Employee Benefits                         Trends, Strategies                         and Challenges                       ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESFOUR KEY AREAS OF EMPLOYEE BENEFITS FOR DISCUSSION TODAY:              E...
EMPLOYEE BENEFITS TRENDS,       STRATEGIES AND CHALLENGES        ESTABLISHING EMPLOYEE BENEFITSThe timing of the initial s...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING BENEFITS – GROUP HEALTH INSURANCE•    Minimum of 2 Employee...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING BENEFITS – GROUP HEALTH INSURANCE RATES•    Initial Group o...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING ANCILLARY BENEFITS – GROUP LIFE & DISABILITYINSURANCE      ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING BENEFITS – SETTING UP A 401(K) OR 403(B)RETIREMENT PLAN•   ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESTYPICAL EMPLOYEE STARTUP EMPLOYEE BENEFIT PLAN COSTS•    Medical Insuran...
EMPLOYEE BENEFITS TRENDS,    STRATEGIES AND CHALLENGES     REGIONAL BENEFITSEmployers establish employee benefitplans in o...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESTOP TWO MOTIVATORS – JOB SECURITY AND BENEFITS1      Competitive benefit...
EMPLOYEE BENEFITS TRENDS,              STRATEGIES AND CHALLENGES              BENEFITS – A MUST HAVE FOR SUCCESS!       40...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESEMPLOYER SPONSORED BENEFIT PLANS IN WASHINGTON, DC METRO AREA•    Group ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP MEDICAL BENCHMARKS – MULTIPLE BENEFIT PLAN OPTIONS•    Health Main...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP MEDICAL BENCHMARKS – FIRST DOLLAR BENEFITS•    No In-Network Deduc...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP MEDICAL BENCHMARKS – EMPLOYER PREMIUM FUNDING•   75% of Employee C...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP DENTAL INSURANCE – THE MOST DESIRED EMPLOYEE BENEFIT •   In-Networ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESEMPLOYER SPONSORED GROUP LIFE AND AD&D INSURANCE •   1x Salary to $50,00...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP SHORT TERM DISABILITY INSURANCE •   Benefits Equal to 60% of Gross...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP LONG TERM DISABILITY INSURANCE •   Benefits Equal to 60% of Gross ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESVOLUNTARY BENEFITS – SUPPLEMENT EMPLOYER SPONSORED BENEFIT PLANS •   Sup...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESRETIREMENT PLANS – UNDER IMPORTANT NEW REGULATIONS FOR 2012.(408(B)(2)) ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESOTHER EMPLOYER SPONSORED BENEFIT PLANS •   Supplemental LTD Coverage •  ...
EMPLOYEE BENEFITS TRENDS,      STRATEGIES AND CHALLENGES       BENEFITS ADMINISTRATIONThe complexities of Employee Benefit...
EMPLOYEE BENEFITS TRENDS,        STRATEGIES AND CHALLENGES        MORE EMPLOYERS WANT TIME-SAVING HELP    53% SURVEYED IMP...
EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES  CONNECTING HUMAN RESOURCES…TO PAYROLL…TO BENEFITSThe ideal arrangemen...
EMPLOYEE BENEFITS TRENDS,   STRATEGIES AND CHALLENGES   THIRD PARTY ADMINISTRATORS AND BENEFIT ADMINISTRATION PLATFORMSHRI...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESHRIS AND BENEFIT ADMINISTRATION PLATFORMS INITIAL SET UP •   Input All C...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESADMINISTRATION SERVICES – RE-DEFINE THE EMPLOYERS BROKER SELECTIONCRITER...
EMPLOYEE BENEFITS TRENDS,    STRATEGIES AND CHALLENGES    BENEFIT STRATEGIESThere are numerous strategies in themarketplac...
EMPLOYEE BENEFITS TRENDS,        STRATEGIES AND CHALLENGES        RISING PREMIUMS REMAIN A TOP CHALLENGE•     Health insur...
