WTW launches flexible benefits service to help employers boost workforce financial health
WTW (NASDAQ: WTW) has launched a groundbreaking flexible benefits service that allows employees to allocate employer contributions across various financial benefits. This innovative program, following an IRS Private Letter Ruling, enables participants to direct funds to Defined Contribution (DC) plans, student loan repayments, retiree health reimbursement arrangements (HRA), and health savings accounts (HSA).
The solution addresses diverse financial concerns of employees, offering more choice and flexibility. WTW's DC Strategy team supports employers in implementing this program, focusing on feasibility, cost implications, vendor alignment, and regulatory compliance. The launch comes as WTW's 2024 Global Benefits Attitudes Survey reveals that 77% of employees with benefits choice feel their needs are met, compared to only 37% without choice.
This flexible contribution approach aims to support employee financial wellbeing, addressing concerns highlighted in the survey where 90% of workers struggle with basic living costs. The program is designed to be incorporated into existing benefits programs, offering a competitive advantage for employers in attracting and retaining talent.
WTW (NASDAQ: WTW) ha lanciato un innovativo servizio di benefici flessibili che consente ai dipendenti di allocare i contributi del datore di lavoro su varie prestazioni finanziarie. Questo programma innovativo, in seguito a una Decisione Privata dell'IRS, permette ai partecipanti di indirizzare i fondi verso piani a Contributo Definito (DC), rimborsi per prestiti studenteschi, accordi di rimborso per la salute dei pensionati (HRA) e conti di risparmio sanitario (HSA).
La soluzione affronta le diverse preoccupazioni finanziarie dei dipendenti, offrendo maggiore scelta e flessibilità. Il team della Strategia DC di WTW supporta i datori di lavoro nell'implementazione di questo programma, concentrandosi su fattibilità, implicazioni sui costi, allineamento dei fornitori e conformità normativa. Il lancio avviene mentre l'Indagine sulle Attitudini ai Benefici Globali 2024 di WTW rivela che il 77% dei dipendenti con scelta di benefici sente che i propri bisogni siano soddisfatti, rispetto solo al 37% senza scelta.
Questo approccio al contributo flessibile mira a supportare il benessere finanziario dei dipendenti, affrontando le preoccupazioni evidenziate nell'indagine, dove il 90% dei lavoratori ha difficoltà con i costi di vita di base. Il programma è progettato per essere incorporato nei programmi di benefici esistenti, offrendo un vantaggio competitivo per i datori di lavoro nell'attrarre e mantenere i talenti.
WTW (NASDAQ: WTW) ha lanzado un servicio innovador de beneficios flexibles que permite a los empleados asignar las contribuciones del empleador a varios beneficios financieros. Este programa innovador, tras una Resolución Privada del IRS, permite a los participantes dirigir fondos a planes de Contribución Definida (DC), reembolsos de préstamos estudiantiles, acuerdos de reembolso de salud para jubilados (HRA) y cuentas de ahorro para la salud (HSA).
La solución aborda las diversas preocupaciones financieras de los empleados, ofreciendo más opciones y flexibilidad. El equipo de Estrategia DC de WTW apoya a los empleadores en la implementación de este programa, centrándose en la viabilidad, implicaciones de costos, alineación de proveedores y cumplimiento regulatorio. El lanzamiento se produce mientras que la Encuesta Global sobre Actitudes hacia los Beneficios 2024 de WTW revela que el 77% de los empleados con opción de beneficios siente que se satisfacen sus necesidades, en comparación con solo el 37% sin opción.
Este enfoque de contribución flexible tiene como objetivo apoyar el bienestar financiero de los empleados, abordando las preocupaciones destacadas en la encuesta donde el 90% de los trabajadores lucha con los costos básicos de vida. El programa está diseñado para incorporarse a los programas de beneficios existentes, ofreciendo una ventaja competitiva para los empleadores en la atracción y retención de talento.
