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Employee-Benefit Plans, 1954–62

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Employee-Benefit Plans, 1954–62 Employee-Benefit Plans, 1954-62 by JOSEPH KRISLOV* The Social Security Administration has presented are included in t.he series, whether or not the periodic reviezos, starting with dnta for 195.4, of government unit contributes (as an employer) to mujor developments in the plans sponsored and the financing of the program. Specifically in- underzoritten by private organizations to help cluded here are plans providing government em- employees-and their families-meet the economic ployees wit,11 group life insurance, accidental death risks attending old age, death, disability, unem- and dismemberment insurance, and hospital, sur- ployment, and the cost of medical care. This year’s gical, regular medical, and major-medical-expense review highlights plan experience in 196.8, the insurance. Retirement and sick-leave plans in growth of the plans during the period 195&6.2, which the government in its capacity as employer and the scope and adequacy of the protection that pays benefit,s directly to its employees are they provide. excluded. BY THE END of 1962, employee-benefit plans were covering 111 million persons-workers and t,heir dependents-under some form of health in- HIGHLIGHTS OF 1962 surance, 52 million under life insurance, and 23 million under private retirement plans. Reflecting Three Federal laws affecting employee-benefit 1962’s generally favorable economic conditions, plans were enacted in 1962 : (1) the Self-Employed most of the major types of plans showed gains in Individual’s Tax Retirement Act (Public Law 87- coverage, cont,ributions, and benefits that exceeded 792) ; (2) the Welfare and Pension Plans Dis- those in 1961. In fact; 1962 was the first year in closure act ,Qmendments (Public Law 87-40) ; which both benefits and contributions registered and (3) legislation permitt,ing tax deductions for an increase of more than $1 billion. Total con- employer contributions to private pension plans t,ributions to employee-benefit plans in 1962 were that include health-care benefits for retired em- $14.4 billion, and benefit payments amounted to ployees and their families (included in Public $9.8 billion. Law 87-863). ,411 “employee-benefit plan,” as defined here, is Enacted after more than a decade of legislative any type of plan sponsored or initiated unilater- consideration, the Self-Employed Individual’s Tax ally or jointly by employers and employees and Retirement Act encourages the establishment of providing benefit,s that stem from the employment pension plans by the self-employed (an estimated relationship and that are not underwritten or paid 7 million persons) by permitting a tax deferral directly by government (Federal, State, or local). on the amounts contributed to qualified retirement In general, the intention is to include plans t,hat funds. To qualify, a self-employed person must provide in an orderly, predetermined fashion for provide a retirement plan for all his full-time (1) income maintenance during periods when employees who have 3 or more years of service. regular earnings are cut off because of death, acci- The most important changes made in the Wel- dent, sickness, retirement, or unemployment and fare and Pension Plans Disclosure Act are those (2) benefits to meet expenses associated with ill- requiring the bonding of persons handling funds ness or injury. and other properties of pension and welfare Government employees who are covered by funds, making certain actions violations of the plans underwritten by nongovernmental agencies United States Criminal Code, providing for the establishment of an Advisory Council, and au- thorizing the Secretary of Labor to issue rules * Division of Research and Statistics. Earlier articles in and regulations and to conduct investigations with this series have appeared in the March or April issue of the Bulletin. respect to violations of the act. 4 SOCIAL SRCURITY As in previous years, collectively bargained con- fare funds in 1962, and it was estimated that about tract settlements were the highlights among the 1.5 million persons had some coverage at the end improvements in employee-benefit plans. Particu- of the year.2 larly prominent in 1962 was the settlement in the The other relatively new plan-long-term dis- basic steel industry, which did not change wage abilit,y insurance-is designed for middle- and rates but made several improvements in the plans.’ high-income employees to supplement sick-leave Supplemental unemployment benefit levels in the plans and insurance plans paying benefits during industry were increased, a new short-week benefit a short-term disability. Under the long-term was introduced, and the employer contribution plans, payments are made to totally disabled per- was increased substantially. In addition, a new sons who have exhausted their short-term benefits. “savings and vacation” plan was adopted. Em- About two-thirds of the long-term disability ployees were given credits of 1 week’s pay for each policies of one large insurance company limited 5 years of service before 1961, plus credit for each their coverage to salaried employees, and many 2-year period of service after 1960. The latter further limited coverage to those employees whose credits may be used as pay for extra vacation salary\ exceeded specified limits-typically $4,800 time, during sickness, during layoff after supple- or $6,000. Benefits as a percentage of earnings mental unemployment benefits are exhausted, or typically provided 50 percent or less of the em- at termination or retirement. Following the gen- ployee’s income, with average maximum monthly eral pattern among pension plans, the agreements benefits ranging from $535 to $1,550. also included several provisions to encourage re- tirement. Similar settlements were negotiated by the United Steelworkers of America in the alumi- num, can, and related industries. TRENDS, 1954-62 In 1962 the Progress Sharing Plan, negotiated The major types of employee-benefit plans in- in 1961 between the American Motors Corporation creased their coverage substantially during the and the United Automobile Workers, made its period under review. Contributions more than first annual distribution of profits. The year’s doubled, and benefits almost tripled. Tables 1, 2, results-generally considered favorabl+suggest and 3 show the trend for each type of employee- that the union may seek to negotiate additional benefit plan. profitlsharing plans. Of the $9.7 million available for distribution in 1962 to the 27,000 hourly em- ployees of the American Motors Corporation, two- thirds was allocated to finance the increased cost Coverage of the supplement,al unemployment benefit plan. At the end of 1962, life insurance was the most Individual employees received the remainder in common form of employee protection, covering the form of company stock ; the average was 7.3 47.9 million employees (table 1). Hospitalization- shares per employee. An employee’s accumulated the most common benefit in the early years of the shares will be transferred to him (or his depend- series-was second in 1962 and covered 43.2 mil- ents) if he has been laid off at least 1 year and has lion employees. Health plans, however, cover sig- exhausted his unemployment benefits, if he has a nificantly more dependents than life insurance. long-term illness or disability, if his job is termi- Hospital-expense insurance covered 67.5 million nated, or if he retires or dies. dependents; surgical-expense insurance, 64.4 mil- Some progress was reported during 1962 in ex- lion; and medical-expense insurance, 49.6 million. tending two comparatively new types of employee- In contrast, life insurance plans covered only 4.2 benefit plans-dental insurance and long-term dis- million dependents. ability insurance. Dental insurance plans were The basic health programs registered bigger adopted by a few employers and health and wel- 2 Lee R. Farmer, “Pioneering Dental Insurance,” and 1 For details, see Department of Labor, Bureau of Kenneth C. Nichols, “Long-term Disability,” Addresses Labor Statistics, Current Wage Developments, April 1, Presented at the 196.3 Group Ineurance Forum, Health 1962, pages 3-5. Insurance Association of America, 1963. BULLETIN, APRIL 1954 5 gains in 1962 than in 1961, both absolutely and insurance reported an impressive advance of 1.2 relat,ively. Hospit.al-expense insurance added 1.9 million in 1962, compared with only 0.3 million in million employees and 2.8 million dependents to 1961. its rolls in 1962, compared with 0.9 million em- Some programs had smaller gains in 1962 than ployees and 1.6 million dependen& in 1961. in 1961. Major-medical-expense insurance added Surgical-expense insurance reported 5.0 million only 3.6 million subscribers in 1962, compared new subscribers-2.0 million employees and 3.0 with 5.9 million in the preceding year. In fact, million dependents; of the 2.0 million added in the the 1962 increase was the smallest for the period preceding year, 0.7 million were employees and under review. Coverage under life insurance and 1.3 million were dependents. Temporary disabi1it.y private ret.irement plans increased less in 1962 TABLE l.-Estimated number of wage and salary workers and their dependents covered under employee-benefit plans, 1 by type of benefit, December 31, 1954 and 1956-62 Beneflts for wage and salary workers Benefits for all wage and salary workers I in private industry Temporary disability Hospitalization 4 5 including formal sick Year Life Accidental leave 7 Regular Major E%- inszizY “;geagf ------- Surgical ’ medical 4 medical ~- “gw$l,Y - iE!F death 2 berment s Written in expense 46 Written in Total compliance Total compliance with law with law Total ________~ ~~ 1954..... ___-__-_- 30.9 14.0 75.3 ::i 66.2 38.1 1.9 22.9 6.7 ________.___ 14.2 lQM1____.______. .- 37.8 17.3 89.0 82.0 54.6 8.3 25.2 7.1 2.0 16.8 1957....-.---...- 40.5 18.4 93.9 1.6 87.8 60.7 12.4 25.8 7.2 :+ 18.1 1958_..__- ------.- 41.8 18.7 95.0 1.4 89.5 63.6 16.2 24.9 6.8 18.8 1959__._.____- ---- 44.3 19.7 98.1 1.5 93.6 69.7 20.3 25.3 6.9 1:9 19.9 1960.
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