The eight-hour workday became common practice in the early 1900s, in a time before the rise of digitalization, robots and technology. Yet even today it still remains labor standard. The average full-time employed American works 42.5 hours per week, or 8.5 hours per day, according to the Bureau of Labor Statistics. That isn’t likely to change […]
Demand for top talent is pushing plan sponsors to enhance their employee benefits. Some are making changes to their fertility benefits and publicly sharing the details in an effort to attract and retain key talent. A recent Willis Towers Watson study of employer groups, found that 66% of employers planned to offer a fertility benefit […]
The IRS recently issued revenue ruling 2019-19. The revenue ruling provides 401(k) plan administrators with helpful guidance on how to report and withhold from 401(k) plan distributions when a plan participant actually receives the distribution but for some reason, does not cash the check. Unfortunately, this new guidance does not provide answers to the complex issues […]
January 2020 renewals are beginning to arrive, and with the Affordable Care Act’s premium tax to new prescription drug coupon regulations on the horizon, here are eight items for operators to consider. The triumphant return of the Affordable Care Act premium tax (the health insurer provider fee). This tax of about 4% is under Congressional […]
Some of the biggest changes to healthcare design at this moment are encompassed by final rules recently published by the current administration around health reimbursement accounts. There are three new forms of HRAs for employers to understand and evaluate: qualified small employer HRAs (QSEHRAs), individual coverage HRAs (ICHRAs) and excepted benefit HRAs (EBHRAs). Two of […]
American workers are in bad retirement shape. The gap between what employees need to save for retirement and what they are actually saving is widening, according to a report from the World Economic Forum. Throughout my career as a CFP and plan adviser, I’ve seen firsthand how easy it is to miss big on making the […]
With low unemployment and workers willing to take a job across the street for a mere $.25 increase in their hourly wage, employers need innovative ways to increase employee engagement and retention. At the same time, the new workforce, comprised largely of millennials and Gen Z, is looking for greater control, flexibility and transparency in […]
When the Department of Labor issued its final rule to expand access group retirement plans, it moved a step closer to what for many in the benefits industry is the ultimate dream: unfettered access to multiple employer plans. On Monday, the DOL announced it will relax the regulations governing which employers can band together to […]
Like a significant chunk of American voters, a majority of large employers want to expand Medicare. Just not too much. A new survey of 147 large employers from the National Business Group on Health found that 55% of them support a Medicare expansion that’s limited to older Americans. Only 23% think eligibility should drop to age 50, however, […]
Research shows that benefits drive the attraction and retention of employees even more than compensation. When implemented the correct way, these perks can help draw diverse groups of workers. So if this is the case, why are so many packages not tailored to diversified workforces? The short answer is because it’s easier to administer a […]
