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Welcome to the Institute for Human Resources Benefits: Cost Containment, Audits and Legal Risks. Thank you to everyone for your participation and support. The Institute is committed to furthering the deploying and adoption of best practices across the Benefit vertical. The Institute provides an opportunity to bring together industry thought leaders in a year-long community that promotes best practices among vendors and HR Professionals with a series of research, webcasts, presentations, virtual events, awards and market research. The next two days mark the sixth virtual event for this great community. We have a very exciting event planned for you with many informative sessions covering the hot topics and trends in this exciting space.
This introduction to the event will give you an overview of the Institute for Human Resources certification program as it specifically relates to Benefits Cost Containment, Audits and Legal Risks. You will be introduced to the Advisory Board, learn about the opportunity to become certified within the IHR and see who is speaking and their topics. You will be given guidance on how to chat online with colleagues and access the virtual exhibit hall. You will have the opportunity to ask questions as it relates to the overall program, prior to its commencement. You can access all of the archived sessions where we launched this Institute in May, 2011 with 16 sessions followed by additonal events in August, November and February & May, 2012. The Institute will be offering in total over 80 hours of content over the 12 month period. There will be one more virtual event in 2012, November 7 & 8. There will also be 2 webcasts per month with additional content and best practices. This virtual event introduction is not eligible for an HRCI credit.
Half of Americans do have access to a retirement savings plan at their workplace. For those that do, about one-third fail to join. And for those that do join tend to save too little and often make unwise investment decisions. The 401(k) arena is in crisis, and workers need sound guidance and help.
This webinar will focus on the behavioral challenges that have led to the crisis- inertia, limited self-control, loss aversion, and myopia. From there we can then begin to understand how the typical worker makes decisions inside their 401(k) account. Then we can begin to transform their behavior by creating solutions, or tools, that are based upon cutting edge behavioral finance research and we can then dramatically improve outcomes by, helping employees:
· Save, even if they aren't ready now by using future enrollment.
· Save more, by helping them see their future selves.
· Save smarter, by re-ordering the fund line-up on the investment menu
We will learn what the ‘401(k) behavioral audit’ is, and why plan sponsors should consider performing such an audit. These audits help us learn how to improve 401(k) plan efficiency and optimization with respect to worker decisions and choice architecture.
Learn how these psychological factors distract employees from making good decisions for successful a retirement:
• Loss Aversion
• Present Bias (Myopia)
We will discuss how using these powerful 'behavioral finance' best practices can create the right decision structure for workers. This will give them access to a successful future, and ensure that they are ready for retirement such that they may retire with dignity.
Have you ever wondered whether those ROIs that vendors and consultants show you for wellness and disease management are even remotely accurate? Well, you can wonder no longer: Most of the numbers are made up.
Al Lewis, author of the critically acclaimed new book Why Nobody Believes the Numbers: Distinguishing Fact from Fiction in Population Heath Management, will confirm the doubts of a growing chorus of realists with many enlightening and sometimes hilarious examples of employers whose stellar results were simply miscalculated, along with a rogue’s gallery of vendors and consultants whose “results” are fictional to the point of mathematical impossibility. In one case, a major vendor is shown blatantly lying, specifically to fool consultants and HR executives.
This is happening to you too, not just to others. Today you are spending a lot of money on these programs and incentives, in order to avoid preventable health-sensitive medical events that increase claims cost and reduce productivity. Yet not only has your vendor or consultant never measured your change in health-sensitive medical events, but no vendor or consultant has ever even made a list of health-sensitive medical events to measure.
That doesn’t stop them from claiming savings -- many vendors and consultants will just credit the wellness program for a reduction in the trend of health expenses, because in their view wellness dramatically reduces health spending across the board. But when was the last time you or anyone you know incurred an ER visit or hospital stay that could have been avoided if you by completing a health risk assessment and talking to a coach?
This webinar is not “an alternative view of wellness outcomes” – it’s a proof. The webinar will show corporate executives exactly why vendors and consultants dramatically overstate the impact of these programs, leading you to over-spend on vendors and consultants and incentives.
Further, Al is offering both a $10,000 reward to anyone who can find an invalidating mistake in this proof (see his website www.dismgmt.com for details), and/or a free Wellness Savings Calculator (normally $99) to any HR executive who, following this webinar, still thinks their vendor or consultant is correct in showing massive savings.
