Administration Of The Plan
The Ontario Retirement Pension Plan Administration Corporation will begin contacting Ontario employers in early 2016 toverify their existing pension plans and assess the coverage offeredto employees.
1 Ontario Bill 56, Ontario Retirement Pension Plan Act,received Royal Assent on May 5, 2015.
2 As part of its federal election platform, the Liberalshad noted that the government intended to work with the provincesto âenhanceâ the CPP.
3 Such that benefits equal or exceed the benefits beingoffered under the ORPP.
The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.
Employee Wellness Programs Reduce Healthcare Costs
Quantifying the total dollars saved from a well-being program can be a challenge, but it is possible to estimate the impact of a lab-based screening program on risk identification. For wellness programs that offer lab-based testing to help identify chronic disease risks, participants spend 30% less in overall per-employee per-year claims.2
For a population of 10,000 employees, an annual lab-based screening program will identify approximately 2,000 previously unrecognized cases of chronic disease.3 That translates into 170 employees at risk of diabetes, 60 at risk of kidney disease, and 500 at risk of cardiovascular disease, which adds up to a total potential cost of over $4 million.4,5
Survey Of Human Resource Executives And Office Workers Suggests Employee Health May Be A Key Ingredient To Addressing The Great Resignation
“2022 Health at Work” report from Quest Diagnostics reveals the attitudes and expectations of HR executive decision makers and employees about the changing world of work, employee health and COVID-19, and what it takes to compete for today’s scarcest resourcepeople
SECAUCUS, N.J., May 9, 2022 /PRNewswire/ — As millions of U.S. employees voluntarily resign and employers desperately scramble to find workers, a new survey suggests employee health strategy may be a key ingredient to keeping employees well and at work. Among employees thinking about changing jobs, better benefits in general , better healthcare benefits specifically , as well as work/life balance , were three of the top four reasons employees were considering the change. More money was the top reason, at 50%.
“2022 Health at Work,” a report from Quest Diagnostics , sheds light into the unprecedented employer-employee dynamics taking shape in a competitive labor marketand the unique challenges employers face to deliver quality, cost-effective health benefits that meet the heightened demands of workers. The report is unique for engaging both employers and employees to uncover points of agreement and disconnect, based on a survey of 423 human resources benefits managers and executives with decision-making authority and 846 office workers at companies with 100 workers or more.
Recommended Reading: Enroll Social Security Retirement Benefits
People Thank Us Every Day
Jamey Smith Tampa, Florida At Quest since 2016
Im originally from Baton Rouge, Louisiana. I first came to Tampa for college and went back to Baton Rouge where I worked in a call center, and then returned to Tampa.
A friend recommended that I work at Quest. I was initially hesitant about being in a call center again, but the environment at Quest was not what I expected. It was very open and much quieter.
I take calls from doctors, patients and insurance companies. I look up results, add/cancel orders and address other issues.What I do helps people and improves peoples lives. I feel there is a purpose to what I do. Were doing something positive and helping people manage their health. Believe it or not, people thank us nearly every day.
I like to tell people how easy it is to get your own results just by setting up a MyQuest account. Also, doctor offices often dont know much about QuestConnect. I really enjoy hearing how surprised people are when I tell them about our services.
Sustainability Of The Orpp
The ORPP will be administered by the recently establishedOntario Retirement Pension Plan Administration Corporation ,which will operate at arm’s length from the government. The ACwill be assisted and advised by the Office of the Chief Actuary .The ORPP will have a funding policy designed toensure sustainability of the plan over a 100-year period. The ChiefActuary will conduct actuarial valuations of the plan. The fundedstatus of the ORPP will be measured by the difference between thecurrent contribution rate and the sustainability rate, which is thelowest contribution rate required to keep funding sustainable inthe long term.