EMPLOYEE BENEFITS TRENDS,  STRATEGIES AND CHALLENGES  HOW COMPANIES ARE RESPONDING?                     Actions taken by e...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESDC METRO EMPLOYERS – HEALTH INSURANCE COST CONTROL STRATEGIES •   Reduce...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #1 EFFECT THE FUTURE COST OF HEALTHCARE THROUGH WELLNESS •   Id...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESWHAT IS “COMPREHENSIVE” WELLNESS? •   Health Risk Assessment •   Biometr...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESADOPT THE “FORTUNE 100 STRATEGY” •   Offer Comprehensive Wellness •   Pr...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #2 STREAMLINE BENEFIT ADMINISTRATION •   Online Administration ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #3 EDUCATE AND EMPOWER YOUR EMPLOYEE THROUGH VOLUNTARYBENEFITS ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #4 IMPROVE EMPLOYEE OUTCOMES THROUGH TAX CHOICE •   Offer Tax C...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #5 OUTSOURCE EMPLOYEE SERVICES •   Onboarding of Employees •   ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #6 ASSURE COMPLIANCE WITH THE NEWEST RETIREMENT PLANRULES •   F...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESCREATE A PLAN FOR THE FUTURE…           Which is health Reform-savvy    ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGES                         QUESTIONS?Employee Benefits/ Page 42
EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGESRaffa Financial Services, Inc. hasone Chartered Life Underwriter(CLU), ...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESRAFFA FINANCIAL SERVICES, INC. – PRIMARY MARKETS •   2 to 50 Employees (...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESMAKING A DIFFERENCE IS PART OF THE JOB •   Pro Bono Services •   A Leade...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESOTHER KEY RAFFA FINANCIAL SERVICES BROKERS AND STAFF •   Andrea Dykes, C...
EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGES                         THANK YOU!Employee Benefits/ Page 47
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2012-05-02 Employee Benefits

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Transcript of "2012-05-02 Employee Benefits"

  1. 1. Employee Benefits Trends, Strategies and Challenges Raffa Financial Services, Inc. May 2, 2012Thrive. Grow. Achieve.
  2. 2. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESFOUR KEY AREAS OF EMPLOYEE BENEFITS FOR DISCUSSION TODAY: Establishing Regional Benefits Benefits Benefits Benefit Administration StrategiesEmployee Benefits/ Page 2
  3. 3. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES ESTABLISHING EMPLOYEE BENEFITSThe timing of the initial startup of employee benefitplans is critical for small employers as there are anumber of barriers for small employers.In todays marketplace, Employers may also opt for aProfessional Employee Organization to establishbenefits. Therefore, many of these same start upissues will apply to larger employers attempting toestablish their own independent benefit plans. Employee Benefits/ Page 3
  4. 4. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING BENEFITS – GROUP HEALTH INSURANCE• Minimum of 2 Employees Enrolled to Start• Federal (HIPAA) and State Law• Limited Number of Carriers• Multiple Plan Designs• Community Rates• No Pre-existing ConditionsEmployee Benefits/ Page 4
  5. 5. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING BENEFITS – GROUP HEALTH INSURANCE RATES• Initial Group of Employees is Critical• Rates Based on Average Age• Rates Based on Good Health• Individual Questionnaires Under 25 Lives• HIPAA Rates• Dental Is Available with Medical CarriersEmployee Benefits/ Page 5
  6. 6. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING ANCILLARY BENEFITS – GROUP LIFE & DISABILITYINSURANCE Under 10 Lives Over 10 Lives • Large Number of Carriers • Limited Number of Carriers • Negotiable Marketplace • Limited Amounts of Coverage • Higher Benefit Limits • Usually Individual Rates • Low Group Rates • Supplement with Individual Plans • Supplemental Group CoverageEmployee Benefits/ Page 6
  7. 7. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESESTABLISHING BENEFITS – SETTING UP A 401(K) OR 403(B)RETIREMENT PLAN• $1,000 in Plan Document Fees• $1,350 in Annual Administration Fees• 1.5% to 2% in Plan Asset Based Fees• Limited Number of Funds/Providers• Fully Compliant Plan/Advisor ServicesEmployee Benefits/ Page 7
