The short-term financial impact of COVID-19 has been swift and damaging to many Americans. While we can’t yet calculate the long-term impact, early indications present a serious financial strain on future retirees’ retirement. We know that COVID-19 has increased the retirement gap, and new data from Kiplinger show the extent of this impact: 60% of […]
The COVID-19 pandemic has led to “shelter-at-home” proclamations from state and local governments, causing many nonessential businesses to shut down temporarily. Employers have handled the crisis in varying ways, some by temporarily paying employees to stay home, others by laying off or furloughing workers. In such instances, employers need to be aware of the qualified […]
Flexible spending accounts (FSAs) and health savings accounts (HSAs) are important tools for the more than 70 million people who currently use these accounts to pay for out-of-pocket healthcare expenses or save for healthcare needs in retirement, all while reducing taxable income.
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.
The workplace has been transformed forever by the COVID-19 pandemic. The American workforce has dramatically changed the ways they communicate, accomplish essential tasks, and manage others. Roles once reserved for in-person interaction now require new levels of technology and cooperation. We witnessed a transformation that happened in a matter of months.
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.