Obamacare deadline extended at last minute
The enrolment deadline for full year health insurance plans has been extended. Just hours before the original cut-off at 11.59pm Tuesday the US government announced that consumers would have an extra 48 hours to enrol. The new deadline of 11.59pm Thursday applies to those who want to arrange coverage from Jan 1 2016 through the healthcare.gov marketplace. Some state marketplaces have also extended their deadlines; The New York Post says that those in New York will have until Saturday to enrol. The open enrolment deadline remains at Jan 31 2016 after which consumers will have to wait until the next open period except in special circumstances.
Employers should consider more than just retirement plans
Employers should go further in meeting the financial protection needs of their workforce, according to a new report from
Mercer. The consulting firm says that millennials in particular are not overly concerned or interested in planning for their retirement; instead they are focused on current financial challenges. The report says that DC plan sponsors should shift the focus from purely retirement, highlighting that just 10 per cent of millennials cite this as a concern compared to 30 per cent of baby boomers.
Mercer has ten points plan for employers to consider including;
- Are the programs offered to help employees address their financial needs understood and used?
- How different is the retirement experience of men and women likely to be in your organization?
- Is your investment lineup working for your employees?
- Does your retirement plan maximize tax efficiency and do employees understand what that means?
- What is the appropriateness of your plan’s default investment alternative?
- What challenges result from having retirement assets in multiple places?
- When did you last review your plan’s capital preservation option?
- Are you helping participants make better decisions at retirement?
- re environmental, social, and governance (ESG) factors a consideration for your investment lineup?
- Are loans really deteriorating the financial wellness of your participants?
“Overall, employers need to realize that their employees’ financial needs are evolving, so their approach and offerings need to evolve in tandem to meet those needs,” said Betsy Dill, Financial Wellness Advisory Leader, Mercer. “Empowering employees to make better financial choices through education and programs can boost employees’ morale, productivity and focus.”
Allied World launches new global crisis management division
Allied World Assurance Company Holdings, has announced the launch of a new Global Crisis Management Division comprising structured trade credit, political risk, multi-buyer trade credit & product recall which will operate under the leadership of Todd Germano, Executive Vice President, Global Crisis Management Division. Frank D’Orazio, President, Underwriting & Global Risk Group at Allied World commented, “The customers we serve have increasingly global and complex business models that require a unique understanding of risk and specialized underwriting approach.