  8. 8. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESTYPICAL EMPLOYEE STARTUP EMPLOYEE BENEFIT PLAN COSTS• Medical Insurance - $350/Month EE and $1,200/ Month Family• Dental Insurance - $35/Month EE and $100/ Month Family• Vision Coverage - $7/Month EE and $22/ Month FamilyEmployee Benefits/ Page 8
  9. 9. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES REGIONAL BENEFITSEmployers establish employee benefitplans in order to attract and retainemployees in competition with otheremployers. Most employers now covera standard set of employee benefitplans, however, the level of benefits canvary geographically.The Washington, DC and surroundingmetropolitan area is rich in employeebenefits due to competition fromFederal and State Governmentemployers. Employee Benefits/ Page 9
  10. 10. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESTOP TWO MOTIVATORS – JOB SECURITY AND BENEFITS1 Competitive benefits package can influence employee retention and recruiting:2 40% of employees have stayed in a job Because of the Benefits the 36% of employees Employer have taken a job Offered 1 SHRM, “2010 Employee Job Satisfaction Investigating What Matters Most to Employees,” July 2010. 2 Employee Benefit Research Institute, Opinion Research Corporation survey, September 2010.Employee Benefits/ Page 10
  11. 11. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES BENEFITS – A MUST HAVE FOR SUCCESS! 40% At companies with HIGHLY engaged workers, operating income: INCREASED PercentOperating 0 19% Income At companies with DECREASED LESS engaged workers, operating income: 33% (-40%) Source: Towers Watson, “Employee Engagement in Practice,” June 2010, in comparing highly engaged workers to peer companies with less-engaged workers. Employee Benefits/ Page 11
  12. 12. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESEMPLOYER SPONSORED BENEFIT PLANS IN WASHINGTON, DC METRO AREA• Group Medical Insurance• Group Dental Insurance• Group Life Insurance• Group Disability Insurance• Retirement Plan• Voluntary Benefits (New)Employee Benefits/ Page 12
  13. 13. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP MEDICAL BENCHMARKS – MULTIPLE BENEFIT PLAN OPTIONS• Health Maintenance Organization (HMO)• Point of Service Plans (POS)• Open Access HMO and POS Plans• Preferred Provider Organization (PPO)• HRA and HSA PlansEmployee Benefits/ Page 13
  14. 14. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP MEDICAL BENCHMARKS – FIRST DOLLAR BENEFITS• No In-Network Deductible• 100% In-Network Benefits (80% Out)• Facility Co-Payments ($0 to $300)• $20 Doctor Copayment• $15/$30/$60 Prescription Drug CardEmployee Benefits/ Page 14
  15. 15. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP MEDICAL BENCHMARKS – EMPLOYER PREMIUM FUNDING• 75% of Employee Costs For Profit Employers• 50% of Dependent Costs• 75% of Employee Costs Non Profit Employers• 75% of Dependent CostsEmployee Benefits/ Page 15
  16. 16. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP DENTAL INSURANCE – THE MOST DESIRED EMPLOYEE BENEFIT • In-Network 100%/90%/60% • Out-of-Network 100%/80%/50% • $1,500 Annual Maximum • Limited Optional Orthodontia Benefits • National Dental Providers/NetworksEmployee Benefits/ Page 16
  17. 17. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESEMPLOYER SPONSORED GROUP LIFE AND AD&D INSURANCE • 1x Salary to $50,000 • Professional Services Firms 2x or 3x Salary • Accidental Death Coverage (AD&D) • Fully Employer Paid • Employee Paid Voluntary Group Term LifeEmployee Benefits/ Page 17
  18. 18. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP SHORT TERM DISABILITY INSURANCE • Benefits Equal to 60% of Gross Pay • Available On 1st Day Accident/8th Day Sickness • $2,000 Per Week Benefit Maximum • 13 Week Benefit Period • Fully Employer Paid Coverage • Taxable BenefitsEmployee Benefits/ Page 18
  19. 19. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESGROUP LONG TERM DISABILITY INSURANCE • Benefits Equal to 60% of Gross Pay • Available After 90 Day Waiting Period • $10,000 Maximum Monthly Benefit • Benefits to Age 65 or SSNRA • Fully Employer Paid Coverage • Taxable BenefitsEmployee Benefits/ Page 19
  20. 20. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESVOLUNTARY BENEFITS – SUPPLEMENT EMPLOYER SPONSORED BENEFIT PLANS • Supplemental Permanent Life Insurance • Critical Illness or Cancer Insurance • Accident Coverage • Long Term Care Insurance Rider • AFLAC & Colonial vs. Group CarriersEmployee Benefits/ Page 20
  21. 21. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESRETIREMENT PLANS – UNDER IMPORTANT NEW REGULATIONS FOR 2012.(408(B)(2)) • 401(k) or 403(b) Plans • 50% Matching Contribution to 6% of Pay • Nonprofit Discretionary Contributions • Multiple Fund Families • Bundled Platforms & Payroll IntegrationEmployee Benefits/ Page 21
