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Benefits Quarterly -Special Issue on Innovations in Health Care
The latest issue of Benefits Quarterly focuses on Innovations in Health Care. Read the article by Pricewaterhouse Coopers' Michael Thompson and Ronald G. Barlow "Dialing Up Delivery - A Renewed Frontier for Health Care Value."
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
