Employer Strategies

The traditional model of the benefits brokerage is terminal and on life support. As I talk with brokers and consult with agencies across the U.S., there's a growing desperation as they realize that "carrying quotes" isn't enough anymore. Even modifying the plan design and then shopping the medical for the lowest quotes no longer will get - or keep - the account.

In case you have not noticed, there has been a flurry of regulatory activity surrounding defined contribution plans and DC advisers in particular. While there will be greater disclosure requirements, more advisers will be considered a fiduciary and it will be harder for advisers to represent a DC plan and the participants at the same time. Experienced DC advisers can use this activity to further distinguish themselves and grow their businesses.

The majority of employers want to prepare employees for a financially secure retirement, but have found educational campaigns unlikely to result in substantial changes in behavior. Employers walk a fine line when they implement automatic features; some argue that they enable lax saving habits and investment ignorance by funneling participants into plans automatically. On the other hand, Steve Utkus, director of Vanguard's Center for Retirement Research, recommends that employers use "participant inertia to their benefit and do it exclusively with plan design."

Hundreds of National Association of Health Underwriters members attending the organization's 81st annual convention June 26-29 were treated to a round of "Don't Stop Believing" by Journey as the convention kicked off in San Antonio - setting the stage for the positive outlook promoted by NAHU throughout the event.

Due to the economic recession and the potential for increased health insurance costs brought about by health care reform, many employers are beginning to view self-funded health care plans as a more attractive option than fully insured plans.

Rural Americans are more likely to suffer from chronic health conditions such as diabetes, heart problems and cancer, and face greater difficulty getting quality health care than their urban counterparts, according to a report released Wednesday.

Despite the generally slow job market, three out of four organizations lost high-performing employees they did not want to lose during the past year, according to a survey by Right Management.

The Centers for Medicare and Medicaid Services is nearly ready to issue a proposed rule requiring health insurers to develop standardized, consumer-friendly summaries of benefits and coverage under their health plan packages.

According to a new survey from Symantc Corp., the negative consequences from a social media misstep cost a typical employer $4 million per year. For a 140-character message on Twitter, that’s more than $28,000 per character — an eye-popping sum that will make HR/benefits professionals want to literally watch employees’ Ps and Qs on social media sites.

A new bill introduced in the Senate last week could help consumers keep their employer-sponsored flexible spending account funds at the end of the year.