Addressing An Aging Workforce in Higher Education
Colleges and universities deal with many budget constraints among them an aging workforce which includes staff and tenured faculty. Faculty members continue working longer in many cases for the benefit package which includes medical coverage. This further constrains school’s budgets and oftentimes productivity as well. This event will identify the problem and propose possible solutions.
Rocke D. Blair, CEBS, Practice Leader
White Oak Advisors
Historically, the importance of the link between participant retirement success and business success metrics has been at best undervalued and, at worst, completely ignored. This leading-edge approach to retirement plan management allows a plan sponsor to take a once overlooked, “lazy” or quiet employee benefit and transform it into a strategic lever for workforce and organizational optimization. This session begins with identifying the challenge ahead and the components driving it. These components are measured as an overall organizational liability to understand the impact to the organization from an aging workforce unable to off-board on time with adequacy. Prescriptive solutions are identified to offset the emerging liability and to minimize the impact on the employer for long-term sustainability and viability of both parties.
Richard Ward, Director
Medical benefits for retirees have been in flux for 25 years as many plan sponsors have taken action to reduce or eliminate retiree medical benefits. This portion of the presentation will point out the factors that have led employers to reduce or eliminate retiree health coverage while also examining the impact of the cost shift to retirees. We’ll examine techniques some employers have taken to address challenges while still considering the needs of retirees.
- Understand the impact of the reduction in employer provided retiree health coverage.
- Explore alternative methods to provide meaningful retiree health benefits.
- Consider lower cost alternatives that are at least budget neutral while providing enhanced tax efficiency for retirees.
Chad Morris, Vice President
Gregory & Appel Insurance
As employers continue to implement and further incentivize participation in consumer driven health care plans, employees are in need of tools to help them make better health care purchasing decisions. There are no pricing standards for health care so charges for medical services can vary greatly - even for the same procedure, in the same area, in the same network. Also, quality may not be related to price - there are many high quality providers offering services at a lower price. Good decisions can only be made if quality data is paired with accurate pricing. Software tools are becoming more available to provide easy-to-understand cost and quality information to help people choose the best care at the best price. These tools can better engage your employee population by offering a personalized and integrated experience - along with targeted and timely recommendations. We will provide an overview of what tools are available and how they can benefit your organization's employees.
Edward P. Isakson, PHR, Director, Human Resources
Archdiocese of Indianapolis
The Roman Catholic Archdiocese of Indianapolis employs 5,000 employees at 133 parishes, 69 schools and six charitable agencies through-out 39 counties in the state of Indiana. The Employees Tax Deferred Savings Plan began in 1993 as a supplement to a defined benefit plan. Over the years, the reliance of the pension plan for retirement income has been reduced with greater emphasis placed on the 403(b) program. With this paradigm shift in mind, Ed Isakson, Director of Human Resources, realized the need for change regarding how the 403(b) program has been viewed within the Archdiocese and how it has been communicated to eligible employees. Primarily through self-study, Ed embarked on systematic deployment of principles of Behavioral Finance as a means to improve the plan’s effectiveness and the financial viability of the organization.
Who Should Attend:
- Educational Institutions
- Colleges and University Board of Directors
- Tenured Faculties
- Faculty Members
- Human Resource Executives
- Human Resource Personnel
Rocke Blair is Practice Leader and Lead Consultant for Healthcare clients in the Midwest for White Oak Advisors. Prior to joining White Oak Advisors, Rocke served as Regional Vice President for Transamerica Retirement Solutions/Diversified for 20 years and has been in the employee benefits industry over 25 years. He brings experience of the vendor marketplace and industry background working with healthcare organizations, manufacturing, financial institutions and non-profit organizations.
Rocke has worked with clients who have complex retirement plan structures including defined contribution plan (profit sharing, 401(k), 403(b), 457) and defined benefit plans. His specialty is the consolidation of multiple plans onto a single recordkeeping platform for optimizing plan sponsor resources, plan efficiencies and improved reporting while improving the retirement outcome for plan participants and effectiveness for plan sponsors.
He is a member of the American Society of Pension Professionals & Actuaries, founding member of the Cincinnati Retirement Professionals Association and frequent speaker on, “Mitigating the emerging liabilities from an aging workforce” at regional plan sponsor conferences and webinars.
Rocke has the Certified Employee Benefits designation from the International Foundation of Employee Benefits and the Wharton School; an MBA from Capital University in Columbus, OH; a B.A. in Chemistry and a degree in Business from Indiana University as well as the Certified Behavioral Finance Analyst designation from the Allianz Global Institute of Behavioral Finance. He lives in Cincinnati with his wife and two children where he enjoys the outdoors; cycling, running & golf; and continuing education.
