This document discusses the importance of employee financial wellness programs for businesses. It notes that many employees are financially illiterate and stressed, lacking savings and retirement preparations. This lowers productivity at work and increases healthcare costs for employers. The document advocates that employers provide financial education programs to improve employee financial literacy and reduce stress. It cites research finding that such programs yield returns of $2.80 for every $1 spent by increasing productivity and decreasing costs from healthier, less distracted employees.
“Why should your company spend money to provide a program like this for your employees?”
“Our goal at Finerva is to train your employees to be so financially astute and financially secure that they work for you because they want to, not, because they have to.” The other value additions that Finerva can provide organisations are…
The Business Case for Financial Education in the WorkplaceMarkDonnay
Handling everyday personal financial issues is becoming increasingly stressful for employees. They need our help.
Make financial literacy education-and-tools a key element of your wellness and assistance solutions.
You can effectively and efficiently address one of the more difficult challenges facing workforces today.
Enjoy the fruits of taking your wellness and assistance programs to the next level. Make the clear connection between a financially literate workforce and a healthier, more productive, stable, and easy to manage workforce.
White Paper: Financial Literacy for Employees - Understanding What Makes an E...Frank Wiginton
Part 1 in a 3 part series on defining financial literacy in the workplace. Part 1 explains what makes an effective financial education program for employees.
White Paper: Workplace Financial Education - The Benefits and Rewards of a Fi...Frank Wiginton
Part 2 in a 3 part series on defining financial literacy in the workplace. Part 2 explains why companies should offer an employee financial education program. How it impacts the in employee and in turn the employer.
White Paper: Increase Profitability Through Financial Literacy - Restore Prod...Frank Wiginton
Employee financial education and financial literacy can dramatically improve your companies bottom line. Check out this short white paper that explains the problems financial distress can have on employees well-being.
Part 3 in a 3 part series on defining financial literacy in the workplace. Part 3 walks you step by step through the process to successfully implementing an employee financial education program at your workplace.
“Why should your company spend money to provide a program like this for your employees?”
“Our goal at Finerva is to train your employees to be so financially astute and financially secure that they work for you because they want to, not, because they have to.” The other value additions that Finerva can provide organisations are…
The Business Case for Financial Education in the WorkplaceMarkDonnay
Handling everyday personal financial issues is becoming increasingly stressful for employees. They need our help.
Make financial literacy education-and-tools a key element of your wellness and assistance solutions.
You can effectively and efficiently address one of the more difficult challenges facing workforces today.
Enjoy the fruits of taking your wellness and assistance programs to the next level. Make the clear connection between a financially literate workforce and a healthier, more productive, stable, and easy to manage workforce.
White Paper: Financial Literacy for Employees - Understanding What Makes an E...Frank Wiginton
Part 1 in a 3 part series on defining financial literacy in the workplace. Part 1 explains what makes an effective financial education program for employees.
White Paper: Workplace Financial Education - The Benefits and Rewards of a Fi...Frank Wiginton
Part 2 in a 3 part series on defining financial literacy in the workplace. Part 2 explains why companies should offer an employee financial education program. How it impacts the in employee and in turn the employer.
White Paper: Increase Profitability Through Financial Literacy - Restore Prod...Frank Wiginton
Employee financial education and financial literacy can dramatically improve your companies bottom line. Check out this short white paper that explains the problems financial distress can have on employees well-being.
Part 3 in a 3 part series on defining financial literacy in the workplace. Part 3 walks you step by step through the process to successfully implementing an employee financial education program at your workplace.
The Institute of Medicine's report, Unequal Treatment: Confronting Racial/Ethnic Disparities in Health Care, cited more than 175 studies documenting diagnostic and treatment disparities of various conditions among racial/ethnic populations, even when confounding factors (e.g., insurance and socioeconomic status, comorbidities, age, healthcare venue, stage of diseases) were controlled for in analyses.Specific examples include higher rates of hypertension, diabetes, breast cancer, cervical cancer, colon cancer, and cardiovascular diseases in African Americans; diabetes in Native Americans, Alaskan Natives, and Latino populations; and heart disease mortality in certain Asian American, Latino or Hispanic, and Native American groups.Lower rates of immunization and higher rates of infant mortality have been reported in African American, Hispanic, and Native American populations.
