Employee Benefits Enrollment Software: Boost 2021 ROI


Does your HR toolkit contain employee benefits enrollment software? If not, you aren’t getting the benefits of your benefits. You choose benefits packages carefully because you want to attract high performers. Increased employee turnover.

What Is an Employee Benefits Broker?

HR Daily Advisor

Employee benefits brokers are exactly that: people who have access to (and information about) various employee benefit options who can help you narrow down your offerings by providing their input and expertise on the matter. It’s important to note, however, that not all employee benefits brokers are the same. Others may not be tied to only one provider but may only specialize in one type of benefit. What Can an Employee Benefits Broker Do?


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ERISA Compliance


How well do you understand your ERISA Compliance requirements? Employee Retirement Income Security Act. (. is a set of federal laws designed to protect employees of private employers who provide pension, retirement, or profit-sharing. Employee BenefitsThis blog post: Summarizes ERISA essentials. Answers common questions. Addresses misconceptions among employers. What is ERISA? Let's start with the basics. ERISA. )

Should Handling Employee Benefits Be Handled by HR?

TLNT: The Business of HR

Compensation Compensation & Benefits Defined Benefit Plan Dental Benefits Healthcare HR Insights HR Management Legal, Compliance & Policies Retirement Talent Management Voluntary Benefits FeaturedI have been having a debate with myself. It’s becoming both annoying and non-productive. So I thought I would invite you all into the dialogue.

Consequences of Outdated Employee Benefits Systems


Technology is making remarkable strides across the employee benefits landscape. A 2019-2020 survey found that the vast majority of organizations are utilizing a benefits application in some shape or form. Benefits administration is regarded as the most complex HR process.

25 HR Compliance Terms to Know for 2018

ClearCompany HRM

In addition to the holiday parties and secret santa gift exchanges, the end of the year also brings organizational compliance processes as your HR department gets ready to wrap things up. Take a look at the 25 HR compliance terms you need to know as a manager: Affirmative Action Plan (AAP): A written set of specific, results-oriented procedures to be followed. Cafeteria Plan: A plan in which an employer offers their employees a variety of different benefits.

Making Employee Benefits Sexy! #SHRM15

Robin Schooling

In the king-sized bed of core human resources accountabilities employee benefits nestles up alongside compensation and compliance in a ménage a trois of least sexy HR responsibilities. But let’s face it; they’re not nearly as glamorous or exciting as talent acquisition, employee engagement, or learning & development. Yet every single HR professional must constantly be tuned in to the trends, costs, and shifting landscape that is employee benefits.

DOL Issues Compliance Guidance for Employee Benefit Plans in The Wake of Hurricane Matthew

HR Daily Advisor

Department of Labor (DOL) has announced an update on compliance with employee benefit plan rules under the Employee Retirement Income Security Act (ERISA) for those adversely impacted. For more information on Hurricane Matthew relief under ERISA, see “ FAQs for Participants and Beneficiaries Following Hurricane Matthew ” or contact the department’s Employee Benefits Security Administration or by calling 1-866-444-3272.

Your Due Diligence HR Compliance Checklist

HR Digest

This year’s continuing focus on the pandemic and growing concerns over business disruptions means your company needs to make sure its HR policies and procedures cover all areas of HR Compliance thoroughly. HR Compliance Checklist. Employee Files and Records. Benefits.

IRS Raises Several Annual Retirement Plan Limits for 2019

HR Daily Advisor

For 2019, the Internal Revenue Service (IRS) is raising most of the annual threshold and benefit levels that apply to retirement plans, the IRS announced on November 1. Employers and retirement plan administrators can apply the new rates as they prepare their plans for next year and conduct nondiscrimination testing. Notice 2018-83 outlined the latest changes to cost-of-living adjustments for various statutory dollar amounts relevant to employee benefit plans.

Why You Need a Seamless Hiring, Payroll and Employee Benefits Platform


The more time HR leaders spend on manual tasks, the longer it takes to move forward with hiring steps and get back to current employees who have HR-related issues or questions. Ultimately, this leads to both a frustrating candidate and employee experience. . To cut back on administrative tasks, your team can partner with a seamless hiring, payroll and employee benefits platform, which can make HR processes more efficient, saving your team time and money.

401(k) glossary: Your guide to retirement terminology


Saving for retirement should be simple. But whether you’re an employer sponsoring a 401(k) plan or an employee just trying to save, it can feel like the price of entry is an economics degree. Put some of the blame on retirement’s complex terminology.

