Diversity challenges plan sponsors to up their game: Sponsors multitasking, leaning into AI to win over their employees.

Plan sponsors are facing new challenges in 2024 as they strive to meet the diverse needs of their employees. In addition to traditional retirement savings plans, sponsors are now expected to assist workers with student loans and emergency savings. This is particularly important for Generation Z, the most diverse cohort of American workers in history. Plan sponsors are also feeling pressure to increase their contributions to retirement plans, following the example set by automakers like General Motors and Ford. Furthermore, employers are considering adding student loan matching and emergency savings provisions to their defined contribution plans. Artificial intelligence (AI) is also expected to play a role in personalizing retirement savings and managing the complexities of a diverse workforce. Overall, plan sponsors are focused on remaining competitive and providing attractive compensation and benefits packages to retain employees. [Extracted from the article]