Trusight's Benefits & Policies Survey Results: Coming Soon!
In April-May of this year Trusight launched its first regional Benefits and Policies Survey questionnaire. Thank you to the 201 respondents!
The new survey targets specific member benefits and complements the national Policies and Benefits Survey that was most recently published in February 2011.
The new survey results will be released later this month. Here are preliminary highlights:
- Approximately 50% of the respondents are in the manufacturing industry, in line with Trusight’s membership. The survey will include cuts by industry and employment size so that members may benchmark their benefit offerings against organizations of similar size and in similar industries.
- Most employers limit benefits to employees working 30 or more hours per week; the exception is retirement benefits, with a sizable number of employers offering coverage to individuals who work fewer than 29 hours per week. ERISA can influence the threshold for retirement at about 20 hours per week or 1,000 hours.
- The average cost of employer-paid benefits as a percentage of payroll, including statutory benefits, is 25.4%, less than the 29.7% average recently reported for U.S. private employers by the U.S. Bureau of Labor Statistics. As average salaries rise, the percent of total compensation attributable to benefits declines.
- The vast majority of employers (89%) offer 401(k) plans to their employees, consistent with national survey data, and over 75% make contributions to their employees’ 401(k) accounts.
- The average percentage of medical premiums paid by the employer for all types of plans is 79%, identical to the average recently reported for U.S. employers U.S. Bureau of Labor Statistics.
- Over 60% of respondents offer PPO plans, in line with national surveys by Kaiser Family Foundation, The Society for Human Resource Management (SHRM).and Mercer. Interestingly, 39% of respondents offer high deductible health plans, a higher percentage than reported by national surveys.
Member organizations that participated in the survey will receive a complimentary copy of the survey results. If you did not participate and wish to purchase the survey results, click here for the survey order form.
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