EBN helps you start your week with three important facts, developments or conversations from recent benefits-related events. This week, we look at demographic shifts in the labor market, timing for entering a health exchange, and a big win for Bank of America’s retirement business.
1. Fidelity experts: Exchanges could be a good fit for pre-65 retirees
Even companies who have no interest in getting involved with a public health care exchange for active employees might help steer their pre-65 retirees toward the marketplace, experts with Fidelity Investments said Thursday. At a sit-down discussion in Washington, Brad Kimler, head of Fidelity’s benefits consulting team, and Sunit Patel, its chief health care actuary, said their business is seeing intriguing shifts under the Patient Protection and Affordable Care Act. Read more >>
2. Immigrants outpacing U.S.-born workers in employment gains
The labor market is healing faster for immigrants than for U.S.-born workers as the growing economy favors those at the low and high ends of the pay scale. Joblessness among those born outside the U.S. averaged 8.1% in 2012, down from 9.7% three years earlier, according to Labor Department data released to Bloomberg. In the same period, the rate among those born in the country fell to 8.1% from 9.2%. Read more>>
3. BofA gains record new business in retirement unit
Bank of America Corp., the second-largest U.S. lender, attracted record new assets last year to its unit servicing retirement and other employee-benefit plans as it cross-sold products through the commercial bank. The company saw $24.3 billion in new assets, a 28% increase from a year earlier, says Kevin Crain, head of institutional retirement and benefit services at Bank of America Merrill Lynch. Read more>>
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