Among defined benefit plans offered to new hires, 54 percent are hybrid plans such as cash balance plans, which combine elements of defined benefit and defined contribution plans, but legally are defined benefit plans.Read More
In the past five years, the percentage of plan sponsors who list the breadth of coverage offered to employees as a top priority for their plans has fallen 14 percent from 57 percent at the end of 2011. Simultaneously, the percentage of sponsors citing a balance of cost and care as a top plan priority has risen to 78 percent from 41 percent in 2006.
Retirement accounts that remain after a worker leaves are an annoyance to plan sponsors and a burden for company administrators.Read More
Gun-shy employees are keen on investments that provide guaranteed income, though there is little interest in diversification.
Putnam Investments' Robert Reynolds laid out a three-point plan—making Social Security solvent, providing employer savings programs to everyone who pays Social Security taxes and raising workplace savings rates to 10 percent—that he said should be addressed in every federal campaign.
Before a plan can be terminated, it needs to have all the funds necessary to pay benefits to employees. Once that happens, plan sponsors can start the process of shutting down the plan.Read More
Large and small employers have banded together to form the Essential Health Benefits Coalition to voice concerns in Washington and statehouses around the country on the issue.Read More
Employers are addressing the practice in part by looking at their benefit design and increasing deductibles and lowering out-of-pocket maximums so workers must pay a larger share for going out of network.Read More
Called HR InTouch Marketplace, the online private exchange mimics a retail site where employees can go online and add their chosen plans to a shopping cart. Read More