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June 11, 2003
Most Not Changing Their Benefits Packages, Survey Finds

Despite the weak economy, most employers are not changing the way they manage employees’ retirement benefits, according to survey results complied by the Society for Human Resource Management.

SHRM says it conducted a survey during the week of May 27 through June 3, in response to many inquiries about the status of retirement benefits. HR professionals were asked, “What (if any) changes has your organization made to its retirement benefits package in the last year due to the economy?”

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Respondents answered with the following:

  • 72 percent responded that they had made no change to retirement benefits.

  • 12 percent responded “other” (various written responses.)

  • 5 percent responded not applicable (have not offered retirement benefits in the last year.)

  • 4.5 percent said they had reduced the match on employee contributions.

  • 4 percent of respondents said they had increased the match on employee contributions.

  • 3.5 percent of the respondents said their organizations are passing more fees on to employees.

  • 2 percent of the respondents said they no longer match employee contributions.

  • 1 percent no longer offer retirement benefits.

The survey was based on the responses of 889 randomly selected human resource professionals. The survey’s error rate is +/- 2.9 percent.

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