Practical HR Tips, News & Advice. Updated Daily.
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.
The IRS is asking the public for input into a rule that will determine when an employer-sponsored health plan is offering “substantial coverage” of inpatient hospital and physician services. This will be part of new rules defining minimum value in employer-sponsored health coverage. Employer-sponsored coverage must meet two tests to comply with the employer mandate: […]
While not all companies allow furry four-legged friends in the workplace for various reasons (employees with allergies, facility leases, etc.), one in three Fortune 500 companies now offer as pet insurance as a voluntary benefit. “Since more than two-thirds of Americans own at least one pet, offering pet insurance will appeal to prospective pet lovers […]
We offer 100% of our employees health benefits. Are we still required to track Full Time Equivalents? The Affordable Care Act’s (ACA) employer responsibility requirement (or the “play or pay” provision) does not require employers to provide healthcare insurance for their employees. Instead, it requires employers to share healthcare responsibility by either providing coverage or […]
Going beyond traditional healthcare offerings, Astellas, a pharmaceutical company based in Northbrook, Illinois, recently launched a benefits program for its almost 3,000 U.S. based employees that offers a culture of support for multigenerational family responsibilities.
A couple of phrases are making the rounds in retirement plan circles; perhaps you’ve heard them. They are “retirement readiness” and “independent fiduciary.” While they have different meanings, they are more connected than you may suspect. We spoke with Jason Chepenik of Chepenik Financial, who advises clients about their benefit programs and specializes in retirement […]
To most Americans, health insurance is confusing and just plain unenjoyable. Only 14% of U.S. workers can correctly define common insurance terms like deductible, copay, coinsurance and out-of-pocket maximum.1 Even if we were savvier about how health insurance works, we’re less than thrilled by the purchasing process: American consumers rate choosing health insurance as unenjoyable […]
There is really no absolute definition of an independent contractor. The important distinction, from the point of view of an employer, is that an independent contractor is an individual who is performing services for the employer but who is not an employee.
By Nicole Mitchell Contractors often disclose the cost savings of self-insured plans with excitement, but buyer beware. Most contractors are surprised when I don’t immediately commend them on cost savings and instead ask them,“Did you know there are ’special‘ compliance requirements for self-insurance plans and failure to meet the compliance requirements makes the cost unallowable?” Most […]
The percentage of 401(k) plan participants borrowing from their retirement accounts has remained steady amid record levels of savings in the accounts, but one data point from Fidelity Investments’ latest quarterly analysis of the thousands of accounts it manages could be cause for concern. According to the retirement plan administrator for 13.5 million 401(k) participants, […]
Don’t make the mistake of thinking that having a compensation plan is the same has having an effective one. There are several warning signs that can alert employers when their compensation plan is not effective.