How to solve the problem? This webinar will also provide the tools for HR executives to estimate the impact of wellness on their own, without relying on vendors or consultants, using the Seven Rules of Plausibility described in Why Nobody Believes the Numbers. You will learn how to:
• Distinguish valid from invalid results
• Measure risk reduction validly in your organization
• Tie reductions in risk to reductions in health-sensitive medical events
• Present and defend your findings to the CFO
• Ask the right questions of your vendor and consultant…and know when you’re getting the right answer
• Write RFPs and contracts that prevent vendors from taking advantage of you
Further, this webinar counts towards professional certification in Critical Outcomes Report Analysis http://dismgmt.com/certs/cora/self-study, the field’s only recognized credential in wellness/disease management analytics. Putting a staff member(s) through this certification will end your reliance on others for calculating outcomes.
The bubble for wellness savings claims is already bursting. Read what CEO of The Leapfrog Group, arguably the most prestigious think tank/advocacy organization in health care, has just said about highly suspect wellness ROIs . Once a few more leading-edge CFOs read Al’s book (or related articles by other thought leaders) and start asking uncomfortable questions to the HR Department. By attending this webinar, HR executives will take the first step in answering them. HR Executives will see that those wellness vendors -- and the brokers and consultants who enable them -- have, in the immortal words of the great philosopher Ricky Ricardo, a lot of 'splaining to do.
One year removed from the “lost decade” of retirement savings, participant balances are still struggling to rebound to their pre-2008 levels. Questions about the economy in the unfolding decade persist, as do questions about the effectiveness of the 401(k) plan as the primary savings vehicle for millions of Americans.
Retirement security (or the lack of it) cannot be pinned solely to the successes or failures of 401(k) plans, employers, or even participants. After all, the 401(k) plan was not intended to be the sole (or even primary) retirement vehicle. As the prevalence of employer-sponsored defined benefit plans is declining and concerns about the future of Social Security are increasing, employees and retirees feel a need to stretch the 401(k) plan further than it was ever intended to go.
At the same time, other components of retirement security haven’t cooperated. The cost of healthcare rises seemingly as quickly as 401(k) balances have dropped, and employer-provided retiree healthcare benefits are even more scarce than defined benefit pension plans. When combined with record levels of personal debt, high unemployment and low levels of personal savings, it creates a difficult and worrisome picture of retirement readiness.
Did you know… only 15% of employers / plan sponsors today feel that most of their plan participants will be financially prepared for retirement? What are they doing to improve the situation? We'll discuss:
Join this session to understand:
• Why retirement readiness is a growing problem, including stagnation of participant accounts, employee participation and contribution rates.• The effects of fee disclosure regulations on plan participants and employers, and HR can help communicate 401(k) fees to employees.
• New ways retirement providers are helping sponsors improve retirement readiness, including guaranteed income funds and use of social media to engage participants.
Hear results of Deloitte's latest 401(k) survey and how plan sponsors and providers are addressing employee retirement readiness.
Organizations often have a blind spot when making decisions regarding employee benefits. The risk of this shortfall is compounded by common misconceptions regarding the true nature and scope of the fiduciary duties imposed by ERISA and the associated liability retained by plan sponsors and trustees, even when they rely on outside experts. As a result, most plans are paying 20%-60% higher fees than are necessary for the services being delivered, and employers and trustees (aka “Plan Fiduciaries”) have unknowing retained financial liability for fiduciary obligations they mistakenly think they have delegated to their 401(k) provider.
Brian will provide the insight, technical understanding and tools that necessary to educate Plan Fiduciaries and help protect them and their organization from the liability and risk presented by their ERISA plan.
The presentation will provide a high level view of the fiduciary responsibilities and specific examples of the technical and real world liability and risk Plan Fiduciaries face. A more detailed examination of the three most common fiduciary blind spots will be provided along with recommended actions that can be taken to mitigate their risk.
Attendees will learn about the difference between the rules-based Suitability Standard of Care followed by roughly 90% of the financial industry and the ethic-based Fiduciary Standard of Care adhered to by the other 10%. They will learn how these two different standards of care result in two very different approaches to managing fiduciary risk in retirement plans and the practical
Mr Lakkides will then explore the new plan and participant level fee disclosure regulations and how the information and insight regarding fees can be leveraged to (1) save money, (2) properly manage liability, and (3) increase the value of account values at retirement by:
• minimizing wasted man hours,
• streamlining operations and improving compliance
• increasing transparency, accountability, and quality control, and
• introducing fiduciary services for plan participants and decision makers.
