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

2. 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

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

4. 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

5. Should we nudge more retirement contributions?

6. 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 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

7. 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

8. 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.

9. 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 me:
The Committee, the HR department and I thank you for your time and consideration!