If your organization offers any type of retirement benefit, perhaps you’re already familiar with the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The majority of this legislation went into effect at the beginning of 2020 and made some interesting changes to various retirement plan contribution and withdrawal rules.
Category: Benefits and Compensation
This topic provides guidance on how to handle compensation issues in a way that attracts and retains the best talent and advances the strategic goals of your business. You get news and tips on what’s going on nationally and in the states, and updates on changes in regulations, possible governmental action, and emerging compensation trends.
Large employers plan to expand virtual care offered to employees next year as well as double down on mental health and emotional well-being as they continue to address the COVID-19 pandemic, according to an annual survey by Business Group on Health (BGH).
Many employers searching for cost savings in the midst of the COVID-19 pandemic naturally have begun scrutinizing their contributions to benefits, such as retirement plans. The rules for making changes to retirement plan terms—and permit reductions in employer contributions—are complex, but new guidance temporarily permits you to reduce or suspend safe harbor contributions midyear.
Both job candidates and employees expect competitive and accessible benefits from employers, especially given the tight labor market. Providing employees with the benefits they want can improve their morale and performance and lead to higher productivity, engagement, and profitability. Also, good employee benefits are a boost to any company’s brand.
HR teams often put a lot of time and effort into creating benefit packages and perks for employees that help them remain satisfied and engaged at the workplace. But the pandemic has changed the way a lot of us are working, leading to a situation in which many benefits and employee perks simply aren’t as […]
Most employers are well aware of their obligations under the Fair Labor Standards Act (FLSA)—primarily, the requirement to pay at least minimum wage and pay overtime for hours worked in excess of 40 in a given workweek. These apply to a large percentage of employees, unless they fall under one of the various exemptions.
This year’s open enrollment season brings a unique opportunity for employers. Employees are more focused on their healthcare needs and benefits as a result of the COVID-19 pandemic and are likely to pay closer attention to open enrollment—and their current coverages—than ever before.
The coronavirus pandemic has turned the workplace upside down. Onboarding has largely gone virtual, work has mostly gone remote, and benefits enrollment season is undergoing a radical change, too.
As employees continue to work remotely, many of the traditional wellness programs companies offered are no longer viable, but supporting employee well-being and maintaining culture are more important than ever. If employees can’t make it to the office, companies are bringing it to them in their homes through virtual programming and health days.
Is a health savings account (HSA) a savings tool or a tool to pay for today’s rising healthcare costs? It depends on whom you ask. While HSAs were originally introduced to employees as a long-term investment tool that can also be used to pay for eligible medical expenses along the way, employees’ usage of the […]