Data and Research April 5, 2018

Retirement Plan Participation Higher Than Census Bureau Data

Ever since the Census Bureau instituted a new survey in 2014, it has shown retirement plan participation to drop sharply, but the ICI says analysis of tax data shows that participation has held steady since 2008.

Reported by

In an analysis of tax data conducted by the Investment Company Institute (ICI), the organization found that in 2014, 63% of workers between the ages of 26 and 64 participated or had a spouse that participated in a retirement plan.

This is higher than the findings from the U.S. Census Bureau’s Current Population Survey (CPS), the ICI says. Ever since the Census Bureau instituted a new survey in 2014, it has shown retirement plan participation to drop sharply. Rather, the ICI says, analysis of tax data shows that participation has held steady since 2008.

The ICI also discovered that participation increases with age and income. In 2014, 56% of workers between the ages of 26 and 64 participated in a retirement plan, and another 7% had a spouse that did. For workers between the ages of 45 to 64 with an income of $30,000 or more, participation by the worker or by their spouse jumps to 77%. Only 24% of workers with an income of less than $20,000 participated in a retirement plan, whereas 85% of those with an income of $100,000 or more did so.

Get more!  Sign up for PLANSPONSOR newsletters.

“More American workers are benefiting from employer plans than the conventional wisdom would suggest,” says ICI Senior Economist Peter Brady. “This is for two reasons. First, the most widely cited statistics undercount retirement plan participation. Second, many only look at the headline statistic, which provides a snapshot of participation at a single point in time—but preparing for retirement is more like a movie than a snapshot. Many of the younger and lower-income workers who are not participating today will do so later in their careers.”

The ICI’s analysis is based on data from the Internal Revenue Services (IRS’s) Statistics of Income (SOI) Division. The ICI said that CPS data between 2008 and 2013 was five percentage points lower than the SOI data.

Products April 5, 2018

Maestro Health Offers New Approach for Self-Funded Health Benefits

The new approach consolidates all of the critical components of health care into a single integrated solution designed to reduce complexity and save money, the company says.

Reported by

Maestro Health announced the launch of an innovative health plan management approach to its (me)SELF-FUNDED BENEFITS.

By redefining the traditional self-funded benefits model, the new solution puts employers back in control and reduces costs and complexity by making health care transparent and people-friendly, the company says.

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

“Our team has a deep background in self-funded benefits, and we understand the pain that employers and brokers experience as they attempt to mitigate skyrocketing premiums and a dizzying health care landscape. Our new approach consolidates all of the critical components of health care into a single integrated solution designed to reduce complexity and save money,” says Ray West, chief growth officer, Maestro Health. “We understand that every company is unique, which is why we created a highly personalized solution that can meet employers where they are on their benefits journey. Our tiered strategy is designed to help employers of all types and sizes seamlessly transition to our self-funded model.”

The all-in health plan management approach focuses on:

  • Provider access and controlled costs eliminating the use of networks with a people-friendly reference-based pricing model;
  • Pharmacy benefit management providing transparent pricing, negotiation and claims adjudication;
  • HEALTHY(me) care management utilizing a holistic approach of wellness programs, nurse coaching and engagement strategies across the continuum of care; and
  • Plan administration and services supporting employers and employees with transparency tools and “we’ve got your back” service.

Maestro offers a “crawl, walk, run strategy” to ensure employers start with the plan management level they are most comfortable with. Level one offers traditional networks, aggressive out-of-network contracting, in-house case management and an extensive pharmacy network. Level two offers a national physician network, people-friendly reference-based pricing for facilities, integrated telemedicine, chronic care and a higher-performing pharmacy network. Level three offers a full breadth of in-house clinical services, freedom to see any provider, integrated telemedicine and a narrow, high-value pharmacy network.

More information can be found here.

«