Promoting Financial Wellness and Disciplined Spending Among EmployeesPurchasing Power
If you missed last month’s WorldatWork Total Rewards 2010 Annual Conference and Exhibition, here’s a quick recap of the presentation made by Elizabeth Halkos, Purchasing Power’s vice president of sales and marketing.
In her presentation, Halkos commented that with the current unstable economic climate, we are witnessing increased unemployment rates, rising debt, record-high foreclosures, and staggering credit card charge-offs. For employers, there is increased concern over rising healthcare costs. Many companies find themselves under stress and in trouble, looking for ways to cut costs while making every effort to boost morale and individual performance levels of employees.
For many employees, the issue is the same; they find themselves financially stressed. This stress often mitigates the effectiveness of employee benefit programs. Financial stress leads to less satisfaction with pay, wasted time at work, more absenteeism, and even health issues.
Halkos pointed out that often employees turn to their employers for assistance and protection. This presents an opportunity for employers to find new ways to ease stress and improve the quality of life for their employees. One way to do this is to engage employees in programs that promote a better financial future including financial literacy programs where employees are taught how to manage their finances, make sound decisions, understand debt literacy and utilize employer-sponsored discount and purchase programs like Purchasing Power. By motivating employees to take charge of their financial future, employers will have workers that are more engaged, more satisfied with their jobs, more financially secured and happy.
Can you design an innovation to improve the health insurance open enrollment experience so that it protects the financially vulnerable from hardship?
Commonwealth has partnered with the Mad*Pow powered CHXD to launch an innovation challenge to prompt the financial, healthcare, and design community to envision a solution that will help employees with incomes under $55,000 balance their health and financial needs at open enrollment.
200,000 in residual income selling dental insuranceMel Schlesinger
The proven dental insurance sales system for insurance agents wanting to earn $200,000 in residual income. Dental insurance is the ultimate business opportunity for insurance agents.
Your business is important, and so are the employees who make it great. When they're healthier, they're happier and when they're happier, they're more engaged at work. That's why having a wellness program that works is the key.
Your business is important, and so are the employees who make it great. When they're healthier, they're happier and when they're happier, they're more engaged at work. That's why having a wellness program that works is the key.
What You'll Learn:
- The direct & indirect costs of unhappy & unhealthy employees
- How the highest rated employers have a relentless focus on wellness
- The New Corporate Strategy Pyramid
- How the weight of your employees impacts your bottom line
A white paper on the hard and soft costs for organizations that do not have a personal finance education program in place for employees.
written by:
Heather Davis Richards
Financial Education promises employers a return on investment of atlaest 1:4
i.e., for every one rupee spent in teching employees about their personal finance the organizations stands to gain 4 rupees directly.
To know more view the below presentation
The Institute of Medicine's report, Unequal Treatment: Confronting Racial/Ethnic Disparities in Health Care, cited more than 175 studies documenting diagnostic and treatment disparities of various conditions among racial/ethnic populations, even when confounding factors (e.g., insurance and socioeconomic status, comorbidities, age, healthcare venue, stage of diseases) were controlled for in analyses.Specific examples include higher rates of hypertension, diabetes, breast cancer, cervical cancer, colon cancer, and cardiovascular diseases in African Americans; diabetes in Native Americans, Alaskan Natives, and Latino populations; and heart disease mortality in certain Asian American, Latino or Hispanic, and Native American groups.Lower rates of immunization and higher rates of infant mortality have been reported in African American, Hispanic, and Native American populations.
Promoting Financial Wellness and Disciplined Spending Among EmployeesPurchasing Power
If you missed last month’s WorldatWork Total Rewards 2010 Annual Conference and Exhibition, here’s a quick recap of the presentation made by Elizabeth Halkos, Purchasing Power’s vice president of sales and marketing.
In her presentation, Halkos commented that with the current unstable economic climate, we are witnessing increased unemployment rates, rising debt, record-high foreclosures, and staggering credit card charge-offs. For employers, there is increased concern over rising healthcare costs. Many companies find themselves under stress and in trouble, looking for ways to cut costs while making every effort to boost morale and individual performance levels of employees.
