Administration June 1, 2015

R.I. Treasurer to Increase Pension Transparency

Rhode Island will now disclose fees it pays to investment managers, according to news reports.
Reported by

Rhode Island Treasurer Seth Magaziner announced a proposal to increase transparency at the state’s pension fund.

The International Business Times reports that, under the proposal, Rhode Island will disclose the full range of fees and expenses it pays to investment managers and will fully disclose those managers’ performance. The proposal would not only mandate full disclosure of fees, expenses and fund-level performance, but also liquidity restrictions fund managers place on investors wanting to redeem their funds.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

“It really comes down to a basic principle,” said Magaziner, according to the news report. “When you’re managing public funds, the public has the right to know.”

Large public funds such as New York City’s and California’s have been disclosing financial and performance information for several years now, but most public pensions do not go that far. After a push by lawmakers in 2011 to increase public pension transparency, organizations testifying before a U.S. House panel said such disclosures would paint a misleading picture of public finance, impose costly measures and threaten the current tax-exempt status of state and local government bonds. Still, some say more transparency is needed.

Benefits June 1, 2015

More Employers Using Holistic Wellness Programs

A strong majority (78%) of employers include financial wellness, mental health and more in their workplace well-being programs.
Reported by

The Virgin Pulse and Workforce “The Business of Healthy Employees” survey found that, more than ever, employers are taking a more holistic approach with their workplace well-being programs.

Seventy-eight percent of employers are expanding beyond physical wellness to include broader well-being areas like financial wellness, mental health, and more (up 6% from last year).  Eighty-three percent of executives surveyed say they place improving employee well-being at the top of 2015 priorities.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

Ninety-three percent of executives agree that well-being programs can prevent employees from feeling burnt out, and more than 80% of employees say they participate in workplace well-being programs to reduce their stress levels.

Additionally, the survey suggests workplace well-being programs have a significant impact on company culture—more than 80% of employees report feeling positive about work culture because of well-being programs.

More employers (72%) are positioning their well-being program incentives as rewards instead of punishments. The survey also found many organizations will increase the frequency of their communications (41.7%), adopt new communications channels (35.3%) and test out new communications types and styles (32.5%) in an effort to increase employee participation in employee well-being programs.

“There’s a much needed shift taking place in the industry,” says Chris Boyce, CEO of Virgin Pulse. “Gone are the days of focusing on physical health alone. Today, workplace wellness programs are broadening their scope and focusing on the whole person, which helps to replenish what modern life depletes. By taking care of employees’ overall well-being, employers are creating great places to work filled with healthier, more productive employees.”

«