Employer Strategies

Plan sponsors see a growing need to use technology in retirement plan communications, with the majority saying they will increase their use of technology to deliver information to employees over the next two to three years.

The 2014 midterm elections did more than just make paid sick leave benefits mandatory and increase minimum wage; ballot measures also approved recreational use of marijuana in various states and regions.

Millennials are not saving enough to take full advantage of their employer’s 401(k) company match, but benefit advisers say there are many tools employers can use to turn this trend around and engage the younger generation.

The HIX marketplace may offer Americans more choice when it comes to health insurance, particularly as public exchange options expand, but it continues to complicate life for HR professionals.

On the whole, benefits professionals do feel a high level of satisfaction with the majority of technology they use, but shortcomings in end-user experience remain a frustration.

A majority of brokers have seen some of their employer clients drop group coverage altogether in reaction to the ACA and double-digit rate increases. That trend, they say, will rise and advisers need to adjust the way they do business if they hope to survive.

Plan design plays a significant role in the success of a 401(k) plan, and there are opportunities for design to be catered to better suit employee needs and retirement objectives.

Commentary: Are private exchanges just a flex benefits reboot? Lockton’s Mike Smith shares what he thinks will affect their success and adoption.

With an expected 5.5% rise in health care costs in 2015 – the same year the Affordable Care Act’s employer mandate takes effect – employers have high hopes that spending can be reined through increased employee consumerism.

EBN’s inaugural technology survey indicates that 41% of respondents plan to increase their spending on technology next year, with 45% having already increased their spending from 2013 to 2014. Much of that spending is directed toward new employee portals and front-end systems to better integrate and utilize various benefits functionalities (health, retirement, voluntary benefits and more).