Addressing the gender gap in retirement savings
Women live an average of 22 years after retirement, compared with just 19 years for men. The longevity difference, combined with the disparity in pay between the sexes, does not portend well for women, according to a new study by Hewitt Associates.
Advertisement
The HR consulting firm estimated that women need to replace 130% of their final pay at retirement, compared with 123% for men. This discrepancy increases to 10 percentage points when longevity is factored in.
"But despite these challenges, it is possible for women to make a significant impact on the amount they amass in their retirement nest eggs if they are willing to understand the challenges they face and take a few small steps toward improving their saving and investing behaviors," says Alison Borland, defined contribution consulting practice leader at Hewitt.
To help women save for retirement, especially those of Generations X and Y, the Women's Bureau of the U.S. Department of Labor provides a Web site called Wi$eUp, which offers tips and advice on financial security and responsible saving habits.
Related EBN coverage:
Women receive smaller pension payments than men
"Friday Fray" tackles onsite health
Our periodic online discussion, the Friday Fray is tackling worksite health care and onsite clinics. Listen in this Friday (July 11 at 1:00 p.m. EST) as we look at all angles of onsite health.
We will have a panel of experts on the line to answer your questions, so bring a curious mind and a willingness to participate in the discussion.
Joining us on the call will be David Demers, director of strategic planning and product development for Marathon Health, and Dr. Raymond J. Fabius, president and chief medical officer of CHD Meridian.
To join the call, please click HERE. Remember, the call will begin at 1:00 p.m. EST sharp. In order to make sure you are able to ask live audio questions on the call, please log in to the computer system prior to dialing in via telephone.
Related EBN coverage:
Onsite doctors vs. telephonic health coaching
DOL studies work habits of the youngest baby boomers
A survey by the Bureau of Labor Statistics shines new light on the employment history of the youngest baby boomers—those individuals born between 1957 and 1964.
BLS, an arm of the U.S. Department of Labor, found that the youngest boomers held an average of 10.8 jobs over the course of their working lives. The bulk of those jobs were held as young adults. For example, an average boomer held 4.4 jobs between ages 18 and 22, compared to 1.9 jobs between ages 38 and 42.
Although job duration tends to increase with a worker's age, many baby boomers bucked the trend. Among jobs that workers started when they were between 38 and 42 years old, about one-third lasted less than a year (31%) and 65% ended within 5 years.
Related EBN coverage:
Strategies to address the aging workforce challenge
Disease management program targets oral health
The country's first disease management program geared specifically toward improving oral health will launch this month, Delta Dental of Massachusetts announced earlier this week.
The initiative will focus on two categories: children with tooth decay and adults with periodontal diseases. More than 51 million school hours and 164 million work hours are lost each year due to oral health problems.
The nine-month pilot program will provide education about preventive treatment to members and participating companies, and will offer one-on-one health coaching to manage dental disease in high-risk patients.
"We know that oral health is a critical component of overall health," said Fay Donohue, CEO of Delta Dental of Massachusetts. "This new program allows us to really communicate the importance of preventive care. It's one of the many steps we have taken to reach our goal – improving the oral health of all our members."
Related EBN coverage:
Oral health supports employee productivity
Federal workers welcome wireless Internet, survey finds
More than half of all federal employees, including teleworkers, use wireless Internet for work and report significant benefits from doing so, finds a survey released earlier this week from the Telework Exchange, a public-private group based in Virginia.
Government workers already exist in a wireless world. More than eight in 10 surveyed say they believe wireless Internet is also a secure method of transmission. Nearly eight in 10 (78%) currently connect securely through a VPN system.
Despite large numbers of employees currently using wireless tools, 40% of federal executives say they are not yet conducting work via wireless Internet. But that might be a good thing: nearly half of all non-teleworking federal employees are unsure of their agencies' policy regarding wireless Internet, the survey reveals.
Security also remains a core concern: while 83% of federal IT executives say wireless Internet can be secure, only 68% note their agencies are providing wireless security tools.
In addition, executives report "not encrypting laptops" as the top security risk while working outside of the office.
Related EBN coverage:
Leveraging broadband technology to improve teleworking options
CEO gets 15 months for robbing 401(k) funds
Freddie Ford, the former CEO of now-defunct trucking company Airtrans, Inc., was sentenced on July 3rd to 15 months in prison for his theft of $10,771.92 from the company's 401(k) retirement plan, according to the Department of Justice.
"Mr. Ford has been sentenced to 15 months in federal prison, without the possibility for parole, for taking money from those who were working hard and planning for their own retirement," says Lawrence J. Laurenzi, Acting U.S. Attorney for the Western District of Tennessee.
Ford was indicted in December 2006 and found guilty by a jury in November 2007. His theft violated section 664 of Title 18 of the United States Code, which designates as criminal the embezzling or theft of any funds from an employee pension benefit plan.
Related EBN coverage:
Employers owe employees 401k contributions
