Navigating the Future: What SS&C Technologies Holdings Employees Should Know About Potential Benefit Changes

Healthcare Provider Update: Healthcare Provider for SS&C Technologies Holdings: SS&C Technologies Holdings does not publicly specify a single healthcare provider as their employees may have multiple options through employer-sponsored health plans and the ACA marketplace. Health insurance offerings commonly include large national insurers like UnitedHealthcare, Anthem (Elevance Health), Aetna, Cigna, and others, depending on the benefits structure set by the company. Blog Post Paragraph on Potential Healthcare Cost Increases in 2026: In 2026, SS&C Technologies Holdings employees may face significant increases in healthcare costs due to rising health insurance premiums, with many leading insurers projecting hikes up to 66%. The anticipated end of enhanced federal premium subsidies could leave nearly 92% of marketplace enrollees, including many SS&C employees, grappling with out-of-pocket premium increases exceeding 75%. As employers reevaluate their benefit strategies, employees may also see a shift towards higher deductibles and out-of-pocket maximums, making it essential to stay informed and prepared to manage these impending expenses. Click here to learn more

Research on employer sentiment shows that many businesses have been negatively impacted by inflation, with many looking to cut costs including employee benefits. As a SS&C Technologies Holdings employee, it is imperative to account for this information and plan ahead as to ensure the welfare of you and your family.

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Why?

As a potential recession looms, increase in job changes, additional training, inflation, and  an older workforce has forced employers to cut health and maternity leave benefits. If you are a SS&C Technologies Holdings employee dependent on these benefits, it is essential to account for this transition and adjust your spending accordingly.

One method employers use to quickly reduce costs is reducing these benefits back to FMLA requirements of about 12 weeks rather than offering more than the requirement.

U.S. employers regularly face rising health benefit costs, according to Mercer’s National Survey of Employer-Sponsored Health Plans. According to MarketWatch, the average couple retiring at age 65 can expect to spend $300,000 on health care in retirement, which does not include long-term care needs. As a SS&C Technologies Holdings employee planning to retire, you may want to consider these values and determine if it is a good idea to start saving more money to supplement your future medical bills.

https://www.marketwatch.com/story/vanguard-reverses-decision-to-cut-retiree-medical-benefit-after-employee-outcry-11633632066

“So, the expectation is that health care costs will accelerate in the coming years regardless of what happens to inflation,” he says. Mercer’s research also found that employers were not looking to put the brunt of rising health care costs on employees, such as raising deductibles or copays. Survey data shows that fewer employers are making cost-cutting changes to benefits compared to prior years. 

So,  who is cutting benefits?

Some SS&C Technologies Holdings companies are cutting benefits such as life insurance and death benefits.  SS&C Technologies Holdings employees feel their former employer is reneging on a promise made when they were hired 20-30 years earlier.  As many find that these cuts don't apply to top executives, who have life insurance under a separate company-paid program, which the company can't reduce without their permission.

These companies state that the cuts for other retirees will bring their benefits more in line with the benefits at other large employers, and that only a handful of  Fortune  100 companies still offer most employees life insurance that continues after retirement. If you are a SS&C Technologies Holdings employee, you may want to consider planning in accordance to these cuts as to not be taken by surprise in the event they are implemented at your workspace.

https://www.wsj.com/articles/at-t-slashed-promised-life-insurance-for-former-workersand-time-runs-out-at-year-end-11640544022?st=a8293xazk6a3cb0&reflink=desktopwebshare_permalink   

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Can SS&C Technologies Holdings legally cut benefits

As we mentioned in prior articles the Allstate case discusses companies' options with respect to terminating benefits.  

In the early 1980s, Allstate distributed booklets to employees that described the retiree life insurance benefit as being provided at 'no cost.' Starting in 1990, Allstate distributed summary plan descriptions (SPDs) that, unlike the earlier booklets, reserved 'the right to change, amend or terminate the plan or the provisions of the plan at any time.'

The US 11th Circuit Court of Appeals ruled in  Klass v. Allstate Insurance Co.  that Allstate did not violate the Employee Retirement Income Security Act (ERISA) when it terminated retiree life insurance benefits.   After this ruling we saw other companies pursue terminating retiree life insurance benefits.   https://law.justia.com/cases/federal/appellate-courts/ca11/20-14104/20-14104-2021-12-28.html

https://www.govinfo.gov/app/details/USCOURTS-ca11-20-14104

Can Retiree Health Benefits Provided by SS&C Technologies Holdings Be Cut?

For employees and retirees who work or worked at SS&C Technologies Holdings that provide post-employment health care benefits, an important question to ask is under what circumstances can the company reduce or terminate these benefits. 

SS&C Technologies Holdings employees and retirees should know that private-sector employers are not required to promise retiree health benefits. Furthermore, when employers do offer retiree health benefits, nothing in federal law prevents them from cutting or eliminating those benefits—unless they have made a specific promise to maintain the benefits. The key to understanding your SS&C Technologies Holdings retiree health benefits lies in the documents governing your plan.

https://robertsdisability.com/eleventh-circuit-affirms-allstate-retirees-are-not-entitled-to-lifetime-life-insurance-benefits/

Prudential Freeze on Retiree Benefits Left Some Feeling 'Betrayed'

Prudential Financial stopped contributing to retirement medical savings accounts for retirees, according to a letter sent to employees. In addition, Prudential retirees must now use all the money accrued in the accounts over 20 years, rather than over their lifetime, and any remaining balance reverts back to Prudential life.  https://www.inquirer.com/business/prudential-financial-retiree-medical-savings-accounts-healthcare-costs-20211215.html