Rocke Blair is Practice Leader and Lead Consultant for Healthcare clients in the Midwest for White Oak Advisors. Prior to …
Richard M. Ward is Senior Director | TIAA Health. TIAA Health manages the TIAA Retirement Healthcare Program and the Emeriti Retirement Health Solutions defined contribution health savings programs. Mr. Ward led the team responsible for developing and launching the TIAA Retirement Healthcare Program in 2010. In 2011 Mr. Ward led the initiative for TIAA to collaborate with Emeriti Retirement Health Solutions where TIAA now manages the investment, record keeping and trust administrative aspects of their programs. Current responsibilities include the sale, implementation and oversight of TIAA and Emeriti defined contribution retiree healthcare plans at over 81 institutions with a total of 60,000 plan participants.
Mr. Ward joined TIAA in 1987 and has held various senior level positions within the organization. In 2000 he opened the firm’s Tampa office and led institutional relationship teams serving plan sponsors throughout the Southeast and Midwest. Mr. Ward is a graduate of Manhattan College and is registered principal (FINRA Series 7, 24, 63, 65 and a Series 51). He resides in Virginia Beach, VA with his wife and two daughters.
Richard M. Ward is Senior Director | TIAA Health. TIAA Health manages the TIAA Retirement Healthcare Program and the Emeriti …
Chad Morris joined Gregory and Appel in 2011 and serves as a Vice President - Senior Benefits Consultant. Chad has over 9 years of experience in the employee benefits insurance field. Corporate Wellness is a passion and a focus for Chad. He can help an organization reduce claims costs by introducing programs that help change employee behavior via rewarding those who choose to live healthy lifestyles. Prior to joining Gregory and Appel, Chad has worked in several different roles in the employee benefits insurance industry including client service, consulting, and agency management. In 2013, he received his Patient Protection and Affordable Care Act (PPACA) certification. He brings a well-rounded base of business expertise as well. Prior to working in the employee benefits field, Chad helped businesses with their commercial banking needs as well as their payroll and HR technology needs.
Chad Morris joined Gregory and Appel in 2011 and serves as a Vice President – Senior Benefits Consultant. Chad has …
Since 1992, Ed Isakson has been the Human Resources Director of the Roman Catholic Archdiocese of Indianapolis, which has 130 parishes and 70 schools in central and southern Indiana. He is responsible for developing strategies for recruitment and retention, compensation and benefits, performance development, legal compliance, child protection, and personnel policy administration for the 5,000 employees of the archdiocese. Ed has a bachelor’s degree in education from Miami University in Ohio, a master’s degree in education from the University of Cincinnati, and a master’s degree in business administration from Xavier University in Cincinnati. He has achieved the designations of Professional in Human Resources (PHR) from the Society for Human Resource Management and Certified Compensation Professional (CCP) from World at Work.
Since 1992, Ed Isakson has been the Human Resources Director of the Roman Catholic Archdiocese of Indianapolis, which has 130 …
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About White Oak Advisors
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.
TIAA (TIAA.org) is a unique financial partner. With an award-winning track record for consistent investment performance, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $854 billion in assets under management (as of 12/31/2015) and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.
About Gregory & Appel Insurance
For 131 years, professionalism, hard work and commitment to our clients have fueled our growth. Our people are the driving force behind our firm. In 2009, the Indiana Chamber of Commerce named our company the 2nd Best Place to Work in Indiana.
Since our start, we've been independent. This allows us to respond to our clients and their service needs without internal bureaucracy or external shareholder pressures. An unrelenting commitment to superior client service fosters continuous improvements in our products and services.
About Archdiocese of Indianapolis
The Archdiocese of Indianapolis covers central and southern Indiana and is called to faith and salvation in Jesus Christ in the Roman Catholic tradition. We strive to live the Gospel by:
- Worshiping God in word and sacrament
- Learning, teaching, and sharing our faith
- Serving human needs
We commit ourselves to generosity and to the responsible use of our spiritual and material resources.
The Archdiocese is responsible for 133 parishes, 69 schools and six charitable agencies in 39 counties within Indiana. We employ 5,000 employees of whom 2,800 are full-time. These employees are supported by five full-time employees in Human Resources operating within a centralized benefits administration system. Until 2008 we offered a traditional defined benefit retirement plan along with a supplemental 403(b) program. As budgets and demographics within the Diocese changed, a shift to a defined contribution program occurred. To meet this shift, the current 403(b) plan required re-organization and a strategic approach as to its position within the Diocese. Ed Isakson, Director of Human Resources, will speak to how the Diocese met this challenge & re-organized the 403(b) program using Behavioral Finance concepts.