U.S. Department of Labor (DOL) monetary recoveries on behalf of benefit programs and participants by its Employee Benefits Security Administration (EBSA) unit totaled more than $1.6 billion for fiscal year (FY) 2018, up 45 percent from the $1.1 billion recovered in FY 2017, statistics from the department showed.
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.
Communicating with employees is one of the most important aspects of any workplace retirement plan. A plan may be carefully designed to help participants achieve their retirement objectives, but if the plan sponsor does not effectively communicate the key information, the participants may not have the understanding they need to succeed in reaching their goals.
In the employee benefits space, we’ve seen a significant shift in recent years. Emphasis has moved away from flashy, unorthodox benefits toward practical ones that make it easier for people to stay engaged at work, while still having a life outside. That trend is sure to stick around, but the changing demographics and priorities of […]
Managing healthcare costs has been at the top of most HR professionals’ (pro) to-do lists for the better part of the past decade, as medical costs continue to rise. With the onset of 2019, the New Year presents the opportunity to make it happen. Fifty-two percent of U.S. consumers have low healthcare system literacy, according […]
Saturated with jobs and lacking enough people to fill them, the tight labor market continues to make headlines, and for employers it’s not just a news story. Instead, it is a new reality that will be here for the foreseeable future. Making your organization stand out from the crowd is increasingly important—and more challenging.
Employers today face a variety of challenges related to employee health, ranging from increasing costs, work-related stress, and dissatisfaction to reduced productivity and engagement.
Recent lawsuits alleging the use of “outdated” mortality tables when calculating benefits payable in annuity distributions or at early retirement could be part of a new trend that poses a threat to defined benefit (DB) plans, according to one law firm’s employee benefits practice.
Most employees think of compensation primarily in salary terms, but how aware are they of the total cost of their compensation package? And are employers properly communicating the value of benefits?
Relocation assistance is something that not all employers offer but could be worthwhile to consider. Some employers think that the expense is too great to be justified, while others think that it opens many doors and allows them access to candidates they never would have otherwise found.
According to Deloitte research, the corporate wellness market is projected to be worth $11.3 billion by 2021, and two-thirds of organizations inside the United States already claim that well-being programs are a critical part of their employment brand and culture.