Shortfalls or surpluses will trigger prescribed actions that maybe taken by the AC’s board of directors. The details ofthese actions have not been disclosed, but they would include, inrespect of a shortfall, “reversing any previous actions takenduring a funding excess and reducing benefit indexation up to acertain limit.” If the shortfall is not remedied by thesesteps, the AC may increase contribution rates by up to 0.2%.It is not yet clear whether this will result in an increase ofcombined employer/employee rate from 3.8% to 4% or an increase ofeach of the employer and employees rates of 1.9% to a new combinedrate of 4.2%.
You May Like: Social Security Benefits Eligibility For Non Citizens
Enhanced Health Benefits Are A Solution To Being An Employer Of Choice
Traditionally, HREs have relied on slowly evolving benefits and wellness programs to help. However, new population health strategiesbased on data analytics, and comprehensive biometric, laboratory, behavioral, and other data to identify individuals at risk for chronic diseaseshave emerged as a replacement to traditional wellness screening programs.
Quest has implemented employer population health programs for years with great success for its 50,000 employees and other Fortune 500 companies that surmount the limitations of traditional wellness programs to improve engagement. Through its own programs, the company has delivered approximately $60 million in estimated savings over the past 5 years in employee-related medical costs. These savings were achieved through improved vendor management to reduce out-of-network utilization and intervention programs to reduce health risks in at-risk members. Quest has been able to reinvest savings in additional programs, including mental health programs, as well as minimize health insurance premium growth.
To be sure, employee benefits are not the only reason jobseekers are considering a change. Upward career mobility, interest in other fields and industries they may not have been free to pursue before, and the increased ability to work remotely or in hybrid environments are factors, besides money that go into decision-making.
Employee Wellness Programs Improve Morale And Company Culture
In addition to being able to hire and retain employees, employers strive to create a workforce of engaged, happy employees. Offering a workplace well-being program can help with that goal, as it often leads to higher morale and improved company culture.
Offering wellness benefits shows employees that they are appreciated and respected and that the company cares about them and values their health and well-being. One study of full-time employees whose companies provided wellness programs found that 89 percent of employees surveyed said that participation in a workplace wellness program has improved their overall happiness and well-being.11
The benefits of implementing a workplace wellness program are numerous, and they positively impact both the company and the employees who work there.
2. Estimated cost savings based on 2018 Quest Diagnostics Blueprint for Wellness data.
3. Estimated number of unrecognized at-risk individuals identified annually based on 2018 Quest data and extrapolated to an employer population of 10,000 employees. For new programs, number identified in first year will be higher than current estimate.
Achievers And Quest Diagnostics Win Gold In The 2022 Brandon Hall Group Excellence Technology Awards
Achievers and Quest Diagnostics secure the Gold award for Best Advance in Employee Recognition Program in the Talent Management category
TORONTO, Sept. 14, 2022 Achievers, an industry-leading employee experience software platform, announces its joint win of a Gold award by Brandon Hall Group with its customer case study of Quest Diagnostics , the worlds leading provider of diagnostic information services.
This win, within the Best Advance in Employee Recognition Program in the Talent Management category, spotlights an organizations workplace strategy and the approach to rewarding and recognizing its workforce to improve performance and business outcomes.
Our customers and the success of their recognition programs inspire us every day, said Jeff Cates, CEO of Achievers. It is an honor to have our decade-long relationship with Quest Diagnostics celebrated through this prestigious award win. Over the years, we have been able to witness Quests dedication to creating a stellar culture of recognition. Seeing the dramatic impact employee recognition has had across Quests employee base is a constant reminder of the positive outcomes all our customers can have.
With Achievers award-winning employee recognition and engagement solution, Quest Diagnostics has been able to accomplish its goal of fostering a culture of appreciation while also consolidating all recognition, awards, and tenure onto one platform.
About Quest Diagnostics
About Brandon Hall Group
Quest Diagnostics Vp Talks Boosting Worker Health Without Invading Privacy
When it comes to employer communications about wellness, tone and word choice matter, Steven Goldberg told HR Dive.
