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Employers invest a tremendous amount of time and cost in employee benefit offerings which are designed to help their employees save and financially prepare for retirement. Ironically, few employers are focused on the actual process of retirement and its workforce-related implications.
U.S. employers’ cost to provide employee benefits, measured as a percentage of pay, increased 24% between 2001 and 2015, fueled largely by a doubling in healthcare benefit costs, according to a new analysis by Willis Towers Watson (WTW). The analysis, according to WTW, “reveals a major shift in how employers allocate benefit dollars and prompts […]
Employers that operate globally must often set up offshore locations and find employees to staff them. It follows that employers who sponsor retirement savings plans for their eligible U.S. employees likely will want a similar benefit for their employees outside the country. Many are taking steps to find the best way to make that happen, […]
The U.S. Labor Secretary on August 9 disclosed in a short court filing that the Department of Labor (DOL) has submitted to the federal Office of Management and Budget (OMB) requests to amend three key aspects of the agency’s fiduciary rule and postpone its applicability to July 1, 2019.
In a recent case, the court of appeal agreed with a public university, which also happens to be one of California’s largest employer, that certain laws regulating the retirement status and rights of peace officers do not apply to the university under its own retirement plan—even after the university reversed its own practice of complying […]
Some 44% of workers say they worry about money while at their jobs, and 46% say they spend 2 to 3 hours of their employer’s time each week trying to handle personal financial matters, according to 2016 research from The Prudential Insurance Company of America titled “How Well Protected Are Employees Against Key Financial Risks?”
Like other professionals, compensation professionals can throw around a bunch of terms and acronyms that may or may not make a lot of sense to those not in the field. And, when we’re asked what they mean, we’re sometimes stymied when providing easy to understand definitions that are clear and concise.
U.S. employers’ cost to provide employee benefits, measured as a percentage of pay, increased 24% between 2001 and 2015, fueled largely by a doubling in healthcare benefit costs, according to a new analysis by Willis Towers Watson, a leading global advisory, broking, and solutions company. The analysis reveals a major shift in how employers allocate […]
A bill introduced in both houses of Congress would create a pilot program to provide employment benefits to gig workers. This Portable Benefits for Independent Workers Pilot Program Act (S. 1251, H.R. 2685) would allot the U.S. Department of Labor (DOL) $20 million to test portable benefits in fiscal year 2018. “[A] growing number of […]
“Talent wins games, but teamwork and intelligence win championships.” Michael Jordan wasn’t talking here about retirement, and in fact, we don’t know that he ever has. But his words can certainly apply to the subject. In today’s world, each individual must take charge of his or her own retirement. Still, there are many ways others […]