  22. 22. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESOTHER EMPLOYER SPONSORED BENEFIT PLANS • Supplemental LTD Coverage • Vision Coverage • Flexible Spending Accounts • Parking and MetroEmployee Benefits/ Page 22
  23. 23. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES BENEFITS ADMINISTRATIONThe complexities of Employee Benefit planslead to significant commitments fromemployers for both Administration of Benefitsand ongoing Compliance.In fact, competition among providers in theEmployee Benefits Marketplace now centerson Value Added Services offered by BenefitBrokers and Consultants to support smallemployers. Employee Benefits/ Page 23
  24. 24. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES MORE EMPLOYERS WANT TIME-SAVING HELP 53% SURVEYED IMPLEMENTED A BENEFITS ADMINISTRATION AND/OR ENROLLMENT SYSTEM — UP 11% OVER THE PREVIOUS YEAR.1 53%• Electronic enrollments offer 42% added value • Accurate documentation 2009 2010 • Effective education Added benefits • Data cleansing administration and/or • Eligibility verification enrollment systems 1 Unum research, survey of 480 human resources professionals at the Society for Human Resource Management (SHRM) 62nd Annual Conference held in San Diego from June 27– June 30, 2010. Employee Benefits/ Page 24
  25. 25. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES CONNECTING HUMAN RESOURCES…TO PAYROLL…TO BENEFITSThe ideal arrangement for many Payroll Processingemployers would be a robustHuman Resource Information Management Employee Reporting BenefitsSystem that connects everythingassociated with the employee. HRISThe connected HRIS platform Employee COBRA/streamlines administration through Self-Serve FSAa single entry, single password andpaperless system. 401(k) Plan Employee Benefits/ Page 25
  26. 26. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES THIRD PARTY ADMINISTRATORS AND BENEFIT ADMINISTRATION PLATFORMSHRIS Systems usually connect to Visionmultiple insurance companies totransmit data. The use of a Third Dental Long-Term DisabilityParty Administrator can simplify BENEFITcarrier connections down to a MALLsingle (one time only) connection Medical Short- Term Disabilityand allow for more frequent datatransmission and lower connection Lifecosts. Payroll Processing Management TPA Reporting HRIS Employee COBRA/ Self-Serve FSA 401(k) Contributions Employee Benefits/ Page 26
  27. 27. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESHRIS AND BENEFIT ADMINISTRATION PLATFORMS INITIAL SET UP • Input All Company Benefit Information • Create Benefit Report Templates • Establish Employee Self Serve Website • Manage Online Open Enrollment • Establish Electronic Carrier ConnectionsEmployee Benefits/ Page 27
  28. 28. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESADMINISTRATION SERVICES – RE-DEFINE THE EMPLOYERS BROKER SELECTIONCRITERIA • Consolidated Billing & Bill Reconciliation • COBRA Administration • HRIS Set Up and Online Administration • Employee Value Statements & Dependent Audits • Form 5500 Preparation • Human Resources & ERISA Attorney SupportEmployee Benefits/ Page 28
  29. 29. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES BENEFIT STRATEGIESThere are numerous strategies in themarketplace that are designed to improvethe employee experience and to shift orlower costs.Every employer should consider the longterm implications of their strategies andhave a plan in place that will hopefullyeffect the future costs of healthcare andother employee benefits. Employee Benefits/ Page 29
  30. 30. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES RISING PREMIUMS REMAIN A TOP CHALLENGE• Health insurance premiums expected to increase by double digits for the third consecutive year.1 •Average health care premium cost per employee is above $10,000 a year.2 11.6%2011 11.1% 11.1%premiums2010 11% 11% 11%premiums2009 2009 2010 2011premiums Premium growth for traditional PPO coverage3 1,3 Buck Consultants, “22nd National Health Care Trend Survey,” October 2010. 2 Towers Watson, "2010 Health Care Cost Survey 2010:New Deal, New Dividend, 21st Annual U.S. Results Report," 2010. Employee Benefits/ Page 30
  31. 31. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGES HOW COMPANIES ARE RESPONDING? Actions taken by employers 1/3 Half Many offered health management50% increased One-third raised incentives toemployee deductibles2 encourage healthycontributions1 choices3 Employee Benefits/ Page 31
