Employee Benefits Report – March 2023
New DOL Rule Would Have Retirement Plans Consider Environmental and Social Factors
On November 22, 2022, the U.S. Department of Labor (DOL) introduced new regulations that allow retirement plans to factor in environmental, social, and governance (ESG) considerations when choosing investments and exercising shareholder rights. This update to legislation previously established in 2020 gives 401(k) participants access to climate-friendly funds and other ESG-focused options. Read on for details.
How Employers Can Maintain Worker Well-Being with Leaner Budgets
As businesses across the country struggle to adjust their budgets during an uncertain economic climate, ensuring employee well-being has become increasingly difficult.
Read on for details.
Do Rewards Programs Really Help Employee Retention?
Many companies have implemented rewards programs to retain employees and keep them engaged, motivated, and committed. The idea is that employees will be more satisfied with their job if they are rewarded for their hard work and dedication.
Read on for details.
Proposed Changes to the VFCP Would Make Self-Correction Easier
The U.S. Department of Labor’s Employee Benefits Security Administration recently proposed an update to its Voluntary Fiduciary Correction Program that would allow employers and retirement plan officials to report self-correction of late deposits electronically. Read on for details.
Employee Benefits Report – February 2023
Top 5 Benefits Concerns of Employers in 2023
As HR teams re-evaluate their offerings in the coming year, they are focused on providing the best employee benefits in the most efficient ways. To help teams make informed decisions, one benefits firm, Nava Benefits, collected information about choices made by HR teams from over 600 vendors across 28 benefit categories. Read on for details.
How to Help Employees Accelerate Retirement Savings
With retirement just around the corner for many, employees are increasingly concerned about their financial future for several reasons, including recent economic events, personal financial issues, or job changes.
Read on for details.
SECURE Act 2.0: What Employers Should Know
At the end of December 2022, the SECURE Act 2.0 cleared both houses of Congress as part of an omnibus end of year appropriation. The Act is a package of bills focused on retirement that expands on provisions from the original SECURE Act enacted in 2019. Read on for details.
Patient-Centered Outcomes Research Institute (PCORI) Fees Rise for 2023
The Internal Revenue Service (IRS) announced on November 14, 2022, that Patient-Centered Outcomes Research Institute (PCORI) fees for health plans for plan years ending in 2022 will increase for the 2023 calendar year. The fees are collected annually and are due by July 31, 2023. Read on for details.
Employee Benefits Report – January 2023
Annual Health FSA Contribution Limit to Increase in 2023
On October 18th, the IRS announced that the annual contribution limit in 2023 for health flexible spending accounts (health FSAs) will be increased to $3,050 — double the $100 increase from 2021 to 2022. Read on for details.
How to Encourage Employees to Use Mental Health Resources
Stressors in the workplace can have a profound impact on mental and physical health. The Deloitte Mental Health 2022 Report revealed that more than 80% of respondents experienced at least one adverse mental health symptom. Read on for details.
Employers Can Help Employees Overcome Burnout with Sabbaticals
Burnout is a real issue for many employees today. According to the 2022 Deloitte Mental Health Report, 55% of employees reported experiencing burnout, which is not good news for employers. In addition, Mercer’s 2022 Inside Employees’ Minds study revealed that burnout due to a demanding workload is one of the top factors for employees considering leaving their job. Read on for details.
Healthcare Costs to Rise in 2023: Cancer Top Driver
According to professional services firm Aon, the average cost of healthcare for their own employees will increase by 6.5% next year. This is a significant increase from the 3.7% uptick seen in 2022. This cost increases similar to other cost increases mentioned here and likely due to the increased willingness of Americans to go in-person for testing and treatment now that the pandemic has subsided. Read on for details.
Employee Benefits Report – December 2022
Access to Telemedicine Diminishes
Telemedicine saw a surge in popularity during the COVID-19 pandemic, as it allowed for social distancing and reduced the risk of infection spread. Read on for details.
