PLANADVISER - March/April 2021 - 2

publisher's note //
Juxtaposition
W
ell, here we are, one year later. A year
that was
experienced in so many
different ways by people across the
country, in terms of work and employment,
family and health, and so much more. On our
end, I think it's clear that the year has revealed
the precariousness of so many Americans' shortand
long-term financial security.
I've heard from some that this past year gave
them more family time, or that the disruption
didn't last too long, as their small office reopened
last year and staff go a few days a week, or that
the consensus was, yes, it was a transition, but life didn't change too much.
Those people were financially secure enough to feel that way. But that was
a luxury not shared by the rest of America. For many of them, it was a year of
disruption and despair, of losing jobs, or coping with illness and sadness, exemplified
by studies showing increased rates of depression and alcohol/drug abuse.
That dichotomy also exists with companies; some of your clients are in the
first camp, with strong revenues and a growing employee base, while others
are grappling with furloughs, layoffs and office closures. As we get closer to
a post-COVID world, how are you preparing to help each client align its offerings
with what its particular employee base needs to improve its financial
well-being? Examining the needs of participants these next few years will be
vital to helping them be confident financially. The year behind us has revealed
many divergent perspectives across demographics. Some demographic groups
have felt the economic cost at a disproportionate rate: specifically women and
people of color.
We've also discovered that it's not enough to help people " save for retirement " ;
we need to help people " save. " The past 12 months, and what we're
hearing from plan sponsors, have made it clear that, if, as an industry, we
continue to emphasize or spend the most time on reviewing investment
lineups with our clients, we're missing the boat. The investments, while
important, should take a back seat to examining the plan demographics and
reviewing the plan design features or ancillary benefits that can most improve
employees' financial security.
If we're serious about helping to improve Americans' financial future, the
retirement plan industry-which we know is where most Americans amass
any sort of real savings-should prepare to broaden its focus on what programs
employers can implement today to better their employees' outcomes in the
short- and long-term future.
We already see that change occurring as recordkeepers start to embrace the
concept of emergency savings. A recent study from nonprofit Commonwealth,
the Defined Contribution Institutional Investment Association (DCIIA)'s Retirement
Research Center and the SPARK [Society of Professional Asset Managers
and Recordkeepers] Institute reported that, although recordkeepers' primary
objective is to support retirement savings, they increasingly understand that
other aspects of a plan participant's financial life are crucial to his ability to
save for retirement.
It's impossible to say what things will look like once the cases and transmission
rates have declined and we get enough people vaccinated to return to
something like a " normal " state. Yet, I believe this pandemic brought to light
that our industry, and the American workforce we set out to help, has a long
way to go if our goal is truly to bring people to financial security.
-Alison Cooke Mintzer, Publisher
publisher: Alison Cooke Mintzer
Alison.Mintzer@issmediasolutions.com
creative director: SooJin Buzelli
SooJin.Buzelli@issmediasolutions.com
managing editor: Judy Faust Hartnett
Judy.FaustHartnett@issmediasolutions.com
managing editor, planadviser.com:
John Manganaro
John.Manganaro@issmediasolutions.com
editorial staff: Lee Barney, Rebecca Moore,
Michele Theodore, Amanda Umpierrez,
Karen Wittwer
contributors: Beth Braverman, John Keefe,
Judy Ward
surveys & research: Brian O'Keefe;
Angela Marinakis, Jackie Scott
design & production: Donna Bien-Aimé,
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design contributor: Cherese Rambaldi
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Bonasera, Tim Bower, Arom Ju, Aya Kakeda,
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(cover), Klaas Verplancke, Gizem Vural
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PLANADVISER - March/April 2021

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