P4pbenefits

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P4pbenefits

  1. 1. Retirement Benefits
  2. 2. <ul><li>2. Staffing Levels and Staff Stability accounts for 40% of the overall score for P4P. P4P will utilize the Department’s annual Nursing Facility Wage Survey, typically administered in October of each year. </li></ul><ul><ul><li>Two Components </li></ul></ul><ul><ul><ul><li>A . Nursing Staffing Levels 20% </li></ul></ul></ul><ul><ul><ul><ul><li>Comparing staffing levels to facility census and applying a standard PPD, P4P has established an acuity adjusted goal for each facility. A facility is then scored on it’s own staffing in comparison to their “adjusted goal”. </li></ul></ul></ul></ul><ul><ul><ul><li>B. Nursing Staffing Stability 20% </li></ul></ul></ul><ul><ul><ul><ul><li>Stability” will be determined by reviewing the percent of nursing employees > 2 years of employment with the facility. </li></ul></ul></ul></ul>
  3. 4. <ul><li>7 th annual MetLife Study of Employee Benefits states that in 2009 most particularly during this recession, the employees… </li></ul><ul><ul><li>Have a heightened focus on benefits this year more than most. </li></ul></ul><ul><ul><ul><li>EVEN if 100% employee paid </li></ul></ul></ul><ul><ul><li>Have a change in attitude with a strong shift towards financial ownership and loyalty (significant increase from 2008) </li></ul></ul>
  4. 5. <ul><ul><li>40% of employees say that benefits play an important role in their decision about whether to remain with an employer or make a change. </li></ul></ul><ul><ul><li>46% of the employees are concerned that the economy will cause the employer to reduce it’s match on the 403b or 401k. </li></ul></ul><ul><ul><li>68% of employees feel unprepared to face critical financial situations if the principal earner can no longer work. </li></ul></ul>
  5. 6. <ul><ul><li>51% of employees desire financial planning advice in the workplace however only 14% of employers offer such assistance. </li></ul></ul><ul><ul><li>50% of employees have an interest in converting “retirement plan” lump sum into “income for life”. </li></ul></ul><ul><ul><ul><li>However only 27% of employers are working towards this </li></ul></ul></ul>
  6. 7. <ul><li>Based upon the average worker, ages 31-40, their benefit ranking of “Benefit” prioritization is as follows for both Employee and Employer </li></ul><ul><li>Benefit Employee Employer </li></ul><ul><li>401K 51% 19% </li></ul><ul><li>Personalized Benefit package 46% 1% </li></ul><ul><li>Retirement Planning Seminars 44% 1% </li></ul><ul><li>Benefit Advisors 43% 10% </li></ul><ul><li>↑ variety of Voluntary Benefits 40% 17% </li></ul>

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