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America’s Retirement Savings CrisisWhat Employers Can Do
EANJ’s Role
Educations/AwarenessAdviceTraining
Best Practices Finding Solutions
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In 2009, 8 state-wide meetings (217 employers) expressed top concerns:
1. Increased healthcare costs (78%)2. Productivity of workforce (62%)3. Mismatch of skills of current and future
workforce (39%)4. Finding money for capital investments (32%)
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2009 EANJ Board Strategy Meeting
Raising Awareness
2010 2011 2012 2013 20140
50100150200250300350400450
Priority #1: Healthcare
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725 EANJ members (49% of membership)Total 22,000+ covered lives
Helping to Solve the Healthcare Crisis
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In 2014, top concerns are:
1. Healthcare costs (68%)2. Mismatch of skills (62%)3. Productivity (62%)4. Difficulty hiring (29%)
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“Solving” the Problem
Full-time opening remains vacant Older worker works part-time (no
healthcare benefits) Full-time hiring is delayed
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38 million working-age households (45%) have no private retirement account
Medium retirement account balance is $3,000 for all working households
$14,500 for near retirement households
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Reasons that small employers do not sponsor 401K
Administrative burdens Fiduciary and legal issues Absence of in-house expertise Cost and fees Employee turnover
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Joseph CalvanelliPresidentOpinionAmerica Group
What are Americans 50-years and older are thinking and saying about retirement and the economy
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Dr. Teresa Ghilarducci Professor, EconomicsNew School for Social Research
Strategic Human Resources in an Aging Society: How Can Employers Win?
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Panel Discussion
Grace ProtosWoman’s Bureau
Bruce BergmanU.S. Bureau of Labor Statistics
Everett LoSocial Security
Administration
Christina RimEmployee Benefits
Security Administration
Joseph LaganaNJ Assembly (38th District)
John J. SarnoPresident
EANJ