Category: Benefits

From 401(k) plans to vacation policy, this topic gives HR and Compensation professionals specific strategies on how to handle benefit plans. Articles also provide guidance to brokers, advisers and consultants.

trends

Popular New Benefits Reflect Changing Workforce

In the ongoing battle for benefits supremacy, employers are increasingly offering perks that probably never would have even crossed their minds just a decade ago. As with so many changes in the workplace these days, the shift has been prompted by Millennials, who are drawn by more than the bottom-line salary.

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benefits

Software Glitch Causes $100K Benefits Shortfall, DOL Says

A recent U.S. Department of Labor (DOL) Wage and Hour Division investigation of Alabama-based government contractor InfoPro Corp. found an unintentional software glitch caused employee health and welfare benefits to be underpaid from July 1, 2015, to September 30, 2016. Division investigators determined that InfoPro owed $126,329 in health and welfare benefits to 84 employees […]

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military

Fedex Miscalculated Pension Benefits for Employee Who Took Military Leave

The 6th Circuit—which covers Kentucky, Michigan, Ohio, and Tennessee—recently heard a claim by an employee who alleged that his pension credits were improperly calculated and did not give him sufficient credit for compensation he received during military leave.

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healthcare

HSA Use Grew 23% Between 2016 and 2017, Report Finds

The number of health savings accounts (HSAs) surpassed 21 million, holding about $42.7 billion in assets, according to a research report by Devenir. The investment advisor firm noted that represents a year-over-year increase between June 30, 2016 and June 30, 2017, of 23% for HSA assets and 16% for the accounts.

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Pensions

PBGC Reaches New Agreement with Sears

The Pension Benefit Guaranty Corporation (PBGC) and Sears Holdings Corporation have reached a new agreement that will provide, upon closing, approximately $500 million in funding for Sears’ two pension plans, including contributions already made by Sears since August 2017. The pension plans cover about 100,000 participants. Closing on the agreement should occur in about 3 […]

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Hurricane

Further Hurricane Relief for Retirement Plan Participants Put into Place

The second half of 2017 brought devastating hurricanes to several areas of the Southern U.S. and Puerto Rico. In recognition of Hurricanes Harvey, Irma, and Maria, the U.S. Congress provided for both retirement plan hardship distribution tax relief and more generous plan loan rules for participants whose primary residences were damaged in one of the […]

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networking

What is the Workflex in the 21st Century Act?

The Society for Human Resource Management (SHRM) worked with input from HR professionals and with Congress to help create the Workflex in the 21st Century Act, which was introduced in the House of Representatives in early November 2017.

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