Emergency savings have been a need for employees long before COVID-19, but the pandemic has underscored the detrimental impact that financial insecurity can have on employee performance and retirement readiness.
The CARES Act addresses Americans’ need for savings to cover an emergency by allowing retirement plan participants to make penalty-free withdrawals from their retirement accounts to cover their short-term needs. While this may be a necessary option of last resort for employees, the legislation reveals a lack of accessible, short-term savings options that would allow employees to cover their emergencies without sacrificing their long-term financial goals.
This webinar will discuss the urgent need for employer-offered short-term savings solutions, the role record keepers are starting to play, and models for how record keepers can take action.
Join Commonwealth and BlackRock’s Emergency Savings Initiative on Thursday, July 16 at 3PM ET for a virtual event as we discuss:
- The urgent need for employer-offered short-term savings solutions
- The role record keepers are starting to play
- Models for how record keepers can take action
- Jack Barry, Head of Strategy and Transformation, John Hancock
- Zhivago Valesco, Head Of Strategic Product Innovation, MassMutual
- Kelly Rome, Vice President of Product and Portfolio Management, Prudential
- John Steber, Vice President, Customer Solutions Group, Voya
- Moderated by Nick Maynard, Senior Vice President, Commonwealth
BlackRock’s Emergency Savings Initiative
BlackRock announced a $50 million commitment to help millions of people living on low to moderate incomes gain access to and increase usage of proven savings strategies and tools – ultimately helping them establish an important safety net. The size and scale of the savings problem requires the knowledge and expertise of established industry experts that are recognized leaders in savings research and interventions on an individual and corporate level. Led by its Social Impact team, BlackRock is partnering with innovative industry experts Common Cents Lab, Commonwealth, and the Financial Health Network to give the initiative a comprehensive and multilayered approach to address the savings crisis. UPS, Uber, Mastercard, Etsy, Brightside, Arizona State University, and Acorns have joined BlackRock’s Emergency Savings Initiative to help their employees, customers, gig workers, and college students take the essential first step toward long-term financial well-being.