WTW (NASDAQ: WTW)는 직원들이 고용주 기여금을 다양한 재정적 혜택에 할당할 수 있는 혁신적인 유연 복리후생 서비스를 시작했습니다. 이 혁신적인 프로그램은 IRS의 개인 서한 결정을 따르며, 참가자들이 확정 기여 계획(DC), 학생 대출 상환, 은퇴자 건강 재imbursement 계획(HRA) 및 건강 저축 계좌(HSA)로 자금을 직접 지시할 수 있게 합니다.
이 솔루션은 직원들의 다양한 재정적 우려를 다루며, 더 많은 선택과 유연성을 제공합니다. WTW의 DC 전략 팀은 고용주가 이 프로그램을 구현하는 데 지원하며, 실행 가능성, 비용 영향, 공급업체 정렬 및 규제 준수에 중점을 둡니다. 이번 출시와 함께 WTW의 2024 글로벌 복리후생 태도 조사 결과는 복리후생 선택이 있는 직원 중 77%가 자신의 필요가 충족된다고 느낀다는 사실이 밝혀졌고, 선택이 없는 직원의 경우는 단 37%에 불과합니다.
이 유연한 기여 접근 방식은 조사에서 강조된 직원들의 재정적 웰빙을 지원하는 것을 목표로 하며, 90%의 노동자가 기본적인 생활 비용에 어려움을 겪고 있다는 우려를 다루고 있습니다. 이 프로그램은 기존의 복리후생 프로그램에 통합되도록 설계되어, 인재 유치 및 유지에 있어 고용주에게 경쟁 우위를 제공합니다.
WTW (NASDAQ: WTW) a lancé un service novateur de prestations flexibles qui permet aux employés d'allouer les contributions de l'employeur à divers avantages financiers. Ce programme innovant, suite à une décision de lettre privée de l'IRS, permet aux participants de diriger des fonds vers des plans de contribution définie (DC), des remboursements de prêts étudiants, des accords de remboursement de santé pour les retraités (HRA) et des comptes d'épargne santé (HSA).
La solution répond aux diverses préoccupations financières des employés, offrant plus de choix et de flexibilité. L'équipe de stratégie DC de WTW soutient les employeurs dans la mise en œuvre de ce programme, en se concentrant sur la faisabilité, les implications de coûts, l'alignement des fournisseurs et la conformité réglementaire. Le lancement intervient alors qu'une enquête de WTW sur les attitudes à l'égard des avantages mondiaux 2024 révèle que 77 % des employés ayant le choix de prestations estiment que leurs besoins sont satisfaits, contre seulement 37 % sans choix.
Cette approche de contribution flexible vise à soutenir le bien-être financier des employés, en prenant en compte les préoccupations soulevées dans l'enquête, où 90 % des travailleurs éprouvent des difficultés avec les coûts de la vie de base. Le programme est conçu pour être intégré dans les programmes de prestations existants, offrant un avantage concurrentiel pour les employeurs en matière d'attraction et de fidélisation des talents.
WTW (NASDAQ: WTW) hat einen bahnbrechenden flexiblen Leistungsdienst eingeführt, der es Mitarbeitern ermöglicht, Arbeitgeberbeiträge auf verschiedene finanzielle Vorteile zu verteilen. Dieses innovative Programm, basierend auf einem IRS Private Letter Ruling, ermöglicht es den Teilnehmern, Mittel auf Defined Contribution (DC) Pläne, Rückzahlungen von Studienkrediten, Gesundheitsrückerstattungsvereinbarungen für Rentner (HRA) und Gesundheitsersparnispläne (HSA) zu lenken.
