Are only the largest retirement plans audited? The truth is that plans of any size can be audited by the IRS and the DOL. Your plan could be selected for a random audit, or as a result of IRS datasets that target certain types of plans. However, lots of audits are triggered by specific events. […]
Saddled with about $30,000 of student loan debt and lower wages than their parents were making at their age, millennials and Gen Z are forgoing traditional saving strategies to tackle existing debt. The changing workforce demographic has created a new protocol for HR departments to follow, which includes updating the benefits package to resonate with younger employees. […]
Whether your employees are 22 or 62, they need to plan for the unexpected. A sudden injury or illness can dramatically derail their financial well-being and retirement readiness. As the responsibility for healthcare costs shifts to employees, employers are taking steps to help their employees by offering voluntary benefits, like critical illness and accident insurance. […]
When CareHere CEO Ernie Clevenger suggested his company switch to self-funded health insurance, there were more than a few people, including the firm’s chief financial officer, who expressed reservations. Not surprisingly, their main concern was what would happen if the 800 employee Brentwood, Tenn.-based chain of on-site health clinics experienced a catastrophic claim. That hardly […]
Providing for ourselves and loved ones is one of many motivations to get up and go to work — a globally shared sentiment. While that motivation may be what attracts potential applicants to an employer’s door, it won’t be enough to retain employees unless we consider what benefits packages could look like without breaking the […]
Plan sponsors who have written off the defined benefit plan as a relic of the past may want to reconsider. While the number of participants in DB plans has declined somewhat in recent years, the number of DB plans has been rising. Specifically, the number of single-employer DB plans with fewer than 100 participants rose […]
When employers evaluate health benefit plans for their employees, factors such as coverage, cost and customer service are typically cited as most important. However, companies nationwide are looking for innovative ways to help improve employee health and more effectively manage costs, including adopting new value-based care approaches that put more emphasis on paying for patients’ […]
President Trump on Friday unveiled his blueprint to lower drug costs through increased competition, improved negotiation and creating incentives to lower list prices and out-of-pocket costs for consumers. While he called out certain players “in the middle” for their cost-driving behaviors, there’s a big problem with his recommendations: They do not place a priority on […]
Small and midsize businesses seeking flexible benefit plans for their employees that also provide a means to contain costs often feel their options are limited. The fully insured world restricts flexible and creative plan options, and many employers are stuck in a cycle of paying steep increases year over year because they’re being pooled with […]
The annual limit on deductible contributions to a health savings account will jump by $50 for individuals and $100 for families next year, the IRS announced late last week. For 2019, the annual limit on deductible contributions will be $3,500 for individuals with self-only coverage, a $50 increase from 2018, and $7,000 for family coverage, […]