| | Benefits & Administration | | HSAs Woefully Underutilized, HelloWallet Finds | | Given that there is
little information on how health savings account (HSA) participants make use of
these savings vehicles, HelloWallet studied more than 400,000 accounts held by
UMB Bank, one of the largest HSA recordkeepers in the U.S., and found these
plans are grossly underutilized.Read more > | | The average health savings account (HSA) balance
increased 37% in 2014, from $1,408 to $1,933, according to the Employee Benefit
Research Institute (EBRI). For those under the age of 25, balances averaged
$655, and for those age 65 or older, they were $5,016. Today, 17 million
policyholders and their dependents are covered in 13.8 million accounts holding
$24.2 billion in assets as of year-end 2014.Read more > | | In light of the recent Supreme Court decision legalizing same-gender marriage,
Mercer surveyed HR and business professionals about their intentions regarding
domestic partner coverage. Employers that offer domestic partner coverage
to same-gender couples only are more likely to drop it than those offering it
to all couples, Mercer found. Of those plan sponsors that offer domestic
partner coverage to same-gender partners only, 8% have already dropped it in
states that legalized same-gender marriage before the ruling. Another 23% say
they will drop it for this year’s open-enrollment period, and another 23% will
consider dropping it in two to three years.Read more > | | | Products, Deals & People | | Measuring Plan Health Can Boost Retirement Readiness | | MassMutual Financial Services has published an
electronic book for plan sponsors and advisers to help them improve retirement
plan outcomes titled “Precisely, Driving Greater Retirement Readiness through
MassMutual’s PlanALYTICS.” A MassMutual analysis found that participants at
employers who participated in the PlanALYTICS program increased their deferral
savings rates by 17.1% compared to 1.1% of those not enrolled in the program.Read more > |
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