Employers are getting ready for benefits to cost more for an older workforce. And while some are willing to absorb the additional expense, others plan to let workers foot the bill.

That’s according to a plan sponsor survey from the LIMRA Secure Retirement Institute, which said in a blog post that although 73 percent of employers are steeling themselves for higher costs resulting from an older workforce, that doesn’t mean they’re also preparing to pay for it all.

In fact, while half have said they’d absorb the cost, another 41 percent intend to pass it along to their employees. A third said that they’d consider cutting benefits, salary growth and their own contribution to employee retirement plans to manage benefit expenses.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.