Employers Could Improve Benefits Education

Employers continue to spend too little time and fewer resources for helping employees understand their employee benefits, a survey from Unum shows.

Twenty-eight percent of employees who were asked to review their benefits in the past year said the benefits education provided by their employers is fair or poor. Only half of those employees said they received printed information or brochures, down from 70% in 2008.  

Just over one-third of those employees were offered a chance to attend an information and question-and-answer session about benefits, down from 52% in 2008. The percentage of employees who had access to a toll-free number to speak with a benefits adviser dropped sharply, to 29% in 2011 from 47% in 2008.  

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

Unum’s fourth annual survey of American workers also shows a high correlation between effective benefits education and a workplace satisfaction.  

More than eight in 10 (82%) employees who rated their benefits education highly also rated the employer an excellent or very good place to work. Conversely, only 27% of employees who rated their benefits education as fair or poor also said their employer was an excellent or very good place to work.  

Seventy-nine percent of those who rated their benefits education highly said they would choose to stay with their current employer even if they were offered the same pay and benefits elsewhere.  

Conducted online by Harris Interactive, the survey polled more than 1,100 employed adults following the 2011 benefits enrollment period.

 

Sentinel Launches App for Checking Benefit Balances

Sentinel Benefits & Financial Group (SBFG) released a mobile application that enables employees to verify their retirement plan and reimbursement account balances.

In addition, the app includes a flexible spending account (FSA) eligibility scanning feature for iOS and Android devices. Users can scan barcodes to determine if health-related products can be purchased using pretax dollars through a reimbursement plan.   

In summary, the Sentinel Benefits app allows participants to: 

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

  • Check balances of retirement accounts (401(k)); 
  • Check balances of reimbursement accounts (FSA, HRA, HSA); 
  • Scan product barcodes to determine whether items can be purchased using pretax dollars; 
  • View the FSA Eligible Expense List; and 
  • Contact Sentinel Benefits by email or telephone. 

The Sentinel Benefits mobile application is available for a free download from the iTunes App store, Google Play and the Blackberry App World.

 

«

Continue Reading for Free
 

Register and get access to…
 

• Breaking benefits news and analysis, on-site and via our newsletters

• Educational webcasts, white papers, and e-books from industry thought leaders

• Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

Already have an account? Sign in Now