The presentation will concluded with a real world examination of the financial impact and benefits that can be captured for plan participants by identifying excessive plan fees/expenses and redirecting their expenditure.
Given that the U.S. workforce is aging and many employees are staying in the workforce longer, it is imperative for HR professionals to make sure their benefit packages take the overall health needs of this population into account. This session shares a research-based look at the importance of a quality vision benefit, specifically, to help maximize the eye/overall health and performance of employees age 40+.
As will be explained by Pat Huot, director of managed vision care and online retail at Transitions Optical, Inc., employees become more prone to vision problems and eye diseases after age 40, and are also at higher risk for chronic conditions that impact eye health. The session will include a detailed look at how these conditions impact medical costs and productivity loss across a workforce.
Huot will then offer a detailed review of how HR managers can help avoid the costs associated with age-related eye health conditions by offering and promoting to employees a comprehensive vision plan that includes an annual eye exam and the right eyewear options. A comprehensive eye exam can provide early detection and disease management, and many of today’s eyewear technologies have the ability to not only correct vision, but to enhance it and protect the eyes from short-term and long-term damage, such as from ultraviolet radiation and glare. However, Huot will detail primary research by Transitions Optical showing that older employees are only slightly more likely to enroll in their vision benefit, and have limited knowledge of their risk for eye-related health issues.
Given the gap in vision benefit awareness and usage among employees age 40+, employee education tools can be an important part of an HR professional’s strategy to get the most of their vision benefit. The session will conclude with a review of available educational resources, along with additional tips to educate employees about the value of their vision plan and the importance of using it to protect their eye and overall health.
In light of the current economy and funding status of multiemployer pension plans, employers have been facing challenging situations and tough questions resulting from their participation in such plans. Employee benefit attorney Jason Rothman from Ogletree, Deakins, Nash, Smoak & Stewart, P.C. will be addressing a number of issues that human resources and employee benefit professionals must understand regarding participation in multiemployer pension plans. Among the key issues that will be discussed include the following:
(1) Multiemployer pension plan funding and how it impacts your organization – The Pension and Protection Act of 2006 added a number of new provisions that specifically impact underfunded multiemployer pension plans. Depending on the funding status of a plan, there may be mandated action to take to improve the funding status. Such action may contain certain plan restrictions and additional employer contributions.
(2) Withdrawal liability – In the event that a participating organization decides to terminate its participation in a multiemployer plan, it may be subject to withdrawal liability if the plan is underfunded. As such, employers must understand what action will result in withdrawal liability. In addition, employers who want to challenge a withdrawal liability assessment have very strict procedural requirements that must be satisfied or they will lose their ability to fight the assessment.
(3) Multiemployer pension plan disclosure issues – In the past few years, FASB guidance has targeted reporting and disclosure of multiemployer pension plan obligations and, specifically, estimated withdrawal liability.
(4) The roles of associations and trustees in multiemployer pension plans – Many employers are member of associations which deal with unions and multiemployer funds. There are additional consideration for these associations and the names trustees who are involved with such funds.
Presentation Intended for U.S. Audience: According to the U.S. Department of Health and Human Services, 7 in 10 people who reach age 65 will need some long term care during their lives. One year in a nursing facility can cost over $100,000 per year if the care were needed in 2012. If costs continue rising at their historical 5% rate, they will more than double every 15 years. Long Term Care Insurance pays for care in the care recipient's home, an assisted living facility or a nursing facility. Long Term Care Insurance can be purchased solely by employees or through a combination of employee and employer contributions.
Long term care situations can result from:
• Injuries caused by accidents
• Illnesses like MS
• Diseases like Alzheimer’s or Parkinson’s
• Strokes and other chronic conditions.
Premiums paid by the employer can be expensed in part or in full, depending upon the type of business entity registration. Most policies meet the IRS definition of tax qualified - a requirement to gain federal and state tax advantages. The new Partnership Program Long Term Care Insurance policies allow policyholders to protect assets away from Medicaid without a 'look-back' period.
Forward-thinking employers offering Group Long Term Care Insurance enhance your ability to:
• Retain and attract valuable employees with a contemporary LTCI benefit program
• Improve productivity and minimize absenteeism for employees as caregivers
• Receive potential tax advantages.
• When offered as part of your benefits package, LTCI provides employees with a secure way to help:
• Protect their savings and assets
• Protect their family and friends from the burden of caregiving
• Protect their ability to choose where care is received.