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DEFINED-BENEFIT PLANS
The New Old Benefit
While many companies have frozen their defined-benefit retirement plans, they haven't terminated them, partly because they want the option of making them available again. Some companies see the plans as a way to attract and retain talent as baby boomers retire.
Read about why the defined-benefit plan might make a comeback.
Also:
Cash-Balance Plans May Make a Comeback
Employers Take Action to Retain Retirees
Pension and Retirement Benefits: Phased Retirement—Firms Wing It
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HEALTH AND WELLNESS
Tackling Health Problems by Addressing Racial Disparities
A government/private sector group is spending the next two years and $300,000 building the case that improving the quality of health care for minority employees will have positive results for everyone.
Read more about the focus on the health of minority groups at work.
Also:
Wellness Programs Get a Makeover
Financial Incentives Can Boost Wellness Program Participation
Study: Rising Health Care Costs Gobbling Up Workers' Take-Home Pay
When Offered, Wellness Programs Are Popular With Workers
Expanded EAPs Lend a Hand to Employers' Bottom Lines
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COMMENTARY
Medical Tourism Has Appeal, but Requires Homework
As medical tourism gains traction, it will be up to HR to say why it is or isn't right for the company.
Read more about the pros and cons of this trend.
Also:
Health Benefits Cover Medical Tourism, Alternative Therapies
Medical Tourism: A Ticket to Lower Health Care Costs
Bargaining for Discount Health Care
Medical Travel: The Domestic Route
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NEWS AND EVENTS
Quick Takes
Marrying for Health Care: People are getting married to have access to health care benefits, according to a recent survey.
Click here to read more.
Cancer Is Top Reason for Long-Term Disability: For the seventh consecutive year, cancer remains the top reason that employees take long-term disability.
Click
here to read more.
There's No Place Like Home: Despite the housing market meltdown, many affluent baby boomers are relying on their homes as a retirement asset, according to Bell Investment Advisors, an Oakland, California-based advisory firm.
Click here to read more.
No Same-Sex Benefits for Public Employees, Michigan Court Says: Public employers cannot provide health care benefits to the partners of gay and lesbian employees, the Michigan Supreme Court ruled last month.
Click here to read more.
Boomers Keep Investing in Company Stock: Despite meltdowns at companies like Enron and WorldCom, it seems some employees never learn. A recent survey found that one-third of participants in large 401(k) plans still have more than 20 percent invested in company stock.
Click here to read more.
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DISCUSSION
Health Plan Dependent Audit Documentation
Posted in the
Benefits & Compensation Forum:
A reader writes: "We are considering conducting a health plan dependent audit. Any suggestions from someone who has gone through an audit would be great. Did you audit 100 percent of your enrolled employees? What type of documentation did you require? Did you offer an amnesty period? What about Section 125? How about maintenance after the audit—did you require the same documentation for new hires, open enrollment and special enrollees?"
Join the discussion.
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METRICS
Retirement Plans
Percentage of Fortune 100 companies offering retirement plans, 1985-2007
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1985
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1998
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2004
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2007
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Defined benefit
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90%
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90%
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74%
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54%
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Traditional
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89
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68
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40
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28
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Hybrid
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1
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22
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34
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26
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Defined contribution
only
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10
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17
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26
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46
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| Source:
Watson
Wyatt Worldwide |
Challenges
Percentage of employers reporting top challenges they face in maintaining affordable benefit coverage, 2008
| Employees'
poor health habits |
64%
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| Poor information
on provider costs |
46
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| Poor
information on provider quality |
44
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| Preventive services
underutilized |
38
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| Marketing
efforts by drug companies |
38
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| Overuse
of care |
33
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| Fragmentation
of delivery |
29
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| Poor
understanding of the plan |
28
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| Doctors'
poor compliance with EBM* |
18
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| Uneven,
poor provider quality |
14
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| Marketing
efforts by hospitals/medical providers |
10
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| *Evidence-based medicine |
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| Note:
Survey of 453 large employers. Percentage responding to
"a very great extent" or "a great extent." |
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| Source:
Watson Wyatt Worldwide |
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