As employers reevaluate employee benefits following the labor shock of 2020’s COVID-19 pandemic, they must look at ways to both shore up financial health and help reduce potential future stressors.
More of the workforce remaining for the long haul can be great for the employer. After all, this means more industry and organizational knowledge is kept in-house, customer relationships are continued, and loyal employees stay on, resulting in better retention rates and fewer vacancies.
When it comes to generational recruiting, most of the focus has been on Millennials. Now, with the emergence of Generation Z, the focus is shifting once again. But what about Generation X? Between Baby Boomers retiring and Gen Z entering the workforce, it seems like Gen X has been completely forgotten.
Due to legislative action (or lack thereof) on a federal level, states and local jurisdictions are continuing to advance employment-related laws and regulations intended to protect workers, from offering benefits like healthcare, retirement, and paid leave to policies regarding drug use and sexual harassment prevention.
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.
New research from Paychex sought to learn what employees, not employers, have to say about what shapes an organization. The research offers a useful perspective for any HR professional that wonders what the employees are thinking about benefits, retirement, pay equity, ghosting, and more.
In part one of this article we explored the Department of Labor’s (DOL) guidance for locating missing participants in the event of a plan termination. Today we will look at what constitutes acceptable and unacceptable alternatives.
The Internal Revenue Service (IRS) released a private letter ruling (PLR) on August 17 that appeared to give the go-ahead to an employer-sponsored student loan repayment benefit offered through the company’s 401(k) plan.
Q Is it legal to ask employees what prescription medications they use and whether the medications may affect their behavior or cause a safety issue?
Plan sponsors regularly handle situations that arise from a deceased participant’s failure to designate a beneficiary for his or her employer-sponsored retirement account. A private letter ruling (PLR) from the Internal Revenue Service (IRS) earlier this year could provide some insight into the agency’s thinking about allowing surviving spouses to roll over a deceased participant’s […]