Die Lösung adressiert die vielfältigen finanziellen Bedenken der Mitarbeiter und bietet mehr Wahlmöglichkeiten und Flexibilität. Das DC-Strategie-Team von WTW unterstützt Arbeitgeber bei der Umsetzung dieses Programms und konzentriert sich auf Machbarkeit, Kostenimplikationen, Ausrichtung an Anbietern und gesetzliche Rahmenbedingungen. Der Start erfolgt, während die 2024 Global Benefits Attitudes Survey von WTW zeigt, dass 77 % der Mitarbeiter mit Wahlmöglichkeiten das Gefühl haben, dass ihre Bedürfnisse erfüllt werden, im Vergleich zu nur 37 % ohne Wahl.
Dieser flexible Beitragsansatz zielt darauf ab, das finanzielle Wohlbefinden der Mitarbeiter zu unterstützen und die in der Umfrage hervorgehobenen Bedenken anzugehen, wo 90 % der Arbeitnehmer mit den grundlegenden Lebenshaltungskosten zu kämpfen haben. Das Programm ist darauf ausgelegt, in bestehende Leistungsprogramme integriert zu werden, was Arbeitgebern einen Wettbewerbsvorteil bei der Anwerbung und Bindung von Talenten bietet.
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Breakthrough program allows employees to address a range of financial worries
NEW YORK, Sept. 12, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, today announced the launch of a groundbreaking new solution that provides employees with expanded choice and flexibility in allocating employer contributions among various financial benefits. The launch of the solution follows a recent IRS Private Letter Ruling.
Under the approved flexible contribution program, for the first time, the requesting sponsor’s Defined Contribution (DC) plan participants can direct employer DC contributions across the DC plan, non-taxable student loan repayments, retiree health reimbursement arrangements (HRA), and health savings accounts (HSA). This is one possible example of the expanding choice and flexibility that employers may be interested in providing employees.
“Many employers have been interested in providing employees with robust choice and flexibility for a long time, but the legal, compliance, tax and administrative challenges associated with an “employee choice” program have been hard to overcome, until now,” said Chris West, DC strategy leader at WTW. “This innovative program allows plan sponsors to more effectively respond to the diverse financial worries of employees by letting individuals direct employer dollars where they need them the most.”
WTW’s DC Strategy team supports employers with developing their unique approach to the flexible contribution DC design, advising on feasibility, cost implications, alignment of vendors and regulatory and compliance requirements. Importantly, they also focus on an effective delivery to employees, including communications and employee choice election administration to ensure a seamless experience.
This solution comes at a time when many employees are craving more benefits choice and flexibility. In fact, WTW’s 2024 Global Benefits Attitudes Survey found more than three in four employees who have choice in their benefits indicate the benefits program meets their needs compared with just
Moreover, WTW believes this solution can help support employee financial wellbeing. According to the Global Benefits Attitudes Survey, nearly nine in 10 workers are struggling to meet basic living costs while four in 10 are not on the right track with respect to their finances. The program helps individuals and families address financial priorities by allowing employees to allocate dollars where they need them the most.
“We are excited about the value this new approach can provide to employers, employees and their families. For employers, moving away from “one size” benefits can open a competitive advantage in their ongoing battle to attract and retain talented workers. For employees, it gives options on how best to use employer dollars based on their needs and life stage, including paying down student loans. Best of all, the program can be incorporated in a plan sponsor’s existing benefits programs. It’s a win-win-win proposition,” said West.
WTW served as a strategic advisor to the company that requested the groundbreaking IRS ruling and assisted with developing the plan design, aligning the plan’s options with their employees’ needs and addressing the regulatory requirements.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
Media contacts
Ed Emerman: +1 609 240 2766
eemerman@eaglepr.com
Ileana Feoli: +1 212 309 5504
ileana.feoli@wtwco.com
FAQ
What new benefits service has WTW (WTW) launched in September 2024?
How does WTW's new flexible benefits program help employees?
What percentage of employees feel their needs are met with choice in benefits, according to WTW's 2024 survey?
How many workers are struggling to meet basic living costs, as per WTW's 2024 survey?
What role did WTW play in obtaining the IRS ruling for the flexible benefits program?