For many employees, the issue is the same; they find themselves financially stressed. This stress often mitigates the effectiveness of employee benefit programs. Financial stress leads to less satisfaction with pay, wasted time at work, more absenteeism, and even health issues.
Halkos pointed out that often employees turn to their employers for assistance and protection. This presents an opportunity for employers to find new ways to ease stress and improve the quality of life for their employees. One way to do this is to engage employees in programs that promote a better financial future including financial literacy programs where employees are taught how to manage their finances, make sound decisions, understand debt literacy and utilize employer-sponsored discount and purchase programs like Purchasing Power. By motivating employees to take charge of their financial future, employers will have workers that are more engaged, more satisfied with their jobs, more financially secured and happy.
Can you design an innovation to improve the health insurance open enrollment experience so that it protects the financially vulnerable from hardship?
Commonwealth has partnered with the Mad*Pow powered CHXD to launch an innovation challenge to prompt the financial, healthcare, and design community to envision a solution that will help employees with incomes under $55,000 balance their health and financial needs at open enrollment.
200,000 in residual income selling dental insuranceMel Schlesinger
The proven dental insurance sales system for insurance agents wanting to earn $200,000 in residual income. Dental insurance is the ultimate business opportunity for insurance agents.
Your business is important, and so are the employees who make it great. When they're healthier, they're happier and when they're happier, they're more engaged at work. That's why having a wellness program that works is the key.
Your business is important, and so are the employees who make it great. When they're healthier, they're happier and when they're happier, they're more engaged at work. That's why having a wellness program that works is the key.
What You'll Learn:
- The direct & indirect costs of unhappy & unhealthy employees
- How the highest rated employers have a relentless focus on wellness
- The New Corporate Strategy Pyramid
- How the weight of your employees impacts your bottom line
A white paper on the hard and soft costs for organizations that do not have a personal finance education program in place for employees.
written by:
Heather Davis Richards
Financial Education promises employers a return on investment of atlaest 1:4
i.e., for every one rupee spent in teching employees about their personal finance the organizations stands to gain 4 rupees directly.
To know more view the below presentation
T. Rowe Price has provided a article for Advisors regarding Financial wellness programs:
an opportunity to differentiate your practice and broaden your reach. Employers are increasingly seeking to offer holistic financial education that benefits both the employees and the company itself.
What is Employee Financial wellness and Why should you careramendram
Financial Freedom for Smarter Workforce
Contribute towards your team’s financial well-being which goes beyond giving salaries; connect with us to co-create a Financial Freedom Program for your organization.
1. What is Personal financial wellness – A definition
Financial wellness (or financial wellbeing) refers to a person’s overall financial health and the absence of money-related stress.
2. What is Employee Financial Wellness program
Employee financial wellness programs are programs run by employers that help employees (better) plan & manage their finances and reduce financial worries. As such, they contribute to a better overall financial wellbeing for employees.Employees, in turn, contribute more to employer due to increased productivity, reduced absenteeism, enhanced loyalty.
Enabling Your Workforce
Personalized Attention
Help employees achieve their financial goals with our unwavering support. On-demand mobile and email consultations for all staff guarantees that every financial query is answered in a way that leaves them more informed and empowered.
Facilitating A Change
1. Our goal is to provide working professionals with the financial knowledge and tools they need to be stress-free, financially, and allows them to be more productive at work. With onsite consultations and richness workshops, we can help drive a significant change in organisational efficiency.
2. Unprecedented Expertise
We have worked with over 9000 professionals across 50 companies and held more than 200 sessions that have helped them lead better lives, both professionally and in their personal lives as well.
Running head BENEFIT PLAN 19BENEFIT PLAN FOR ND BAKKEN OI.docxjoellemurphey
Running head: BENEFIT PLAN 1
9
BENEFIT PLAN FOR ND BAKKEN OIL COMPANY
Benefit Plan
Shannon Davison
Rasmussen College
Author Note
This paper is being submitted on May 3, 2015, for Molly Gigli’s B453 Compensation Administration course.
