Deals and People August 3, 2001

SSgA's Harbert Replaces Lopardo

August 3, 2001 (PLANSPONSOR.com) - State Street Global Advisors' president Timothy Harbert is replacing Nicholas Lopardo as chief executive and chairman, parent company State Street announced Friday.
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According to the statement, Lopardo is retiring from the group in order to devote more time to his family and other outside interests. His departure is effective immediately.

Recent reports in the Boston Globe said that tension with State Street CEO David Spina was the real reason for Lopardo’s departure. According to the reports, Lopardo’s departure followed an argument with Spina over the cost to the firm of flying hockey star Ray Bourque to Boston after his Stanley Cup win, which proved to be the last straw in a series of conflicts.

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‘Nick has been a valued colleague and a key contributor to State Street’s success for the past 14 years, helping to build SSgA into one of the world’s largest asset management firms. We respect his decision and wish him well,’ Spina said in Friday’s statement.

Under Lopardo, SSgA became one of the world’s biggest asset managers, with $727 billion under management, from just $18 billion in 1987 when he joined the group. He became a vice chairman of the parent company in 1997 and was named a director in 2000.

Harbert was hired by Lopardo in 1987. According to the company, he has been instrumental in the expansion of its overseas operations overseas.

Benefits August 2, 2001

Workers Looking For More From Health Plans

August 2, 2001 (PLANSPONSOR.com) - Over half the workers questioned in a recent study want more choices in their employer sponsored health plans - and are also willing to pay more for less restrictive plans.
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In addition the survey by Watson Wyatt revealed that more than half (54%) of worker respondents were willing to pay larger co-payments, while a quarter would prefer paying higher premiums.

Defined Contribution

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According to the 2001 Best Practices in Health Care Vendor Management study, 39% of workers also favor a defined contribution payment system, where employees receive money from the employer to purchase their own insurance. On the flip side, almost a quarter of those surveyed object to the model.

Nevertheless,

  • the vast majority, 92%, still want their employer to facilitate enrollment and premium payment,
  • some 86% want their employers to intervene if a plan denies payment or treatment,
  • the same number want their companies to monitor administrative performance, while
  • just over 80% want them to negotiate price and performance standards, and
  • almost 80% want them to screen plans for quality

Employers Say:

And even though their employees want more plan choices, only 15% of companies say adding more health plan choices is a high priority. In fact,

  • the majority, 83% believes that adding options would increase the administrative burden,
  • almost 80% say it would increase employee confusion,
  • three-quarters say it would reduce negotiating clout,
  • while only half say it would improve employee satisfaction

Results are based on interviews with 255 large employers and survey responses from more than 10,000 workers at 18 organizations.

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