Can’t Miss Conferences For Employee Benefits Professionals


Professional development is an important part of any employee benefits professional’s annual roadmap, and attending a conference is a great way to learn new skills, stay on top of industry trends and network with likeminded benefits enthusiasts. We’ve researched the top conferences for employee benefits pros, including conference dates, locations and pricing. Workplace Benefits Renaissance. Host: Employee Benefit Adviser.

PeopleStrategy and Peanut Butter Partner to Bring Student Loan Assistance Programs to SMB Employers


Being able to offer highly sought-after benefits such as student loan resources and repayment is another way we can help our clients differentiate themselves,” said PeopleStrategy Chief Growth Officer, Jim Prekop. Peanut Butter is the benefits administrator for Student Loan Assistance.

Managing Retirement Plans for Overseas Employees Becomes Global Concern

HR Daily Advisor

Employers that operate globally must often set up offshore locations and find employees to staff them. It follows that employers who sponsor retirement savings plans for their eligible U.S. employees likely will want a similar benefit for their employees outside the country. employeesretirement savings. based retirement savings plans. Offshore employees are likely to become aware of the U.S. retirement plan.

How HR Automation Can Help With Benefits Compliance


Benefits compliance means adhering to the federal, state, and local laws your mandatory and voluntary benefits are subject to. These agencies may assess penalties on employers whose benefit plans are out of compliance. Trying to reduce employee turnover.

IRS Again Leaves Most Annual Retirement Plan Limits Unchanged

HR Daily Advisor

The Internal Revenue Service (IRS) again left most annual threshold and benefit levels unchanged when it announced them for 2017 on October 27, 2016. Employers and retirement plan administrators can apply the new rates as they prepare their plans for next year and conduct nondiscrimination testing. Notice 2016-62 laid out the latest changes to cost-of-living adjustments for employee benefit plans. Retirement Plans.

PeopleStrategy Partners with FinFit to Bring Financial Wellness to Small and Mid-Sized Employers


FinFit’s platform is now available to more than 200 PeopleStrategy clients, offering complete access to essential financial tools and resources to improve employees’ financial well-being. EDISON, N.J.,

Employee Benefits: Definition, Examples and Best Practices [+INFOGRAPHIC]

Semos Cloud

Employee Benefits: Definition, Examples and Best Practices . Employee benefits are important to your present and future employees. Employee benefits are offered together with salary as a company’s compensation package. Employee Benefits Defined .

Fiduciary Liability and Employee Benefit Services Explained


If you are involved in your company’s benefits plan, no matter what you offer or how the plan is administered or by whom, you may hold fiduciary responsibility in some fashion. But in the case of employee benefit services plans, it can also mean the business’ owner or executives. You can place yourself in a position of a “functional fiduciary” by doing something as simple as discussing investment options with an employee. Legal Compliance

IRS Raises Several Annual Retirement Plan Limits for 2018

HR Daily Advisor

The Internal Revenue Service (IRS) raised several annual threshold and benefit levels for 2018 when it announced them on October 19. Employers and retirement plan administrators can apply the new rates as they prepare their plans for next year and conduct nondiscrimination testing. Notice 2017-64 outlined the latest changes to cost-of-living adjustments for employee benefit plans. The dollar limit that defines a “key employee” in a top-heavy plan remains $175,000.

Open enrollment planning needs to start soon


right now with all of the challenges resulting from COVID-19, but it is a topic you will want to focus on soon especially if you anticipate changes to the benefits plans you will offer. And a big part of this analysis is examining the role your benefits broke r played.

Assessments, Policies, and Training Are Key to HIPAA Compliance

HR Daily Advisor

Periodic risk assessments, updated policies and procedures, and ongoing training are critical to HIPAA compliance, said Kathryn Bakich, senior vice president at Segal Consulting. The HHS enforcement actions that result in publicized monetary settlements “almost always reflect some kind of cutting-edge problem,” said Bakich, head of Segal’s national health compliance practice and co-author of BLR’s Employer’s Guide to HIPAA Privacy Requirements.

Each generation has unique needs; offer benefits to meet them


It’s critical to understand which benefits are most important to them so you’ll create the best employee benefits packages across the workforce. “Identifying generational priorities is essential to benefits administration.” Millennials, Baby Boomers and Gen Xers all have differing expectations for their benefits packages. Today’s employees, especially younger generations, expect work-life balance.

401(k) Summary Plan Description: Basics, Requirements, and Compliance


The Summary Plan Description (SPD) is one of the important 401(k) plan documents that provides plan participants (and their beneficiaries) with the most important details of their benefit plan, like eligibility requirements or participation dates, benefit calculations, plan management instructions, and general member responsibilities. That’s the basic definition, but there’s a lot more that you need to know about the SPD for successful benefits administration.

