Luxury Health Benefits for Top Corporate Bosses on the Wane

via Wall Street Journal

For years executives at Brocade Communications Systems Inc. were treated to a full day of physical exams and assessments in the high-end, spa-like setting of Stanford University’s executive medicine program at a cost of several thousands of dollars per executive.

But the firm ended the perk in 2013, in an effort to eliminate inequalities in its employee benefits package and avoid taxes and penalties associated with the Affordable Care Act.

“That’s basically all gone. We removed differentiation across our personnel as much as we can,” said Dan Fairfax, Chief Financial Officer for the San Jose, Calif., data-storage and networking company.

Pressure from shareholders and tighter health-care law requirements are forcing companies to get rid of or pare down platinum-level health-care benefits.

Read the full article here

Advertisements

About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
This entry was posted in Uncategorized. Bookmark the permalink.