Happy Friday, PLANSPONSOR readers! The interplay between health care and retirement has always been in place—as plan sponsors work to offer good benefits for both within their budgets. Employers still struggle to offer good health benefits to employees, and as fewer employers offer retiree health care benefits, more concern is moving to planning for health care expenses in retirement. Selections in this edition of PLANSPONSOR Weekend address these issues.
Seventy-one percent of small businesses that offered the new qualified small employer health reimbursement arrangement (QSEHRA) in 2017 had not offered health benefits previously, according to “The QSEHRA: Annual Report,” from PeopleKeep, a provider of benefits for small businesses.
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The Insured Retirement Institute found 42% of Baby Boomers have no retirement savings, and industry sources say longevity and long-term care expenses are often not considered when Baby Boomers plan for retirement.
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The plaintiffs say the plan’s terms reduce benefits using “Early Retirement Factors” and “Joint and Survivor Annuity Factors” which result in plan participants receiving less than the actuarial equivalent of their vested accrued benefit, as required by ERISA.
Employers are encouraging the use of biosimilars instead of specialty pharmacy products, creating an environment that makes it clear and easy for employees to opt for high-value services, and engaging effective programs to help manage anxiety and stress.
The Retirement Savings Selector Tool for Small Businesses was created to help small businesses identify a retirement savings option that may be a fit for their business by answering a few quick and easy questions.