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“THE MARKETPLACE RESPONSE TO A DOWNTURN”

“THE MARKETPLACE RESPONSE TO A DOWNTURN”. Dan Nagle CEBS, RHU CADP Conference May 28, 2009. WHAT COMPANY LOGOS WILL LOOK LIKE WHEN THE FINANCIAL CRISIS  ENDS . SMALL EMPLOYER RESPONSE. CLOSED DOORS MID-YEAR PLAN CHANGE VOLUNTARY PLANS PROFESSIONAL EMPLOYER ORG. (PEO)

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“THE MARKETPLACE RESPONSE TO A DOWNTURN”

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  1. “THE MARKETPLACE RESPONSE TO A DOWNTURN” Dan Nagle CEBS, RHU CADP Conference May 28, 2009

  2. WHAT COMPANY LOGOS WILL LOOK LIKE WHEN THE FINANCIAL CRISIS  ENDS ...

  3. SMALL EMPLOYER RESPONSE • CLOSED DOORS • MID-YEAR PLAN CHANGE • VOLUNTARY PLANS • PROFESSIONAL EMPLOYER ORG. (PEO) • MORE CONSUMER DIRECTED BENEFITS (HSA)

  4. LARGE EMPLOYER RESPONSE • WORKFORCE REDUCTIONS • PAY REDUCTIONS • 401(K) MATCH • VOLUNTARY SEPARATION PROGRAM • SUSPEND CAPITAL EXPENDITURES • AVOID ADDITIONAL DEBT • REVISE BUDGET PROJECTIONS

  5. $1,000,000

  6. BENEFITS OPTIONS • MEDICAL • NETWORK • 80% HMO • RX • COST SHARING

  7. BENEFITS OPTIONS • DENTAL • ANNUAL ELECTION • COST SHARING • VOLUNTARY PLAN

  8. BENEFITS OPTIONS • VISION • DISCOUNT PLAN • VOLUNTARY PLAN • EMPLOYEE ASSISTANCE PLAN • COORDINATE WITH LTD • TRAVEL ACCIDENT PLAN • ELIMINATE

  9. BENEFITS OPTIONS • LIFE AND AD&D INSURANCE • REDUCE COVERAGE • VOLUNTARY PLAN • DISABILITY INSURANCE • BASE + BUY-UP • VOLUNTARY PLAN

  10. CLIENT DECIDED TO: • REDUCE STAFF • STREAMLINE SYSTEMS • STOP 401(K) MATCH • MEDICAL & DENTAL—50/50% • VISION—75% • EAP—COORDINATE WITH LTD • OTHER PLANS—MAINTAIN AS IS

  11. WHAT WILL EMPLOYERS DO IN 2010? • DEEPER BENEFITS CUTS • CDHP

  12. METLIFE’S 7TH ANNUAL EMPLOYEE BENEFITS TRENDS STUDY • EMPLOYERS • EMPLOYEE RETENTION & PRODUCTIVITY • CONTROLLING COSTS • 14%

  13. METLIFE’S 7TH ANNUAL EMPLOYEE BENEFITS TRENDS STUDY • EMPLOYEES • DENTAL, LIFE, DISABILITY, ETC. • APPRECIATE WORKPLACE BENEFITS • FINANCIAL PROTECTION

  14. HOW WOULD YOU FIX THE ECONOMY? • 40 MILLION PEOPLE OVER 50 YEARS OLD IN THE WORKFORCE • THREE CONDITIONS: • UNEMPLOYMENT—FIXED! • AUTO INDUSTRY—FIXED! • HOUSING CRISIS—FIXED!

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