Company: ND Bakken Oil Company
Job Title; Human Resource Specialist
Department: Human Resources
Reports to: HR Director
Duties and tasks: Provides support in functional areas of human resources including but not limited to recruitment and employment, personnel records, relations, job evaluation, compensation management, benefits administration, organization development, training, AA/EEO, and individual projects. The HR specialist will be involved in daily HR activities in support of assigned facilities. The specialist assists in the development and implementation of human resources policies and procedures. Prepares reports in conformance with organization needs or legislated requirements
Environment: Most of the activities will be office-based, it is only on rare occasions such as training will the specialist be out of the office.
Equipment: The specialist will require office furniture and file cabinet because he/she will be involved in a lot of record keeping and paperwork. Extensive knowledge of Windows and Microsoft Office with a proficiency in Excel and Microsoft Word is required.
Relationships: The specialist will be required to have great deal of communication skills because of the supervision tasks. The individual should have interpersonal skills to handle confidential and sensitive documentation and situations. Ability to define problems, collect data, establish facts, and draw conclusions.
Requirements: A Bachelor’s degree in personnel management, human resources or business administration, plus three years of human resources experience or equivalent degree.
The most important asset ND Bakken Oil Company is its people. Keeping your employees happy in the workplace can make ND Bakken Oil Company a stronger, unwavering force within your industry. ND Bakken Oil Company is committed to attracting, retaining, developing and motivating employees toward the achievement of business results, the building of organizational capability. We support this philosophy through integrated programs, processes and workplace practices designed to create partnerships between the organization, its employees and our stakeholders.
ND Bakken Oil Company’s total rewards strategy calls for a program supporting our corporate vision, mission and business strategies. There are six key elements to ND Bakken Oil Company’s Total Rewards Program:
• Base salary
• Benefits
• Work-life balance
• Development and career opportunities
These total reward elements establish the basis for ND Bakken Oil Company to be competitive within the labor markets in which we compete for talent, while representing business strategy, organizational culture and human resource strategy.
ND Bakken Oil Company is committed to ...
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Current Issues for Financial Practitioners 2014-2015milfamln
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This slide presentation addresses key topics to include increasing rates of personal data hacking and tax refund identity theft, implementation of the Affordable Care Act (ACA), new highs for the DJIA and S&P 500 stock market indices, and continued economic fallout from the Great Recession. This 90-minute webinar will present a “Financial Year in Review” with 2014 updates on a variety of personal finance topics and 2015 previews of expected changes in tax laws, government regulations, and financial products and services. Dr. Barbara O'Neill will address these issues and more in this 90-minute session on behalf of the Military Families Learning Network.
Find more resources at https://learn.extension.org/events/1714
COVID-19 Financial Recovery: The Effects of Shifting to Virtual CareHealth Catalyst
Many providers are focusing their COVID-19 financial recovery efforts on reinstating elective surgeries and ambulatory visits safely and effectively. However, an increasing number of providers are hastily shifting from ambulatory to virtual care without fully considering the financial implications. Shifting to virtual care may have unintended financial impact on many other facets of your business, including physician compensation, staffing needs, fixed assets, and more.
Dan Unger, Senior Vice President and General Manager of Financial Transformation Business at Health Catalyst, explores the financial implications of shifting from ambulatory to virtual care as part of your organization’s COVID-19 financial recovery strategy.
In this webinar, Dan discusses the following:
-Four phases of COVID-19 financial recovery.
-Current trends in outpatient volume.
-Key considerations when considering the shift from ambulatory to virtual care.
Budgeting in Midst of Unpredictability 022022Megan Williams
An educational and illuminating look at the strategies healthcare finance leaders can use to take immediate action in addressing labor shortages and responding to ongoing change.
The Worksite Wellness Council of Massachusetts (WWCMA) presented our 2016 WorkWell MA Award Winners with their plaques at the Annual Conference during an awards ceremony.
The 2016 WWCMA 5th Annual Conference - Shifting the Focus to Employee Well-being was a huge success with enriching educational sessions, networking opportunities and great vendors on a beautiful fall New England day.
