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News from PFEEF
August 11, 2008
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"How EAPs Can Combat the Negative Side Effects of Financial Problems"
Article in current issue of Employee Benefit News (August 2008, pp. 59+) is well written and offfers practical suggestions. (click here)
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The "Media Myth" of 401(k) Loans and Hardship Loans
Employee Benefit News (June 2008, p. 70) reports that for Fidelity-administered plans the number of loans from retirement plans is less than 4% and hardship loans are at1%. Vanguard says only 1.5% of accounts reported a hardship withdrawal last year. Charles Schwab says they see not much change in loan activity. |
"NUMBERS"
"6%" of adults report that the workplace was where they learned the most about personal finances; 40% say from parents or at home. 2008 Financial Literacy Survey (Click here)
"60%" of employees say they are concerned about having enough money to make ends meet. (Click here)
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Favorite Quotes (HR on Garnishments)
Recent comments from Human Resources professionals shared by one of PFEEF's Quality Providers:
"The number of garnishments have quadrupled in the past six months."
"I was spending 4 to 6 hours a month on garnishments six months ago. I
now spend 2 full days every week on them."
"Processing garnishments is one of the most time-consuming tasks I do
every month."
"The legalities of processing garnishments correctly are causing those in
my department a lot of concerns and additional stress."
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 "Featured Partner - Best Provider "
InCharge Education Foundation is a national nonprofit organization dedicated to providing educational products, services and research supporting the personal financial literacy of consumers across America. This includes innovative personal finance tools, e-learning, bankrupty education, and Military Money magazine.
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| PFEEF Mission: "Sharing research, expertise, and best practices demonstrating that profits increase by providing employees easy access to resources to reduce personal finance distress and improve financial well-being." Everything on the PFEEF website is available for your use at no cost! |
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