Would you plug a leak if it cost $6 billion a year?

That’s the amount of “leakage” or lost retirement savings that results from retirement savers defaulting on their loans from 401(k) plans each year, according to a 2014 report, “Borrowing from the Future: 401(k) Plan Loans and Loan Defaults,” by the Pension Research Council (PRC) at the Wharton School, University of Pennsylvania. One in 10 loans from 401(k) plans is defaulted, the PRC reports, typically by employees who have tight financial circumstances and lack liquidity options to address financial emergencies.

The leakage is a barrier to helping American workers—many whose retirement savings can be charitably described as anemic—to effectively preparing for retirement. Consider that 54 percent of Americans have less than $25,000 in retirement savings and 26 percent have less than $1,000, according to the 2016 Retirement Confidence Survey by the Employee Benefits Research Institute. Retirement plan sponsors need to do everything they can to encourage savings as well as overall financial wellness to help employees avoid having to borrow from their retirement savings.

Financial advisors and benefits professionals can help plug the proverbial “hole in the bucket” by recommending that employers offer voluntary benefits that complement retirement plans, providing alternative sources of emergency cash. These voluntary benefits are designed to help employees address financial emergencies such as a critical illness, disability, accident, big car repair bill or other misfortune without cracking open their retirement savings.

The problem of retirement plan loans and defaults is ubiquitous. The PRC reports that 90 percent of retirement plan participants have access to loans on their retirement savings accounts, and participants whose employers allow multiple loans at the same time are nearly twice as likely to take a loan from their 401(k). The PRC’s analysis of 401(k) and other retirement savings plan loan activity finds that those who can least afford to tap into their retirement savings are the most likely to do so:

• Loans from plans that allow multiple loans are often smaller, consistent with participants accessing cash to cushion financial shocks.

• Participants ages 35-45 have the highest propensity for taking loans. Those folks are at the age typically associated with raising families, buying homes and saving for education expenses.

• Low liquidity households are more likely to default on loans. Borrowers are more likely to have higher defined contribution account balances but lower total financial assets, higher debt and more credit constraints.

• Many loan defaults are made by employees who are younger or low earners with tight finances and meager savings. When a financial emergency strikes, they have few options other than digging into their retirement savings.

The problem is a reflection of Americans’ low savings rate overall. Bankrate.com’s 2016 Financial Security Index finds that 29 percent of Americans have no savings to address emergencies and 21 percent don't have enough savings to cover three months' expenses. It’s no wonder that one of the biggest sources of stress in the workplace is personal financial issues.  Thirty-seven percent of workers say managing their personal finances is “somewhat difficult” or “very difficult” and 40 percent say personal financial problems are a distraction at work, according to the 2015 MassMutual Benefits Security Study.

Those concerns are prompting more employers to address the financial wellness of their employees, incorporating wider menus of benefits that employees can tailor to meet their personal circumstances, needs and budget. Some of these benefits, once considered ancillary to employers’ core health, protection and retirement offerings, are now being viewed as additional pillars supporting employees’ overall financial wellness.

There are specific benefits that are designed to protect employees’ bank accounts, retirement savings and overall financial wellness:

• Pre-Approved Emergency Loans: Some programs allow employees to obtain credit online without having to fill out forms or visit a bank. The most helpful programs prequalify employees for credit based on their employment and their ability to repay. Often, employees can repay the loans through payroll deduction. The rates on such loans can be as low as 6 percent. While that rate is higher than the rates assessed on many retirement plan loans, it’s low enough to discourage borrowing from retirement plans and potentially missing out on market gains.

• Critical Illness Coverage: Medical treatment and other expenses related to a serious illness can quickly run into several thousands of dollars, especially with the growing prevalence of high-deductible health-care coverage. Critical illness policies provide cash for insureds to pay for a myriad of expenses, from medical deductibles and co-pays to pharmaceuticals and comfort-related costs if an employee or a family member suffers a serious illness.

• Accident Insurance: Few emergencies can derail personal finances more quickly than an injury caused by an accident, especially for those who live paycheck to paycheck. And accidents are more prevalent than many people realize according to the U.S. Centers for Disease Control “Home & Recreational Safety” report which states that emergency rooms treat more than 40 million injuries a year across the country. Policies typically pay cash in a lump sum to cover anything from medical insurance deductibles and co-pays, down time from work and other unanticipated expenses.

• Disability Protection: Most people can’t make ends meet for more than a few weeks without a paycheck. A disabling accident or illness can easily knock someone out of work for weeks or even months. Group disability policies are available to cover short-term disabilities that last as long as six months or long-term disabilities that can take years or even become permanent. Most workers should secure a policy that protects at least 50 percent of their paycheck and buy additional coverage of up to 60 percent or 70 percent, if available.

All of these benefits are available on a voluntary basis, meaning the employee is responsible for the premiums, at relatively low group rates. Employers can also choose to make the benefits available on a contributory basis, meaning the employer and employee share the costs, or on an employer-paid basis.

Taken together or individually, these protection benefits can arm workers with a financial shield against misfortune while giving them liquidity options other than tapping their retirement or personal savings. Protecting savings—especially retirement savings—promotes long-term financial wellness and can help reduce stress at the workplace.

For those who are open to it, voluntary benefits also give advisors an opportunity to expand their practice and generate new sources of revenue. Employers are looking for holistic sources of benefits and that starts with financial professionals who can share a broader view of workplace benefit needs.

But advisors need not sell voluntary benefits to recognize value from them. Advisors who support retirement plans merely need to understand what voluntary benefits are available that can potentially help protect retirement savings from emergency expenses. Employers will appreciate helpful insights, especially from an advisor who will not necessarily benefit from the advice.

The ultimate goal should be enhancing the financial wellness of both employers and their employees. Helping plug the hole in the retirement savings dam is a good place to start.

E. Thomas Foster Jr. is assistant vice president, strategy and relationships for Massachusetts Mutual Life Insurance Co. (MassMutual).