WWCMA WorkWell Massachusetts 2015 Award Winners. The inaugural award program for the Worksite Wellness Council of Massachusetts. Winners include Berkshire Health Systems, Web Industries, athenahealth, Borislow Insurance, Cambridge Health Alliance, Celldex Therapeutics, Injured Workers Pharmacy (IWP), OMAM, Trip Advisor, A.I.M Mutual Insurance Companies, Babson College, Endurance International Group, Kronos, Incorporated. The 2016 program will open in April 2016.
Thank you to all who participated in the April 17, 2012 meeting, Best Practices in Physical Activity and to our guest speakers, Karen Kelly, RN, Director of Health and Wellness at Borislow Insurance, and Linda Vacovec A.C.E.- Plus One Health Management.
When introducing a physical activity program as part of a worksite wellness program, it isn't uncommon to face challenges with program selection, maintaining employee engagement, and building physical activity into the everyday workplace culture. Karen and Linda shared their best practices and success stories on mastering these basics.
More from Worksite Wellness Council of Massachusetts (20)
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1. -Presented by-
Mark Singer CFP®, AIF®
Best Selling Author & Founder of The Financial Literacy Toolbox
Greater Boston Corporate Wellness Forum
152 The Lynnway, Lynn, MA 01902
781-599-5009
WWCMA 2014 Conference Delivering the Financial Wellness your Employees Need
4. “Companies put ‘the cart before the horse’ in emphasizing employee investment education. What employees first need to do is to straighten out their personal financial mess.”
– Mark Nadler, Economist, Professor at Ashland University
10/21/2014
4
6. Why it is financially smart
TO BE PROACTIVE…
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6
7. INCREASE THE BOTTOM LINE by Helping Distressed Employees During Challenging Financial Times
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7
8. Employee Personal Finances And The Bottom-line
Financially Illiterate adults do not manage their personal finances very well…
And they do not save and invest enough for a financially successful retirement.
This contributes to lower productivity as well as higher health care costs.
10/21/2014
8
9. 9%
39%
33%
16%
3%
Extremely
knowledgeable
Fairly knowledgeable Somewhat
knowledgeable
Slightly
knowledgeable
Not at all
knowledgeable
Are Your Employees Preparing?
“People who fail to plan for retirement have half the
wealth of people who do”
Dr. Olivia S. Mitchell – Pension Research Council
The Participant Magazine (2012). Annual SSGA 2012 Participant Survey Retrieved from
http://www.ssga.com/definedcontribution/us/docs/KnowledgePower%20SSgADC_The%20Participant02.
pdf
Employee Knowledge about Financial Matters
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10. Let’s Talk About…
Employee Personal Finances
Employer Bottom Line
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10
11. Employee Personal Finances Retirement Saving Realities
Participation in and deferral rates to retirement savings plans are inadequate
Most are not saving enough for retirement
Workplace education and advice programs have been underutilized
Millions of employees say they cannot afford to save for retirement, and 1 in 4 say credit card debt is a reason
Employees do not know how to help themselves
Employers do not understand the value of providing their employees easy access to the best mix of quality financial programs
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11
12. AND The Lack Of Financial Literacy Is THE MAJOR REASON Why Employees Do Not Save For Retirement
“Financial Literacy” Is Knowledge About
Spending Plans
Credit Management
Savings
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12
13. 30 MILLION AMERICAN WORKERS – 1 in 4 – report they are seriously financially distressed and dissatisfied with their personal finances.
