The need for private saving to ensure financial well-being in retirement is rising. Americans are living longer but not retiring later, out-of-pocket health-care costs for seniors remain high, Social Security is expected to provide lower benefits relative to income in the years ahead, and the offer of defined-benefit, lifelong pensions from private sector employers is increasingly rare.
Historically, employer-sponsored plans consisted of defined-benefit pensions that provided fixed, lifelong monthly benefits for employees at retirement. Employer-sponsored plans today, however, much more commonly consist of defined-contribution accounts. In defined- contribution plans, employees and sometimes employers regularly contribute a share of the worker’s earnings to investments that serve as a pool of resources for the employee during retirement.
For workers to benefit from these plans their employers must offer them, but according to a recent government survey, just half of private sector employees aged 21 to 64 reported that their employer sponsored such a retirement plan. This share is much lower among part-time workers, those working multiple jobs, and employees of small firms. (Friedman June 2015 Hamilton project paper)
At the other end, in the past year, the number of large companies offering employees financial education on topics including budgeting, planning for health care costs and managing debt has significantly increased. The latest Bank of America Merrill Lynch Study Finds: that Employers Offering Financial Wellness Programs is Becoming “the New Normal”
The study of Bank of America Merrill Lynch Finds: Offering financial life management can be positive for both employees and employers.
Nearly three-quarters of plan sponsors surveyed, including 90 percent of large companies (defined as those with $100 million or more in 401(k) plan assets), believe that financial wellness solutions will be standard elements of benefits packages in the future, with large companies leading the way in implementing programs.
- International pensions and benefits forum – event 16 JUNE 2015 United Kingdom, London.
This annual event provides an opportunity to hear new ideas relating to the most topical issues in global pensions and benefits. What are the problems that give rise potential role conflicts, and difficulties in quality of assessment? On 16 June 2015, at Mercer, a global consulting leader in talent, health, retirement, and investments in the United Kingdom provides practical insights for senior HR, compensation and benefit and finance professionals who have an international remit.
The UK seems to rest chiefly on the development perception that other international organizations fail to meet, communicating assessment and the motivational function to engage in a ways of improving performance. Development refers to learning processes relevant for personal and professional growth beyond the current job.
The nature of a job is more important than where the job is. Managing Risk for Development, contends that the solution is not to reject change in order to avoid risk but to prepare for the opportunities and risks that change entails.
Biogen Inc. (NASDAQ: BIIB) announced today that it will present at the Bank of America Merrill Lynch 2015 Health Care Conference. The webcast will be live on Wednesday, May 13, 2015 at 11:20a.m. PT, 2:20pm ET. To access the live webcast, please visit Biogen’s Investors section at http://www.biogen.com.