Employee Benefit, ERISA - LFE Institute

	Employee Benefit News: National Trends Trigger More Financial Education As employees struggle to make ends meet during this tight economy, more employers are offering unbiased Money Coaching and interactive workshops as an Employee Benefit. These services not only help reduce the high cost of Presenteeism, worker slow-downs, and minimize liabilities, but Workplace Financial Literacy is one of the most employee-friendly Benefits companies can offer. Here are just a few of the current economic trends motivating more employers to sponsor these low-cost Employee Benefits:
			Transamerica Center for Retirement Studies – September 2011 More than one-third of employees expect to work past age 70 or never retire, with more than 52% stating the reason is they don’t have enough saved or will need more spending money.
			Congressional Budget Office –September 2011 14 Million Americans are still unemployed, with another 8.8 million living on part-time incomes.
			OSHA – August 2011 There were 506 cases of workplace homicide last year, with the number involving women up 13%.
			Bankrate.com – August 2011 Even with home mortgage interest rates at near-record lows, home values are at 2003 levels, causing increased financial stress for employees.
			9th Annual MetLife Study – July 2011 There is compelling evidence that “financial illness” contributes to [higher] health care costs and reduced productivity. The quality of employee benefits is a major indicator of loyalty.
			Financial Advisor Magazine – July 2011 The average cost to defend a fiduciary claim is $364,000, with individual settlements averaging $994,000.
			Birmingham News – July 2011 Employee fear of foreclosures, overdrawn bank accounts, rising utility, childcare, and education expenses, with little to no raises over the past two to three years, increases the high cost of presenteeism for employers.
			Aon Hewitt – July 2011 Only 75.8% of eligible employees participated in their company’s defined contribution retirement plan last year.
			Federal Reserve – June 2011 Consumer borrowing is up for the 7th straight month.
			US Senate – May 2011 The gap between what Americans will need in retirement and what they will actually have saved is estimated to be a staggering 6.6 trillion dollars.
			Detroit Free Press - May 2011 Banks have hit consumers with higher fees.
			Fidelity - May 2011 The average retirement account balance is only $74,000.
			MetLife - April 2011 The average household faces a retirement savings shortfall of nearly $250,000!
			USA Today - April 2011 Minorities are losing financial ground; more financial education is needed.
			Federal Reserve - March 2011 66% of Americans’ net worth dropped during the last recession.
			CNBC – Feb 2011 Money is one of the top reasons couples divorce.
			Fidelity Study – Feb 2011 50% of employers added one new wellness program—including Financial Wellness—in the past year.
			SmartPlanet – Jan 2011 Americans charge $2.5 trillion each year on credit cards.
			GAO – Jan 2011 GAO concerned about conflict of interest when Plan Sponsors provide advice.
			Daily Finance – November 2010 "Jobless Recovery” continues with unemployment at 9.6%.
			Employee Benefit News – November 2010 Onsite educational workshops are the most effective form of employee retirement education.
			Federal Reserve – November 2010 Study reported financial education increased participation in flexible spending from 45% to 70%, and plan participation from 65% to 100%.
			Hewitt Associates – September 2010 Over the past 32 months, employees transferred $8.3 billion out of stocks and into fixed-income accounts.
			FDIC - August 2010 There have been 279 bank closings since January 2009.