“These distractions and resulting levels of stress affect EEs health & productivity and perpetuate a myopic view of the future”
Financially Stressed Employees = Unhealthy & Unproductive Employees
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13
Price Waterhouse Company (2014.) Annual Price Waterhouse Financial Wellness Survey Retried from: http://www.pwc.com/en_US/us/private- company-services/publications/assets/pwc-employee-financial-wellness- survey-2014-results.pdf
14. EE Financial Stress Rising
61% Dealing with Financial Stress
Of those, 56% Cite Stress Level INCREASED Over Prior Year’s 28%
Price Waterhouse Company (2014.) Annual Price Waterhouse Financial Wellness Survey Retried from: http://www.pwc.com/en_US/us/private- company-services/publications/assets/pwc-employee-financial-wellness- survey-2014-results.pdf
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17. High Stress Impacts Workplace 1/3 EEes Cite Financial Issues A Distraction At Work
Price Waterhouse Company (2014.) Annual Price Waterhouse Financial Wellness Survey Retried from: http://www.pwc.com/en_US/us/private- company-services/publications/assets/pwc-employee-financial-wellness- survey-2014-results.pdf
EQUALS 12-20 hours per month LOST IN WORKPLACE
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18. Stress Heightens for Majority of Employees
In 2011 the highest financially stressed employee segment $100K+
In 2012: $30K - $49K
40% stressed in this segment in 2012
28% in 2011
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19. Research says, “Every time someone on your work team brings his/her money worries to the team, WORKPLACE PRODUCTIVITY DROPS”
Cultural Impact
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21. “Employers may not realize they can improve profits
–AND PROVE IT–
by helping employees improve personal financial behaviors”
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22. Studies have shown that RETURN ON INVESTMENT for financial wellness training in the workplace is $2.8/1 AND MAY BE MUCH GREATER*
* These calculations are reasonable estimates. Some numbers are very low estimates and ABC Company’s Human Resources Department has the most accurate data. Decreases in accidents, workplace violence and theft , and reduced fiduciary liability are additional ROI values that are not part of this ROI calculation, although they could be and would increase the ROI significantly
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23. Integrate Wellness with Retirement Plan
Use New Technologies to Deliver and Measure Results
Develop Benchmarks For Future Success
The Tools To Use To Change The Conversation…
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26. Comprehensive Data Usage Activity Reports
Company & Individual Level
Date
Personalized engagement score
% of video watched
Viewed downloads & attachments
Name & email address
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27. Audience Survey Question
Basics of Investing
Financial Planning Basics
Mechanics of Budgeting
Psychology of Budgeting
Basics of Asset Allocation
Basics of College Planning
Coordinating Your Dream Team
Protecting Your Family (insurance/estate planning)
Setting Goals
How To Maximize Your Social Security Benefits
Nearing Retirement: What to Do
The Most Common Retirement Mistakes
Why It Is Important to Create a Bucket List
Coping With Death
How Women Can Take Control of their Financial Planning
Intergenerational Conversations: How to Have Them
The Importance of Financial Organization
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30. Conclusion
Financial Stress = Unhealthy, unproductive workforce
Latest Stats illustrate impact of and rise in stress
Illustrations demonstrate the benefits of a solid wellness program
Happier, more productive employees
Health savings costs
Better prepared for retirement
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31. Go to Financial Literacy Toolbox
www.financialliteracytoolbox.com
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32. Footnotes
a.Based on reduced absenteeism and less work time dealing with personal financial concerns. See research and press releases at www.PersonalFinanceFoundation.org
b.Conservative estimate as poor financial wellness and high health care costs are correlated; confirming research underway
c.Employer saves $92 in FICA taxes that need not be paid the government because employee contributes $1,200 to health reimbursement plan ($1,200 X 0.0765)
d.Employer saves $382 in FICA taxes that need not be paid the government because employee contributes $5,000 to dependent care reimbursement plan ($5,000 X 0.0765)
e.Employer saves $800 for every employee who moves from traditional BCBS health care plan (for which employer pays $6,000) to consumer driven health care (CDHC) policy which is less expensive for the employer ($5,200)
f.Bagwell & Kim, 2008; Drentea, 2000; Drentea & Lavrakas, 2000; Garman et al, 2004; Genco et al., 1999; Garman et al., 2007;l Jacobson et al., 1996; Lyons & Yilmazer, 2005; Kim, Sorhaindo, & Garman, 2004; Prawitz et al., 2007; Shatwell et al, 2007.
g.Kim, Sorhaindo, & Garman, 2003; Prawitz et al, 2007; O’Neill et al, 2005 (2 articles); Sorhaindo & Garman, 2002.
h.Garman et al, 1999; Kim, Garman, & Sorhaindo, 2003 (AFCPE and ACCI); Kim, Sorhaindo, & Garman,
i.2004; O’Neill et al, 2006; Weisman, 2002.
j.Kim, Garman, & Sorhaindo, 2003 (AFCPE and ACCI); O’Neill et al, 2006; O’Neill et al, 2005 (2 articles).
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