DOL Offers Compliance Flexibility for Benefit Plans Affected by Harvey

HR Daily Advisor

Department of Labor (DOL) will be flexible on certain deadlines that apply to group health and retirement plans in situations where the effects of Hurricane Harvey prevent full compliance, the agency announced August 30. We also realize that employers and employees impacted by Hurricane Harvey will need assistance in dealing with employee benefits issues arising from disruptions in banking and payroll processing.”. Retirement Plans. The U.S.

3 Essential Strategies for Benefits Compliance


Employee benefits fall under scrutiny from a range of perspectives, from the Affordable Care Act to guidelines around managing retirement accounts. What steps can companies take to ensure that they stay in compliance and avoid expensive penalties and fines Today's business environment is highly regulated and government oversight is increasing in a number of areas.

Employer Penalties Increase for Federal Law Violations


Employee Retirement Income Security Act (ERISA). Penalty of up to $13,072 for each employee subject to the violation. Violations of child labor laws that cause death or serious injury to an employee under age 18. Failure to provide summary of benefits and coverage (SBC).

Why work with a single provider for all of your HCM needs?


One reason HR can be such a balancing act is that you often have to work with multiple parties to deliver the services employees expect from their employer. For example, chances are you work with a payroll or full-service HR technology provider, a benefits broker, a third-party administrator and, perhaps, a compliance expert. Provide positive and immediate ROI in addition to the intangible benefits you have been preaching to your CFO for years.

What the Court’s Same-Sex Marriage Decision Means For the Workplace

TLNT: The Business of HR

Hodges to the employer-employee relationship. The effect on workplace benefits. Therefore, benefits administration — especially among national companies — could suffer from uneven polices, procedures, and enforcement. The Family and Medical Leave Act , for example, permits eligible employees to take leave to care for a family member with a serious health condition. EOK, presumably I’m not the only employment lawyer trying to apply the U.S.

4 Steps to Wrapping Your Head Around Employee Mental Health

Corporate Synergies

When it’s hard to unplug from technology (and work) employee mental health suffers. Technology has transformed the way many of us work, but it’s also almost completely eliminated the ability to unplug, de-stress and take care of employee mental health. Many employees make themselves available 24/7, checking email before they go to sleep and as soon as they wake up. Up to 14% of employee mental health issues could be completely avoided by reducing workplace stress.

Attract And Manage Top Talent In Your Small Business


For a small business owner, attracting and managing these vital employees can be a source of high anxiety. In today’s high-tech world, technology can help you save time and money with recruitment, HR management, and compliance, so you can focus your efforts on empowering your team and growing your business. Stand out with your benefit offerings. Implement a bonus structure in addition to annual compensation to attract and incentive your employees.

New Jersey Passes New Commuter Benefit Law


New Jersey has become the first to pass a statewide Commuter Benefit Ordinance with S. Phil Murphy signed into law a new commuter benefit mandate affecting employers with more than 20 employees. “Transit benefits are a win-win for employers, commuters and local government. This policy will increase transit ridership, reduce congestion and improve air quality while also providing employers payroll tax benefits.” RETIREMENT PLANS.

10 Questions You Should Ask Your Retirement Plan Provider


If only finding a retirement plan to offer your employees were as easy as retiring itself. After all, it’s your employees’ future. From Simplified Employee Pension plans to 401(k)s to defined benefit plans, retirement plans come in many forms. If you call providers aimlessly, you might get locked into a plan that’s a complete mismatch for your employees, budget and business. Will your employees be able to participate?

What is a Pooled Employer Plan (PEP)?

HR Daily Advisor

An MEP is a retirement benefit plan that is offered at the group level among a set of employers who share a commonality. In short, several related employers work together to create one 401(k) offer package and then share the benefits of this approach. MEPs are retirement plans formed by a group of employers. Groups could get better rate structures and thus have much lower management fees for the funds themselves, which is a benefit for employees.

As Baby Boomers Reach Retirement, Can Employee Buyouts Keep Small Businesses Open?


About 10,000 baby boomers turn 65 every day, fueling a retirement surge unlike previous generations — including a “silver tsunami” of retiring business owners who are faced with succession and ownership questions. million employees, according to data from Project Equity, a nonprofit that promotes employee ownership. But several experts and advocates are pushing a different exit for these boomers: Let the employees buy you out. Buyout benefits.

Employee or Independent Contractor? How to Properly Classify Your Workers and Ensure Compliance


“Never has the potential peril for misclassification of individuals as independent contractors or employees as exempt been greater,” says employee benefits practice attorney Frank Morris. Since companies pay less in payroll taxes for independent contractors versus employees, the government is determined and quick to identify mislabeled workers. per month for every employee after the first 30 employees. Legal Compliance