ISCEBS Survey Results
Survey Findings: Closing the gap on retirement readiness tops Deloitte’s Annual 401(k) Benchmarking survey--New fee disclosure regulations trigger both confidence and uncertainty
One year removed from the “lost decade” of retirement savings, participant balances are still struggling to rebound to their pre-2008 levels, prompting questions about participants’ retirement readiness and the effectiveness of the 401(k) plan as a primary (or sole) retirement saving tool. Coupled with retirement readiness is a spotlight on 401(k) fees, intended to effect higher participant returns and increased transparency. With 2012 bringing a host of fee disclosure requirements, participant reaction remains an unknown factor. Will they react with shock, surprise, lower participation or demands for lower costs? Regardless, plan sponsors are ready with 75% reporting a clear understanding of these fees and even more (83%) confident that their fees are competitive. Other findings:
- A mere 15% of plan sponsors believe most employees will be prepared for retirement
- Fewer than half of plans utilize a step-up feature and most of those have less than 10% taking advantage of it.
- Auto enrollment continues to grow with 56% of plans including this feature. One in 5 of those plans have a default deferral rate of 5% or more.
More than 430 U.S. plan sponsors participated in the survey, sponsored jointly by Deloitte, the International Foundation and the International Society. Read the executive summary and full findings here.
Medical Stop Loss Survey Findings: A Spike in Unlimited Lifetime Maximums; Premiums Unchanged from 2010
How has health care reform affected medical stop loss coverage? Now in its 5th year, this survey (co-sponsored by Aegis Risk) was the first completed after the implementation of federal health care reform and its removal of individual lifetime coverage limits on most employer health plans. Although not mandated by health care reform, stop loss coverage invariably changed to more broadly cover the requirements placed on its underlying risk. Read the full survey findings, which includes tips to reduce your stop loss premium.
International Foundation Survey - Health Care Reform: Employers Take Action
Health Care Reform: Employer Actions One Year Later is the second survey in a series on the impact of the Patient Protection and Affordable Care Act (PPACA) on U.S. single employer plans.
The survey examines employers' critical decisions and actions concerning plan design and funding, employee communications, cost-sharing, the use of high-deductible health plans, grandfathered plan status, and reactions to specific provisions potentially impacting health care benefit costs.
The survey findings reveal that, for the most part, employers have moved beyond the "wait and see" phase they were in just a year ago and are beginning to take action. Employers are emphasizing the implications of health care reform in annual enrollment communications. [Read More in Members Only]
Health Care Reform is Prompting Employers to Examine New Options for Retiree Medical Benefits: Towers Watson/ISCEBS Survey Findings
The growth of retiree medical options as a result of health care reform is prompting many employers to reassess their role in providing and managing retiree health care benefits. Nearly 250 large employers responded to the 6th Annual Survey on Retiree Health Strategies, conducted jointly by Towers Watson and ISCEBS. The findings illustrate a changing environment for all employers that sponsor retiree medical benefit plans. Findings include:
- Some plan sponsors are stepping away from group plans for Medicare retirees and are assisting with obtaining individual coverage. Others are considering this option, or plan to implement this change over the next two years.
- Most plan sponsors that currently provide a pre-Medicare subsidy plan to continue it, although many have made or are considering plan design changes
- Approximately one third of respondents plan to devote more resources to improve retiree health care awareness.
Press release | Full Survey Findings
Employees May Be Asked to Contribute More: Deloitte/ISCEBS Survey Findings
In response to anticipated higher costs, employers may be poised to implement more employee health care cost-sharing and higher retirement contributions. The 17th annual Top 5 Total Rewards Priorities survey conducted by ISCEBS and Deloitte indicates many employers are taking a "wait and see" approach for final health care reform regulations that may reduce plan design flexibility.
Conducted since 1994, this survey is an annual snapshot of total rewards challenges organizations are facing. Read the press release and full survey findings.
ISCEBS/Sibson Health Enterprise Survey Results Released
Sibson Consulting recently conducted a Healthy Enterprise Study to examine how organizational health improvement efforts evolve over time and to assess how a healthy culture impacts an organization.
Some key findings include:
· Strategic focus is important to program effectiveness. Leadership, a strategic plan, and collaboration among vendors correlate with overall wellness effectiveness.
· Metrics matter. Investing in a healthy culture can be measured through lower health care costs, turnover and absence.
· Effectiveness matters. Although only 17% of the organizations were effective at strategies that focus on optimal health and behavior, these organizations enjoyed the greatest impact.
Read the press release | Read the survey results [Sibson site]