The Great Recession is accelerating the shift toward employee-paid benefits programs, according to Prudential Financial Inc.
Prudential, Newark, N.J., is discussing that shift in a report based on separate surveys of plan sponsors, plan sponsors, and brokers and consultants that were conducted in April and May. Prudential also commissioned a survey of plan sponsors in 2007.
strategy will be highly important by 2015. About 20% of employers said expanding voluntary benefits menus is an important strategy this year; 34% said that strategy will be important in 2015.
The new Affordable Care Act, the legislative package that includes the Patient Protection and Affordable Care Act (PPACA), seems to be contributing to the effects of the weak economy on the shift toward increased use of voluntary benefits, Prudential says.