How Retirement Plans Influence Patient Outcomes: What Healthcare Senior Leadership Needs to Know
New studies link employee retirement adequacy to patient empathy and safety. This webcast addresses the link between retirement success and hospital success and how retirement plans are being optimized to influence organizational strategy. This once “sleepy” or “lazy” asset is being viewed in new light as a strategic facilitator for positive ROI versus another expense to the income statement by producing improved safety outcomes and balance sheet results. Managing workforce expense is creating opportunity for the progressive healthcare executive to create a key performance indicator (KPI) as measurement of overall expense management skill.
Jamie Linkowski, Practice Leader
White Oak Analytics
- Past Data has been general in Nature...linking financial scarcity and retirement readiness
- Behavioral finance
- Highlight it as a KPI (key performance indicator)
Kim Andranovich, Director, Center for Behavioral Finance
Allianz Global Investors
- Review of the behavioral challenges and the corresponding behavioral solutions
- Present Bias
- Loss Aversion
- Choice Overload
- Lack of Affective Ease
- 90-10-90 rule to retirement savings (SAVE, SAVE MORE, SAVE SMARTER)
Diane Gallagher, Vice President and Manager
American Century Investment Services, Inc.
- Participant receptivity
- Certified attitudinal survey
Who Should Attend:
- Employee Benefits Lawyers & Attorneys
- Retirement Benefits Lawyers
- Retirement Plan Sponsors
- Insurance Firms
- Benefits Administrators and Consultants
- Top Level Management
Mr. Linkowski is the Practice Leader for White Oak Business Analytics & Data Research Lab, LLC, where he is a thought leader in workforce management. Drawing upon his experience as a retirement plan fiduciary advisor, Mr. Linkowski is a pioneer in the optimization of retirement plans to facilitate corporate strategy.
In 1988, Mr. Linkowski joined The Equitable Financial Companies assisting professionals, executives and owners of closely held businesses with their comprehensive financial planning and asset management.
In 1992, Mr. Linkowski became a Director of the Pennsylvania Financial Group in State College, Pennsylvania where he eventually became a principal and shareholder of their subsidiaries, ARIS and National Retirement Planning Services.
Current day, the centerpoint of Mr. Linkowski’s practice has changed to quantify the liability impact of an aging demographic for the employer and how prescriptive solutions improve their current situation. Through integrated solutions and best practices, improved income statement and balance sheet performance is possible. Such improvements include the reduced spend of Health and Welfare programs for overall budget reduction and increased employer viability and sustainability.
Mr. Linkowski, has sanctioned studies about the relationship between financial scarcity, lack of retirement readiness, and safety and healthcare (BMI). This study forms the basis for Mr Linkowski’s current practice to demonstrate how retirement plans such as 401(k) plans actually reduces healthcare and workers compensation costs more than the health and wellness programs producing a measurable ROI for the employer.
Additional collaboration with employer service providers, and the use of their data into new generation technology, has produced 25-50% reductions in employer programs in recent years. It is the culmination of retirement adequacy and employer data & metrics that drive improved workforce management and effective business practices.
In the end, Mr. Linkowski helps install integrated solutions, empowered by data, to address the issues and costs of an aging workforce, unable to retire on time. He delivers quantifiable results to the employee and the employer.
Mr. Linkowski held the Accredited Investment Fiduciary, “AIF”, degree from fi360 from 2003 – 2014. Recently, he has been a semifinalist for 2016 NAPA 401(k) Innovator Award as well as a Finalist for the Allianz 2016 Behavioral Finance Innovator Award. A 1988 graduate from Boston College where he studied Economics and History, Mr. Linkowski still maintains his Series 65 license.
Mr. Linkowski is the Practice Leader for White Oak Business Analytics & Data Research Lab, LLC, where he is a …
Kim Andranovich Vice President, Senior Project Manager Ms. Andranovich is a senior project manager and a vice president with Allianz Global Investors, which she joined in 1996. She is responsible for leading Allianz Global Investors’ Center for Behavioral Finance, working closely with the Center’s Chief Behavioral Economist and overseeing all Center initiatives. Earlier with the firm, Ms. Andranovich worked with the Institutional Global Operations Management team. She has 28 years of investment-industry experience.
Ms. Andranovich has a B.A. in finance from California State University, Fullerton, and is currently enrolled in the IMCA Applied Behavioral Finance Certificate Program. She holds the FINRA series 7 and 24 licenses.
