Data and Research September 12, 2016

New Government DC Benchmarking Report

The National Association of Government Defined Contribution Administrator’s report aims to help the industry better understand trends and issues to better serve plan sponsors and participants.

 

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A new benchmarking report entitled Perspectives in Practice “A Benchmarking Initiative for Public Sector Defined Contribution Plans” has been published by The National Association of Government Defined Contribution Administrators, Inc. (NAGDCA).

The report presents a detailed analysis of key operating data from the government defined contribution (DC) industry, based on confidential surveys submitted by 62 individual plans representing $116 billion in plan assets and 2.4 million individual plan participants.

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The survey data allows benchmarking with peers, giving key information for plan sponsors to use in making plan design decisions to support improving retirement outcomes. 

Governmental plans will be able to view data regarding plan types, plan demographics, plan design and features, services, investments, governance, and fees. They will also be able to view participant demographics such as account balances displayed by age and gender.

In addition to the aggregate industry-wide data, governmental plans will be able to refine and sort the data by up to eight key factors such as the number of participants, plan type, or total plan assets, resulting in more useful peer group data.

NAGDCA Board President Polly Scott said “NAGDCA is collecting data in a more robust way that benefits our entire membership, no matter how large or small the plan.”  

To access a copy of the report, go to http://nagdca.org/Publications/Benchmarking.
Compliance September 12, 2016

Hospital Sued by EEOC for Age Discrimination

Federal agency says long-term employees were fired or forced to quit because of their ages.
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According to the U.S. Equal Employment Opportunity Commission (EEOC), Montrose Memorial Hospital, a hospital in Montrose, western Colorado, violated federal age discrimination law. 

The EEOC’s lawsuit states that Katherine Casias worked as a licensed practical nurse and registered nurse for 27 years with the hospital before Montrose fired her. Casias was accused of performance deficiencies for which younger nurses were treated much more leniently.

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EEOC alleges that hospital managers made ageist comments, including that younger nurses could “dance around the older nurses” and that they preferred younger and “fresher” nurses. EEOC seeks relief for Casias and a group of employees, aged 40 and older, who were fired or forced to resign due to their ages.

This alleged conduct violates the Age Discrimination in Employment Act (ADEA). EEOC filed its lawsuit (EEOC v. Montrose Memorial Hospital, Inc., Case No. 1:16-cv-02277 (D. Colo.)) after first attempting to resolve the matter through its pre-litigation conciliation process. The suit seeks monetary damages, including back pay and liquidated damages. EEOC also seeks injunctive relief prohibiting any future discrimination by the employers and mandating corrective action.

“Research shows that pervasive stereotypes about older workers still persist – for example, there are widespread stereotypes that older workers are less motivated, flexible, or trusting and that a younger workforce is preferable,” said Phoenix District EEOC Regional Attorney Mary Jo O’Neill.  “These stereotypes are flatly untrue and must be recognized for what they are – prejudice and false assumptions.” 

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