Five Critical Issues for Employers Reporting for 2023 ACA Compliance
According to the Affordable Care Act (ACA), applicable large employers (ALEs) are obligated to offer full-time employees and dependents affordable minimum essential health coverage. They must also report to the IRS information about the health coverage plans they offer.
Read on for details.
Businesses Expand Employee Benefits Offerings to Attract and Retain Top Talent
In today’s competitive labor market, offering traditional benefits like healthcare is no longer enough to attract and retain top talent. Business leaders should consider expanding their definition of employee benefits to meet the unique needs of their workforce. By providing a diverse range of benefits, companies can boost morale, increase job satisfaction, and improve retention rates. Read on for details.
Online Tools Help Employees Make Better Benefits Choices, Boost Engagement
The traditional enrollment process for employee benefits, which often involved filling out paper forms and waiting for them to be processed, has shifted towards an online platform. Employers are now seeking ways to improve this experience by incorporating decision-support tools.Read on for details.
Employee Benefits Report – November 2022
Rising Healthcare Costs Compel Employers to Prioritize Plan Affordability
As healthcare benefits costs continue to rise, 67% of U.S. employers are focused on cost control over the next three years. This is in response to an expected 6% increase in healthcare costs in 2023, compared to the average 5% increase this year. Read on for details.
What to Consider When Choosing a Health Benefits Account
According to the Kaiser Family Foundation, approximately 156,199,800 Americans receive health coverage via employer-sponsored plans. Read on for details.
Inflation Reduction Act (IRA): Healthcare Provisions Employers Should Know
President Joe Biden signed the Inflation Reduction Act (IRA) into law on August 16, following House and Senate passage. Read on for details.
Hearing Health Should Be Top Priority
Health benefits are a top priority for most employers, but hearing health is often overlooked.
Read on for details.
Employee Benefits Report – October 2022
Could Looming Recession Endanger Remote Work?
The ability to work from home has been a lifeline for many during the COVID-19 pandemic, but some feel that a recession could jeopardize that perk.
Read on for details.
Employers Look to Improve Health and Benefits Offerings Ahead of 2023 Open Enrollment
Despite the more challenging economic environment, employee turnover rates have not improved significantly. According to the US Bureau of Labor Statistics, 4.2 million people quit their jobs in June 2022, showing little change. Read on for details.
Fertility Treatments Could Be Affected by State Abortion Bans
In states where abortion has been banned, fertility treatments could also be affected, even if unintentionally. If the wording of the abortion bans is not careful, it could make some fertility treatments illegal and make it more difficult for people to access them. Read on for details.
Virtual Physical Therapy: The Rise of Telerehabilitation
Healthcare experts predict that virtual physical therapy of musculoskeletal conditions will become increasingly popular and will likely comprise a significant portion of telehealth services delivered in the future. Read on for details.
Employee Benefits Report – September 2022
Employers Should Beware of Compliance Issues with Abortion Benefits
The recent Supreme Court ruling on abortion has left many employers scrambling to understand the impact it will have on their ability to provide health coverage for their employees. Read on for details.
Removing the Stigma Surrounding Debt Benefits
Debt is often a taboo topic, but it’s essential to talk about it openly.
Read on for details.
Can Menopause Benefits Create a Happier, More Productive Workforce?
For many years, women in the workforce have ignored what makes them different from their male counterparts to prove they are just as capable. Read on for details.
Proposed Overtime Rule Scheduled for October
The US Department of Labor (DOL) is now expected to release its proposed overtime rule in October, according to the spring regulatory agenda released on June 21st. Read on for details.
Employee Benefits Report – August 2022
Big Increases in Voluntary Benefits Participation
According to a survey by professional services firm Aon, the number of employers offering voluntary benefits increased by 41 percent from 2021 to 2022.
Read on for details.
DOL Issues Mental Health Parity Act Enforcement Warning
In 2021, Congress passed the Consolidated Appropriations Act to put teeth into the Mental Health Parity and Addiction Equity Act (MHPAEA) of 2008. Read on for details.
How to Use Benefits to Improve Talent Acquisition and Retention
With over 4 million more job openings than employees to fill them, the task of talent acquisition and retention has become a significant challenge for many companies. Read on for details.
