Cyber

Reducing Financial Stress

01.18.2021

When employees are stressed out about their personal finances, a company’s productivity decreases. Employer-sponsored retirement plans are an important part of the solution.

Increased Productivity Associated With Retirement Plans

Offering a retirement plan takes time and effort. Optimally, there is a company match—which requires a commitment of dollars too. The pay-off, however, goes beyond the obvious results for employees. As reported by 401K Specialist:

A  401k plan can make a substantial difference in reducing the financial stress of plan participants, which can detrimentally impact every aspect of a persons life. It also impacts plan sponsors: The 8th Annual PWC Employee Financial Wellness Survey found that financial stress can:

Decrease employee performance

Decrease productivity

Increase absenteeism and presenteeism

Increase employee turnover

 However, by taking advantage of an employer-sponsored retirement savings plan, financial stress is reduced, which is beneficial to both plan sponsors and participants.

 If you are a plan sponsor at a business already sponsoring a retirement plan: great! Rest assured, your efforts make a difference! Thinking into the year ahead, consider how auto-enrollment and opportunities for part-time employee participation may further boost results and productivity too— learn more here.

If your company is just getting started on a retirement plan, these tips will be helpful.

Protecting Funds—and Curtailing Stress

All of your plan participants—and you—are working hard for every dollar tucked into the retirement account. Don’t forget your fiduciary responsibilities to protect the plan’s funds—and the importance of protecting yourself as a fiduciary.

Let a national leader in the field help you with the required ERISA Bond for the plan —and more: Colonial Surety Company offers comprehensive coverage. Just select an affordable package and receive:

  • The ERISA bond required to protect the assets of the retirement plan from theft; 
  • Cyber Liability coverage to safeguard your company and plan from covered losses and expenses in the event of a cyber breach; and, 
  • Fiduciary Liability coverage to protect you and your assets from personal liability.

Colonial makes it easy, fast, and direct to quote and purchase your coverage package online, from anywhere.

Obtain Colonials ERISA Bond Package With Fiduciary Liability Insurance Now!

 Full Circle: Recruiting and Retaining Great Employees

 In addition to the “on-the-job” boost retirement plans provide, they also demonstrably contribute to attracting and keeping talented employees. For example, 401K Specialist notes:

 A recent survey from Betterment for Business found that two-thirds of job seekers say a 401k plan is important when considering a job offer. A Willis Tower Watson survey revealed that 75 percent of new hires are more willing to stay with a company that offers a strong 401k plan.

 With so much important work to do as a plan sponsor, there’s no time to waste in making sure your plan—and you—have a full circle approach to coverage. You can arrange it efficiently, quickly and affordable with Colonial Surety Company. Uniquely, our ERISA bond packages offer plan sponsors up to $1,000,000 of fiduciary liability insurance.

 Keep in mind: the ERISA bond required for the retirement plan protects the participants of the plan, but does not cover you—the plan sponsor— as the fiduciary. Colonial’s 2 or 3-year ERISA bond packages provide great overall savings and protection. In addition to fiduciary liability coverage, you can add cyber liability insurance to safeguard your company and plan from covered losses and expenses in the event of a cyber attack. Colonial even includes extended coverage to ensure your ERISA bond remains US Department of Labor compliant.

Obtain Colonials ERISA Bond Package With Fiduciary Liability Insurance Now!

Colonial Surety Company is in business all across the USA. We are rated “A Excellent” by A.M. Best Company and  U.S. Treasury listed.