  32. 32. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESDC METRO EMPLOYERS – HEALTH INSURANCE COST CONTROL STRATEGIES • Reduced Benefits • Increase Employee Contributions • Regional vs. National Plans • HRA, HSA Plans & Medical Bridge Plans • Partial Self-FundingEmployee Benefits/ Page 32
  33. 33. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #1 EFFECT THE FUTURE COST OF HEALTHCARE THROUGH WELLNESS • Identify Health Risks • Modify Behavior • Reduce Healthcare Costs • Create Measureable Results • Improve Productivity, Enhance Employee LivesEmployee Benefits/ Page 33
  34. 34. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESWHAT IS “COMPREHENSIVE” WELLNESS? • Health Risk Assessment • Biometric Screening • Health Coaching • Smoking Cessation, Weight & Stress Management • Promote Employee Assistance (EAP)Employee Benefits/ Page 34
  35. 35. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESADOPT THE “FORTUNE 100 STRATEGY” • Offer Comprehensive Wellness • Provide Tangible Incentives to Participate • Establish Central Effective Communications • Provide Ongoing Support & Encouragement • Trends Target at 4% Increases AnnuallyEmployee Benefits/ Page 35
  36. 36. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #2 STREAMLINE BENEFIT ADMINISTRATION • Online Administration • Consolidated Billing • Bill Reconciliation • Online Open Enrollment • HRIS IntegrationEmployee Benefits/ Page 36
  37. 37. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #3 EDUCATE AND EMPOWER YOUR EMPLOYEE THROUGH VOLUNTARYBENEFITS • Supplement Employer Sponsored Plans • Personalize the Enrollment Process • Increase Employee Appreciation of Benefits • Offset Administration Expenses • Enhance Employees Financial FutureEmployee Benefits/ Page 37
  38. 38. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #4 IMPROVE EMPLOYEE OUTCOMES THROUGH TAX CHOICE • Offer Tax Choice Disability Plans • Add a Roth 401(k) or 403(b) Election • Offer a Flexible Spending Account • Offer Dependent Accounts • Offer Metro and ParkingEmployee Benefits/ Page 38
  39. 39. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #5 OUTSOURCE EMPLOYEE SERVICES • Onboarding of Employees • HRIS Management and Maintenance • Employee Communications • Employee Medical/Dental Claims AdjudicationEmployee Benefits/ Page 39
  40. 40. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESSTRATEGY #6 ASSURE COMPLIANCE WITH THE NEWEST RETIREMENT PLANRULES • Fiduciary Benchmarking Review • Co-Fiduciary Arrangement • Investment Policy Statement • Third Party Investment Analysis, Reporting & Fee Disclosures • Document a Prudent Fiduciary ProcessEmployee Benefits/ Page 40
  41. 41. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESCREATE A PLAN FOR THE FUTURE… Which is health Reform-savvy Optimize ROI of and Partner relationships pairs a consumer-directed with value added focus with financial protection services Partners with a provider Saves HR time with experienced in both employer- technology to funded and voluntary benefits streamline administration Boosts employee engagement Offers choices to with education on benefits meet the needs of a value and proven service and diverse workforce claims supportEmployee Benefits/ Page 41
  42. 42. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGES QUESTIONS?Employee Benefits/ Page 42
  43. 43. EMPLOYEE BENEFITS TRENDS, STRATEGIES AND CHALLENGESRaffa Financial Services, Inc. hasone Chartered Life Underwriter(CLU), three (3) Certified FinancialPlanners (CFP), one CertifiedFinancial Analyst (CFA) and allstaff members are fully licensed.Employee Benefits/ Page 43
  44. 44. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESRAFFA FINANCIAL SERVICES, INC. – PRIMARY MARKETS • 2 to 50 Employees (Small Groups) • 50 to 500 Employees • Nonprofit Organizations • Technology Firms • Government Contractors • Retail, Manufacturers, Professional FirmsEmployee Benefits/ Page 44
  45. 45. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESMAKING A DIFFERENCE IS PART OF THE JOB • Pro Bono Services • A Leader in Volunteer Hours • Incubating Nonprofit Charities • Board Service/Special Events • “Companies for Causes”Employee Benefits/ Page 45
  46. 46. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGESOTHER KEY RAFFA FINANCIAL SERVICES BROKERS AND STAFF • Andrea Dykes, CFP – Financial Advisor • Jon Zeisler – Director, Group Benefits • Christy Bonnewell – Account Manager • Faith Hites, RHU –Account Manager • Eddie Owen – Account Manager, Retirement ServicesEmployee Benefits/ Page 46
  47. 47. EMPLOYEE BENEFITS TRENDS,STRATEGIES AND CHALLENGES THANK YOU!Employee Benefits/ Page 47

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