Kim Andranovich Vice President, Senior Project Manager Ms. Andranovich is a senior project manager and a vice president with Allianz …
Diane Gallagher is vice president, Defined Contribution Investment Only (DCIO) Practice Management for American Century Investments. She is responsible for developing comprehensive programs that deepen relationships with clients and improve plan effectiveness and participant outcomes. Diane originally joined American Century Investments in 1995 and developed communication programs for clients of J.P. Morgan/American Century Retirement Plan Services. Prior to returning to American Century in 2012, Diane was vice president, Retirement Insights for J.P. Morgan Asset Management. Previously, she led product marketing for J.P. Morgan Retirement Plan Services and directed the participant communications and education department. Prior to 1995, Diane served as media relations manager for the Mutual Fund Education Alliance (MFEA). She also worked in Corporate Communications and Marketing for Sinai Health Care System in Detroit, Michigan. Diane earned a bachelor’s degree in communications, magna cum laude, from the University of Detroit. She is accredited by the International Association of Business Communicators (IABC) and has earned many awards for her communication programs. She is President of the Board of Directors of Ronald McDonald House Charities of Kansas City. In 2007, Diane was named one of Kansas City’s “40 Under 40” leaders by Ingram’s magazine. A frequent conference speaker, she holds Series 7, 63, and 24 licenses.
Diane Gallagher is vice president, Defined Contribution Investment Only (DCIO) Practice Management for American Century Investments. She is responsible for …
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White Oak Advisors was founded by tenured professionals in the fall of 2004 with the purpose of providing “top shelf” consulting and advisory services to Employers and Plan Sponsors with various types of Defined Contribution and Defined Benefit retirement plans. White Oak is a boutique retirement plan consulting and advisory services firm based in the Midwest who specializes in plan design, fiduciary committee leadership services, plan investment consulting, compliance and regulatory support services as well as provider search services.
Website: White Oak Advisors
About White Oak Analytics
White Oak Analytics is a business analytics & data research lab focusing on bringing data and quantifiable metrics to the plan sponsor before merely prescribing solutions. Using quantifiable data, plan sponsors realize that the lack of retirement readiness is not just the plan participants’ problem; it is their problem too, but without the data, this connection, the size of the problem, quantifiable measures or KPIs, or actionable intelligence is not possible. Through data analytics, plan sponsor liability from an aging workforce can be measured for actionable measures. White Oak Analytics identifies these actionable steps to offset and to reduce organizational liability or risk illustrated as R=(HC+P+B)1/n
Employer “R" (risk) is measured by the cost of Human Capital (HC), Productivity (P) and Business risk (B) but reduced by the inverse of “n” or number of retirement plans. The cost or the risk from human capital is in terms of medical, Rx, life, vision, disability, dental, workers comp, productivity, absenteeism, presenteeism, turnover cost, knowledge transfer, safety, general liability and wages which can be reduced from off-boarding or retiring “on-time” with adequacy the aging workforce. As employees age, and with little ability to retire, their plight of financial scarcity becomes the plan sponsor’s contingent liability with income statement and balance sheet implications. To be effective will require data, measures, actionable intelligence, prescriptive solutions and integrated fulfillment across the Health, Welfare and Retirement silos. White Oak Analytics is addressing this challenge with cloud based data warehousing for collaborating data management to create financial models or KPIs that can be measured to deliver effective, quantifiable solutions that a plan sponsor can appreciate and monitor.
About Allianz Global Investors
This presentation is based on Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plans by Shlomo Benartzi with Roger Lewin. Save More Tomorrow is the first book from the Allianz Global Investors Center for Behavioral Finance.
The Allianz Global Investors Center for Behavioral Finance was founded in 2010 with the goal of turning academic research into actionable ideas and practical tools that financial advisors and retirement plan sponsors can use to help their clients and employees make better financial decisions.
Allianz Global Investors is an asset management arm of Allianz SE. The Allianz Global Investors Center for Behavioral Finance is sponsored by Allianz Global Investors U.S. LLC, a registered investment adviser, and Allianz Global Investors Distributors LLC.
About American Century Investment Services, Inc.
American Century Investments® is a leading privately-held investment management firm with more than $145 billion in assets under management and has been committed to delivering superior investment performance and building long-term client relationships since 1958. The company’s 1,300 employees serve clients from offices in New York; London; Hong Kong; Mountain View, California; and Kansas City, Missouri. Serving financial intermediaries, investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines. Through American Century Investments’ ownership structure, more than 40 percent of the firm’s profits support research to help find cures for genetically-based diseases including cancer, diabetes, and dementia.