Employer Strategies

Defining and discovering "alpha" in participated-directed defined contribution retirement plans is perhaps the most difficult and important discussion in the industry today. Alpha in DC plans is very different than what asset managers pursue when they strive to beat their benchmarks, which is the hallmark of their abilities and ultimately defines their success. Alpha in DC plans is a measure of participants' success in replacing income within the plan.

With the uncertainty of today's market, guaranteed lifetime income options, or GLIOs, are emerging as a promising new way to help retiring employees protect their retirement income streams over a longer time horizon. EBA recently spoke with Ben Yahr, an actuarial adviser and part of Ernst & Young's Insurance and Actuarial Advisory Services practice, to find out more about GLIOs.

One skill that epitomizes the successful benefit adviser is selling. From the dollar-and-cents results to the art of persuasion, benefit advisers understand the sales process. So why not use that skill to assist human resource professionals in selling their C-suite on a corporate wellness program?

Benefits administrators have an important role in informing employees of coverage offerings and how multiple benefits can work together. But oftentimes, especially in these days of employer cutbacks and cost-saving measures, that role falls to the employee benefit broker or adviser.

Employers nationwide - both big and small - are watching and waiting to see whether the Patient Protection and Affordable Care Act's state exchanges will succeed when they open for business in 2014. Small employers and those with low-paid or part-time employees are especially interested in finding out whether funneling their employees into an exchange or finding coverage for them through one would be beneficial.

When it comes to addressing end-of-life needs and services, most people know it's important to plan ahead, but many put it off because they would rather not have to think about the topic. It's the aim of companies such as Everest and Hyatt Legal Plans to make those necessary preparations and subsequent requirements as simple and beneficial as possible.

In the candid words of Dr. Becky Hoover, interim director of human resources with the University of Akron in Akron, Ohio, "mediation works."

Benefit administrators, 401(k) vendors, recordkeepers and benefits professionals regularly recommend that participants in qualified retirement plans periodically review and update their beneficiary designation forms. Qualified retirement plans provide that if a married participant dies without a beneficiary designated, the death benefit will be paid to the participant's spouse, unless the spouse consents in writing to appointing an alternate payee. For a single participant, benefits are paid to their estate if no beneficiary is designated. What could be simpler that merely indicating to whom or to what entity a participant wishes their assets to be transferred in the event of death? Unfortunately, numerous issues arise in connection with the simple task of designating a beneficiary.

Multiple sclerosis is a disease that may not show symptoms, and most importantly, no two types of the disease are the same. So, employers may find it difficult to effectively engage and accommodate employees with MS. However, with a comprehensive case management program that also focuses on specialty pharmacy and simple accommodations, employers can foster a welcoming workplace atmosphere while saving on insurance and pharmacy costs.

This is the second article in our Open Enrollment Boot Camp series, in which we are featuring readers' advice for improving this perennial event. The first article focused on OE communications, and is available on our website at ebn.benefitnews.com. Here, we present some of the advice we received from brokers and providers on increasing enrollment in and satisfaction with voluntary benefits.