Retiree numbers are growing, and active membership is declining. Retiree healthcare costs continue to rise because of this demographic trend. Many health and welfare funds also pay for health benefits on a “pay as you go” basis, which affects plan costs, risks and liabilities. It has been a financial challenge for plan sponsors to continue to fund the cost of post-retirement medical and pharmacy benefits. The charts below illustrate this situation.
Labor First has consistently achieved savings and reduced the unfunded benefit liability – with no impact on the level of benefits retirees are accustomed to. We achieve success by combining extensive market knowledge and experience to deliver service and support functions that enhance the retirement experience for each member and their family. For more information on how Labor First can help you save, please Contact us.