Employers are in the business of supporting employee health. According to the Society for Human Resource Managements 2022 Employer Benefits Survey, nearly half of employers consider wellness benefits a significantly important offering.
But striking the balance between helping employees without overreaching into employee privacy can be tricky. HR Dive spoke with Steven Goldberg, MD, MBA, vice president and chief health officer, employee and population health, at Quest Diagnostics about how the company has managed efforts directed at employee health while also respecting worker privacy.
Editors note: This interview has been condensed and edited for clarity.
INDUSTRY DIVE: Why do you think its important for employers to be involved in employee health?
STEVEN GOLDBERG: The first is cultural. Employees want their company to convey care for them, and health and health benefits and related offerings are a high priority for employees in terms of total rewards. So to message and offer a good portfolio of benefits is important for retention, especially in the setting of the Great Resignation and what people have called the Great Rethink.
How does a company identify the appropriate level of involvement in employee health?
You May Like: What Will Be My Social Security Benefit When I Retire
How Will It Work
The ORPP will be a supplement, and very similar in design, tothe existing CPP. When fully phased in, it will require equalcontributions from employees and employers . This compares to thecurrent CPP regime which requires employer and employeecontributions of 4.95 percent each . The biggestdifference between the ORPP and the CPP is that CPP contributionscurrently max out at an income level of $54,900 , whereasthe ORPP will max out at an income level of $90,000, subject toindexation for inflation.
For both the CPP and ORPP, the basic exemption amount is set at$3,500 .
ORPP contributions will be phased in. For large employers with500 or more employees, contributions will start January 1, 2017,and will be increased each year until 2019. For medium-sizedemployers, contributions will begin January 1, 2018, withcontributions phased in to their maximum by 2020. Small employerswith fewer than 50 workers will start contributing on January 1,2019, with contributions phased in to their maximum by 2021. Othersemployers will start to make contributions on January 1, 2020.These phase-in rules are summarized in the table below.
You May Like: What Are Pre Tax Commuter Benefits
No Time For Failure The Covid Test Developers’ Story
At Quest since 2018
Gwynn: “Our work was crucial because so many depended on us to get the Quest COVID-19 Lab Developed Test up and running. A delay of a day or two could mean no diagnosis for people suffering with the virus.”
Russell: “To say the pressure was insane would be an understatement. There was no time for failure. We felt the weight of the patient needing treatment and the doctor looking to make a diagnosis. The stress led to sleepless nights for both of us…
Russell: “Developing a test for a novel pathogen is difficult because so little is known about the organism and samples aren’t available for test development. It was a real tag team effort and we literally had to watch each other’s back. “I think we both felt a brief moment of relief when we got approval from the FDA on March 17.
Gwynn: “It’s hard to put into words how proud I feel that we helped develop this test. Projects like this are what drew me to doing this type of work. It’s something I’ll want to tell my children about when they’re old enough to understand.”
Background On The Orpp
The ORPP is a mandatory pension plan for residents of Ontariowho are employees, but who donât have âcomparableâworkplace pension plans. A âcomparable planâ is definedas a registered pension plan, subject to federal and provincialregulation, that meets the following minimum thresholds:
- provides people with a predictable stream of income inretirement for life
- provides people with security
- requires contributions by employers to ensure fairness
- aims to replace up to 15 percent of a personâspre-retirement income
Workplace defined benefit or defined contribution pension planswill meet the comparability test, provided that certain specificconditions are first met.3 Group Registered RetirementSavings Plans and Deferred Profit Sharing Plans will not beconsidered comparable plans for this purpose.
Employers that offer a registered workplace plan thatdoesnât meet the above minimum thresholds will have until 2020to decide if they want to adjust their plans or enrol theiremployees in the ORPP.
