Tag Archives: employee benefits

What does the multiemployer pension funding crisis look like?

On Friday, July 13th, the Joint Select Committee on the Solvency of Multiemployer Pension Plans will hold its 5th public hearing as it seeks to investigate issues around the operations and solvency of multiemployer pension plans. Friday’s hearing focuses on what’s at stake for current workers and retirees.

In light of the Congressional work around this subject, Milliman has put together an infographic that visually explains some of the complexities underlying the multiemployer pension funding problems. The data is taken from Milliman’s Spring 2018 Multiemployer Pension Funding Study, which reports on the estimated funding status of all U.S. multiemployer plans.

Source: Milliman Spring 2018 Multiemployer Pension Funding Study

 

Singapore: Retirement attitudes Pulse survey 2018

This Pulse Benefits in Asia update by Mark Whatley and Juraidah Hussain highlights the results of Milliman’s retirement attitudes survey conducted among human resources and other professionals who visited Milliman’s employee benefits booth at the HRM Asia HR Summit & Expo Asia in Singapore recently. The survey was intended to harness attendees’ views on their own retirement plans in order to establish a snapshot of retirement readiness among professional-level employees in Singapore and across Asia.

Milliman expands Employee Benefits practice in Asia to Malaysia

Milliman today announced that the company is further expanding its employee benefits practice with the hire of Lin Fong Chow as Practice Leader, Employee Benefits Malaysia. Lin Fong brings with her more than 17 years of benefits and rewards experience in Malaysia.

Farzana Ismail, Managing Consultant for Milliman in Malaysia, said, “When we set up the Milliman office in 2016, we were keen to quickly expand our full global service offering to the Malaysian market. I am delighted that we will now be able to offer the Malaysian market access to a locally based team of Employee Benefits consulting talent to complement our existing insurance and health expertise.”

Mark Whatley, Practice Leader, Employee Benefits South East Asia, added, “Lin brings with her a wealth of experience working on both the consulting and corporate side of Employee Benefits and is driven by a passion for putting clients first.”

Enhancing total rewards program engagement and value proposition

A large Milliman client with approximately 30,000 employees operates under a number of distinct brands. The majority of these employees work in the field, spread across the country in numerous regional centers.

The client is committed to a set of core values and a culture of engagement, yet the multiple brands and scattered geography were making it difficult to create a cohesive culture. Despite the organization’s ongoing investment in a solid package of employee programs, services, and opportunities, employees were not understanding and valuing the programs offered—their overall total rewards. In fact, many benefit programs were languishing.

The client approached the firm looking for a solution. The client’s primary goals were to:

• Maximize the return on the considerable investment the organization was making in employee programs and boost awareness of, appreciation for, and participation in key benefit programs.
• Increase employee engagement and, over time, build trust, influence attraction, motivation, and retention efforts, and improve productivity.

To read more about how Milliman helped this organization meets its goals, read Sharon Stocker’s case study.

Thailand: Impact of amendments to the Labour Protection Act on severance payment and retirement

Two recent amendments to the Labour Protection Act in Thailand will affect companies’ retirement practices. One amendment provides for an increase in the severance payment for employees with more than 20 years of service. The other amendment established that an employee is entitled to retirement from age 60 and clarified that the severance payment is payable on retirement. Milliman’s Danny Quant and Mark Whatley provide perspective in this article.

Top 15 global articles and reports for 2017

Milliman’s most viewed articles worldwide in 2017 covered topics related to healthcare in the United States, the rise of InsurTech, and the challenges of IFRS 17. (For summaries and links to all of the articles, click here.)

Here is the list of the top global articles and reports for the year:

15. MACRA: Key Considerations for health plans, By Colleen Norris and Mary van der Heijde

14. Multiemployer Pension Funding Study, By Kevin Campe

13. The American Health Care Act, By Jason Karcher

12. MACRA and Medicare Advantage plans: Synergies and potential opportunities, By Christopher Kunkel, Drew Osborne, Lynn Dong, Michael Polakowski, Noah Champagne, and Charlie Mills

11. Effective employee communication: The benefits of best practices, By Jessica Gonchar, Heidi tenBroek, and Sharon Stocker

10. Building blocks: Block grants, per capita caps, and Medicaid reform, By Justin Birrell, Jennifer Gerstorff, Nicholas Johnson, and Brad Armstrong

9. Overview and practical considerations of the new insurance contract standard: IFRS 17, By Gillian Tucker and Andrew Kay

8. InsurTech: Innovation in the P&C insurance space, By Thomas Ryan

7. The employer stop-loss insurance marketplace since the Affordable Care Act, By Mehb Khoja

6. 2017 Public Pension Funding Study, By Rebecca Sielman

5. Summary of individual market enrollment and Affordable Care Act subsidies, By Paul Houchens, Jason Clarkson, and Zachary Fohl

4. Impact of the transition from RAPS to EDS on Medicare Advantage risk scores, By Deana Bell, David Koenig, and Charlie Mills

3. Corporate Pension Funding Study, By Zorast Wadia, Alan Perry, and Charles Clark

2. Pension Funding Index, By Zorast Wadia and Charles Clark

1. Milliman Medical Index, By Christopher Girod, Susan Hart, and Scott Weltz