program gives workers various in-network pricing options, Buckey says. Some employers are tying these into rewards options, whereby if the worker selects a less expensive, in-network option, they will get a small reward, such as a $500 gift card, she notes.

Buckey adds that many employers are sticking with the virtual open enrollment sessions and options that they used last year.

Retirement Industry People Moves

Prudential selects CEO of U.S. Insurance & Retirement Business and OneAmerica hires regional sales director. 

Prudential Selects CEO of U.S. Insurance & Retirement Business

Prudential Financial Inc. has appointed Caroline Feeney as CEO of its U.S. Insurance & Retirement Businesses. Feeney will immediately assume the newly created role and will be responsible for driving growth across the consolidated portfolio of U.S. businesses, while ensuring alignment with PGIM, the company’s asset management business.

Feeney’s expanded role will include oversight of group insurance, individual life insurance, Prudential annuities, Prudential retirement, and the retail advice and solutions organization. She will also oversee several enabling functions, including the group charged with enhancing and unifying the service experience for Prudential’s retail and institutional customers in the U.S.

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Feeney most recently served as CEO of individual solutions. Previously, she served as president of Prudential Advisors and president of individual life insurance, and spent time in field leadership roles, providing her firsthand experience with customers and the company’s financial professionals.

Feeney also leads the company’s Women Empowered business resource group and champions women’s financial issues, diversity and professional development both within and outside of Prudential.

In her new role, Feeney will continue to report to Andy Sullivan, executive vice president and head of U.S. businesses for Prudential.

“Caroline’s business savvy, deep industry expertise and people-centric leadership style will help us realize the full potential of our businesses,” says Sullivan. “She is a true ambassador for the Prudential brand and a passionate advocate for our company’s purpose: to make lives better by solving the financial challenges of our changing world.”

Feeney represents Prudential on several boards, including The Alliance for Lifetime Income, and is a member of Fortune’s Most Powerful Women and the National Association for Female Executives’ Executive Roundtable. She also serves as a trustee of Prudential’s Corporate Social Responsibility Oversight Committee, which guides the company’s foundation and its investments.

OneAmerica Hires Regional Sales Director

OneAmerica has hired Chris Browne to build the company’s base in South Carolina as regional sales director.

Browne is focusing on primarily serving core retirement plans. The 18-year industry veteran joined OneAmerica after previously working eight years as a Charleston, South Carolina-based wholesaler for MassMutual Financial Group.

“I was really attracted to OneAmerica because of its industry-known relationship strategy, award-winning client focus and fresh, world-class custom communications,” Browne says. “Combined with its outstanding culture and values, OneAmerica checks all the boxes, and I’m thrilled to be joining the team and enhancing our presence in South Carolina.”

Browne reports to Todd Smiser, east region regional vice president. OneAmerica had a presence already in the Palmetto State through the contributions of wholesaler Chuck Stinson, who also continues to build sales in North Carolina.

“Chris has the experience, energy and enthusiasm to drive results,” says Pete Schroedle, vice president of distribution for retirement services at OneAmerica. “Given all the unprecedented upheaval and challenges in our industry, it’s more important than ever to have someone of his background step up with optimal solutions on behalf of advisers, sponsors and participants.”

Prior to MassMutual, Browne was at John Hancock Life Insurance Co. and at Guardian Life.

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