Greetings From Your Hr Department
Dear LSS Employees,Without you, Lutheran Senior Services would not be able to live out our mission of Older Adults Living Life to the Fullest. Its for that reason LSS offers benefits that support you and your family, allowing you to choose what meets your own personal needs. When your own needs are met, you are better equipped for making a positive difference in the lives of others.
This web site will help you and your family to learn about the various components of our benefits package and get answers to your questions 24 hours a day, 7 days a week. The tools you will need for enrolling are available at your fingertips. Be sure to note the information about the Wellness Program, the success of which has been outstanding in increasing the level of wellness for our workforce. According to the data provided by our wellness vendor, we are healthier today than we started the program a few years back. Lets keep that trend going!
To enroll in our benefits and/or make changes, please visit Workday. If you have any questions or need help, contact your HR representative.
We greatly appreciate all you do for those we serve. Thanks for making our mission come alive!
Best regards,Director of Benefits and Compensation, LSS Human Resources
Recommended Reading: Medicare Part C Benefits 2022
Quest Diagnostics Perks And Benefits At A Glance:
Workers at Quest Diagnostics rank their Perks and Benefits higher than most, situating them in the Top 10% of all tantamount estimated associations with 10,000+ Employees on Comparably.
The Product office and agents with 3 to 6 Years involvement with Quest Diagnostics rank their Perks and Benefits the most critical, while the Operations office and laborers with 6 to 10 Years experience rank the Perks and Benefits at Quest Diagnostics the least against other section bundles at the association. Mission Diagnostics Benefits join Dental Insurance and Health Insurance. Representatives score their Perks and Benefit a normal of 80/100.
Thank You For Sharing
As millions of U.S. employees voluntarily resign and employers desperately scramble to find workers, a new survey suggests employee health strategy might be critical not only to keeping employees well but also keeping them at work. The 2022 Health at Work report, released by Quest Diagnostics, addresses such hot-button topics as the changing world of work, employee health, and COVID-19.
While there has been significant attention on low pay, lack of flexibility, and disrespect at work as main reasons driving the Great Resignation, our findings suggest employee health programs play a major role as well, Jay G. Wohlgemuth, chief medical officer at Quest Diagnostics, said in a statement. Employers are taking extraordinary measures to attract and retain talent, and health care benefits, access, and affordability are areas of focus they cant afford to overlook to compete for workers.
Don’t Miss: University Of Iowa Retirement Benefits
Tackling The Great Resignation Its All About The Health Benefits
The Great Resignation has been covered, discussed, and analyzed ad infinitum. It is hardly a fresh topic, admittedly, but its going to remain a topical one for the foreseeable future.
According to Quest Diagnostics2022 Health at Work study, more than 3 in 4 HR leaders say their organizations have been impacted by this shifting dynamic in the job market. It also revealed that a full two-thirds of employees say they are thinking about changing jobs within the next year, have begun actively looking, or have completed a job change.
Organizations are going above and beyond to attract and retain talent. They are offering signing bonuses, additional vacation days, and other perks. However, jobseekers are in the drivers seat, and they are clearly seeking a better experience. HR knows, and HR is responding.
Ninety percent of those leaders believe that for their organizations to attract the workers they need over the next year, they must increase wages and offer genuinely meaningful benefits packages. Its true that money is the top reason half of employees give for considering a job change, but better benefits in general , better healthcare benefits specifically , and better work/life balance round out the top four reasons given by employees for considering a new position in another organization.
Phase In Of Contribution Rate By Type Of Employer
Benefits will be indexed to increases in wages and the cost ofliving, and will start to be paid in 2022. Benefits will generallystart at age 65 however, similar to the CPP, individuals will havethe option to receive adjusted retirement income as early as 60 oras late as 70.
Note: The ORPP cannot cover self-employed workers because thefederal Income Tax Act does not allow self-employed people toparticipate in a registered pension plan. Ontario has asked thefederal government to consider changing the Act to allowself-employed workers to join the ORPP.
You May Like: Fresenius Medical Care Employee Benefits