Being a fiduciary is not easy, and many retirement plan stakeholders don’t even realize they are fiduciaries. That opens the door for numerous mistakes that could end up costing the plan and the employer a lot of money. “A lot of plans focus on the best investments and best procedures and not the reason fiduciaries […]
Category: News
HSAs offer benefits far beyond health care
People simply don’t think of health savings accounts as a long-term option. As a result, they overlook HSAs’ value as a long-term savings tool. That’s one finding in a study from UMB Healthcare Services, which found that not even one percent of people in the study maxed out their allowable contributions. People are so used […]
Which type of fiduciary should plan sponsors hire?
Recently, there has been a lot of discussion about whether plan sponsors should contract with their administrative providers for section 3(16) fiduciary services. Outlined below are the different types of fiduciary services available to plan sponsors. ERISA Section 3(16) Fiduciary Services A new offering in the marketplace, some third party plan administration firms (TPAs) are […]
Cadillac tax hurricane preparation: After-tax HSA contributions
To me, the ACA Cadillac tax is like a patient, powerful hurricane moving across the Atlantic. If it makes landfall, the impact will be dramatic. While some remain hopeful that it will drift off harmlessly into the North Atlantic, I prefer to chart its course, prepare accordingly, and remain cautiously optimistic that the storm track […]
Top 10 reasons you should implement wellness
LAS VEGAS–We’ve heard it before: Wellness programs are on the rise. (In fact, new research out this week from SHRM confirmed that wellness programs are continuing to grow in prevalence in workplaces around the country.) Still some employers just aren’t jumping on the bandwagon, or are slow to implement programs in their workplaces. But it’s […]
Narrow networks prevalent in exchange plans
Few insurance plans available through Obamacare’s exchange system advertise themselves as “narrow network.” It’s not exactly a strong come-on to most consumers. But at least 41 percent of the popular silver plans sold via exchange in 2014 did, in fact, have what amounted to a narrow network when measured by how many physicians in the […]
DOL overtime rules seen as financial, regulatory burden to employers
Proposed regulations from the Department of Labor that aim to boost the number of workers eligible for overtime pay will likely increase the cost of doing business and may disproportionately affect some sectors, say legal analysts and industry groups. Last year the White House directed the DOL to update the overtime rules for salaried white-collar […]
SCOTUS ruling on ACA subsidies ‘a call to action’ for employers
The U.S. Supreme Court’s ruling upholding federal subsidies for approximately 6.4 million Americans who have obtained health coverage through a federally-facilitated exchange sends a clear message to employers that the Affordable Care Act is here to stay. In a 6-3 vote, King V. Burwell is the second U.S. Supreme Court ruling to uphold ACA legislation […]
Prospect of ‘small group’ classification for mid-size employers spurs fears, legislative proposals
Employers in the 51-100 employee size bracket are anxious about the prospect of being added to the “small group” market that under the Affordable Care Act (ACA) currently cuts off at 50 employees (unless states opt to raise it). “Small group” health plans face tougher standards under the ACA than large plans, such as having […]
Which workplace benefits are on the rise (and which aren’t)
LAS VEGAS—Don’t even think about considering wellness programs as just a flash in the pan. New research from the Society for Human Resource Management finds that wellness programs are continuing to grow in prevalence in workplaces around the country. The organization’s annual survey, released Monday during SHRM’s annual conference in Las Vegas, found a significant […]