If you haven't checked out the latest Benefits Selling, give it a read. The June issue reiterates there's a lot more evolution to consider in the world of employee benefits than what's been going on with health care reform (although McKinsey's latest survey did add fuel to that fire).
Though it's been somewhat toned down in the media, retirement benefits are on the forefront of radical legislative change. Between fiduciary standards, income-generating options, warped pensions and Social Security's shortfall, retirement benefits should be just as much on consumers' radar as health policies.
I think American Benefits Council President James Klein said it best in his testimony before lawmakers June 14, that "Employer plan sponsors and plan participants need predictable, clear and consistent guidance from our federal agencies and we urge you to help us address this situation."
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Just today, the Postal Service announced its suspension of its employer contribution to the Federal Employee Retirement System, and a coalition rep urged Congress to intervene. But, as we see with Klein's laundry list of legislative reform, and the way in which the Obama administration handled health care waivers – among other things – reform at the national level is a multi-layered and complex endeavor, often with outcomes that are unforeseen and unwanted.
But just because the media isn't hyping the retirement side of employee benefits (yet), or pending major reform, doesn't mean you shouldn't be talking about it with employer clients. In fact, it might do you some good to clear the air. Or else you might get a McKinsey reaction, with 30 percent of possibly misguided employers wanting to drop benefits based on presumptive conditions.
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