Richard Grandy Co-Chair Faculty and Staff Benefits Committee

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Presentation transcript:

Richard Grandy Co-Chair Faculty and Staff Benefits Committee September 20, 2017

Committee charge: To advise on Health insurance Parking Prescription coverage Wellness center Dental insurance Employee Assistance Program Retirement benefits Financial courses Long term care insurance Life insurance Dependent tuition Employee tuition

Medical insurance Fact: Rice health insurance is self-insured Goal: Limit the increases in cost per year Strategies: Increase efficiency Increase effectiveness

Increase efficiency and effectiveness Use Urgent Care instead of Emergency Room when appropriate Use generic drugs when appropriate Get check-ups Fill prescriptions Take the medication Take care of yourself Exercise Eat healthy Recognize and cope with stress

Should we nudge more retirement contributions?

Our nudging so far: Until 2013, new employees only made contributions to their retirement accounts if they actively chose to. Since then we have made the default for new employees that they were enrolled at 4% of their salary. We currently have 800+ employees who entered in that system and are still contributing at that level. Fewer than 10% of new employees opt out originally, and very few opt out later

We are discussing whether: 1. to increase the default for those employees contributions 1% per year in subsequent years up to X? 2. to make the default 4% for current employees contributing less than 4% 3. to make the default for current employees contributing less than Y to increase their contributions by 1% per year up to Z. In every case the person can choose to opt out at any time

A few numbers 60% of the employees in the salary range from $35,000 to $65,000, over 500 people, are making zero contributions to personal retirement accounts.

My questions What do you think we should do (or not do)? What do your constituents think we should do (or not do)? We will distribute a survey in about a week. You can always email me: rgrandy@rice.edu The Committee, the HR department and I thank you for your time and consideration!