Zillennials Challenge Traditional Workplace Conventions
MetLife’s 20th Annual Employee Benefit Trends Study shows job satisfaction has tumbled to a two-decade low. Zillennials – who represent the generation born between 1993 and 1998 – exhibit the lowest level of satisfaction.
Read on for details.
Employee Benefits Report – July 2022
IRS Increases 2023 HSA and HDHP Contributions
In late April, the IRS announced a significant increase in health savings account (HSA) and high-deductible plan (HDHP) contribution limits prompted by rising inflation. Read on for details.
Making Changes to Caregiving Benefits in the Era of Hybrid Work
The COVID-19 pandemic has forced many workers to adapt their schedules and work styles to accommodate new childcare and eldercare responsibilities. Read on for details.
Best Practices for Substance-Misuse Benefits
The COVID-19 pandemic has had far-reaching effects on the nation’s mental health.
Read on for details.
Employers Concerned Over Hybrid Work
The shift to a hybrid work model has created new challenges for employers, who must now accommodate remote and on-site employees.
Read on for details.
Employee Benefits Report – June 2022
House Passes SECURE Act 2.0
There will be fundamental changes to retirement legislation if the Senate passes the SECURE Act 2.0, which the House of Representatives overwhelmingly passed by a vote of 414 to 5 in March. Read on for details.
Pros and Cons of the 4-Day Workweek
Many workers have cited the four-day workweek as a high-ly desirable employee benefit. A Qualtrics survey conducted in January found that 92% of people support the concept and believe it would improve their productivity and mental health. Read on for details.
The Growing Popularity of Earned Wage Access
As a result of a shortage of talent affecting many companies, managers are trying to find new ways to attract and retain employees. One approach seeing a lot of traction is Earned Wage Access (EWA). Read on for details.
Remote Working Still Among the Most Desirable Employee Benefits
Employers are finding it increasingly difficult to attract and retain talent due to several factors, including the Great Resignation and demographic issues. The career insights platform Lensa, though, has studied US search trends to figure out what employees want.
Read on for details.
Employee Benefits Report – May 2022
How the Ukraine Crisis is Affecting the US Workforce
The Ukraine crisis is having unforeseen effects on the US workforce that may be more far-reaching than expected. Read on for details.
Should Preventative Care Be an Essential Benefits Component?
Research by One Medical, a primary care organization, and Workplace Intelligence, an HR and advisory firm, reveals that 65% of workers would give up a wide range of perks, including paid vacation, flexible hours, and bonuses for better health benefits. Read on for details.
DOL Announces Increase in FMLA Audits – Employers Should Be Ready
The US Department of Labor (DOL) announced in February that it would be ramping up audits on employers. he main targets seem to be the logistics and warehouse industries, though no one is safe. Read on for details.
The CAA’s New Broker Compensation Disclosure Rules Are Now in Effect
When employees decide to leave their jobs, they have a lot on their minds. So, they don’t always give a lot of thought to what to do with their 401(k) plans. It’s an important decision that can have a big impact on their retirement savings.
Read on for details.
Employee Benefits Report – April 2022
Compliance Issues for The Rest of 2022
Even though we are well into 2022, there are compliance issue changes on the horizon involving overtime, booster shots and paid leave. Here’s what the changes could mean to your company this year. Read on for details.
Life Insurance for the Life of Your Business
Life insurance is usually purchased to protect a family’s finances when the breadwinner dies. But business owners may also wish to purchase life insurance to protect partners, the business and employees. Read on for details.
Employers’ Guide to Understanding ERISA
The Employee Retirement Income Security Act (ERISA) provides insurance companies and private employers with guidelines on how to administer retirement and health plans to employees. ERISA was enacted in 1974 and applies to plan years starting on or after Jan. 1, 1975. Read on for details.
401(k)s Do’s and Don’ts
When employees decide to leave their jobs, they have a lot on their minds. So, they don’t always give a lot of thought to what to do with their 401(k) plans. It’s an important decision that can have a big impact on their retirement savings. Read on for details.