Benefits September 15, 2010

Study of Public Plan Finds Auto Enrollment Drastically Increases Participation

September 15, 2010 (PLANSPONSOR.com) - A study of South Dakota’s Supplemental Retirement Plan (SRP) has found that instituting automatic enrollment results in a staggering leap in participation rates.
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The study, commissioned by Retirement Made Simpler and conducted by the Center for State and Local Government Excellence, said prior to the implementation of automatic enrollment, about 20% of all eligible employees participated in the SRP. Eight months after the passage of automatic enrollment legislation, 91% of new, eligible employees whose units chose to implement automatic enrollment participated in the plan and remained in it. 

In addition, of the 1,172 new hires that were automatically enrolled, 102 opted out, an 8.7% opt-out rate.  

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The study found only 1% of employees in government units that had not implemented automatic enrollment voluntarily enrolled in the SRP.   

South Dakota’s Supplemental Retirement Plan (SRP) is a 457 plan offered to members of the South Dakota Retirement System (SDRS), a defined benefit plan. In 2008 the South Dakota legislature approved the use of automatic enrollment, which was implemented for the SRP beginning in July 2009.  

The full study report is here.
Benefits September 15, 2010

Women Struggle More with Work/Life Issues

September 15, 2010 (PLANSPONSOR.com) – A North Carolina-based work-life benefit provider has found that women are three times more likely than men to spend at least 25% of their time at work on caregiving responsibilities.
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The Workplace Options’ poll of 998 workers indicates women are more likely to see a negative impact in their work due to caregiving responsibilities (25%) in comparison to men (17%). In addition, women are also more likely to suffer from stress (39%) than their male counterparts (27%).  

According to a press release, nearly half (48%) of adult caregivers are employed full-time. While 63% of workers considered benefits such as flex time, telecommuting, and counseling to be important in balancing work and personal responsibilities, more than half (53%) are employed at companies that do not offer such benefits, and another one in five workers are not even aware if such benefits exist at their workplaces.  

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The survey found 78% of workers say family is their top priority. Only 12% claim themselves as the top priority, and 10% indicate work is their top priority.  

More information about Workplace Options is at http://www.workplaceoptions.com.

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