Benefits
Feature of the Week
The recession has heightened employee attention to retirement planning, which means that employers are fielding more questions about their Defined Contribution plans.
Plan sponsors should therefore be more active in reviewing plan objectives and communicating with employees who are concerned about achieving their retirement goals, according to Mercer. In this week’s Feature from CCH Daily Document Update, Mercer identifies ten steps that plan sponsors should take to evaluate and improve the success of their plans in 2013.
Feature of the Week
Happy Thanksgiving! The Society for Human Resource Management coordinated a “Hill Day” on Thursday, Nov. 15, lobbying the U.S. Congress to support the tax-deferred status of employee benefits. SHRM’s position is that a comprehensive and flexible set of benefits is a critical tool for employers as they recruit and retain talented employees, and that tax-exempt benefits such as educational assistance, retirement savings and health care are expected to come under scrutiny as Congress considers tax reform and efforts to reduce the deficit. This week’s Feature from CCH Daily Document Update reports on the fiscal issues SHRM discussed with legislators.
Feature of the Week
Now that the elections are over, attention focuses on how businesses will be affected by the status quo in the White House and the Congress. The Affordable Care Act is preserved from repeal, so employers need to anticipate certain consequences as health care reform rolls forward. This week’s Feature from CCH Daily Document Update covers an interview with Joseph Berardo, Jr., CEO and president of MagnaCare about the impact of the election on health care.
Feature of the Week
Providing medical insurance for retirees is a fabulous--but expensive-- employee benefit that most companies currently don’t even consider unless there was a contractual obligation to do so. However, the Patient Protection and Affordable Care Act does give employers various cost-effective ways to develop their retiree health strategy. (HEC is offering a free briefing on the topic of medical benefits for retirees and senior employees on November 8.) This week’s Feature from CCH Daily Document Update explores how companies can take advantage of the ACA provisions to enhance the retiree medical benefit package.
Feature of the Week
It is tempting for many companies to make informal arrangements exchanging cash for waiving certain benefits, or developing an in-house “cafeteria plan.” However, employers must remember that the tax-exempt status of fringe benefits are governed by the Internal Revenue Service Code. This week’s Feature from Spencer’s Benefits Reports provides a chronological guide to Sec. 125 benefit plans that offer employees a choice between cash and nontaxable benefits updated through June 2012.
Feature of the Week
The U.S. Supreme Court’s recent landmark ruling on the Patient Protection and Affordable Care Act has set the stage for numerous viewpoints on what it means for employers and other stakeholders. This week’s Feature from HEC Assistant General Counsel Ryan Sanada provides a more detailed analysis on what the decision means for Hawaii employers.
Feature of the Week
The Department of Health and Human Services has issued a final rule on Affordable Health Insurance Exchanges, which combines policies from two rules previously published in 2011. One rule proposed a framework to enable states to build Affordable Insurance Exchanges which are new state-based competitive marketplaces created under the Patient Protection and Affordable Care Act. The second rule proposed standards for eligibility for enrollment in qualified health plans through the Exchange and insurance affordability programs, including premium tax credits. This week’s Feature from Spencer’s Benefits outlines the HHS final rule that is supposed to offer consumers and small businesses quality, affordable, private health insurance choices.
Feature of the Week
Since the passage of reforms under the Patient Protection and Affordable Care Act, health plans and plan administration have had to evolve plan documents and train staff on the requirements. This week’s Feature from CCH reports on a recent webcast sponsored by the International Foundation of Employee Benefit Plans covering a review by experts on what reforms are currently in place, which ones will be forthcoming in the next few years, and how employers can prepare for them.
Feature of the Week
The upcoming new year provides a fresh opportunity to examine company policies, especially pertaining to certain benefits such as paid and unpaid leave time. This week’s Feature from CCH HR Compliance Library offers a checklist for employers in designing and auditing a voluntarily provided leave policy.
Feature of the Week
Spencer’s Benefits, a service provided by our partner CCH, has an “Ask the Experts” function which allows subscribers to ask editorial experts questions relating to benefits questions. This week’s Feature highlights recent benefits questions and answers, including questions on Section 125 changes due to a reduction in wages; health savings account contributions and changes.
Feature of the Week
Sometimes the past can catch up with employers when generous benefits that were provided when times were good don’t get reviewed in light of current economic circumstances. Unless employers are aware of the financial impact that accrued but unused vacation can have on their companies, vacation accrual and its implications sometimes fly under radar, says Christopher J. Boman, partner at Fisher & Phillips LLP. This week’s Feature from CCH HRAnswersNow outlines tips for employers and HR in dealing with vacation accrual issues.
Feature of the Week
The national health reform law has made its one year anniversary, and since then there have been numerous lawsuits, regulations, model notices, and other activities which have transpired. This week’s Feature from CCH News provides a recap for employers on the current state of affairs with the health reform law.
Feature of the Week
When Governor Abercrombie signed the Hawaii civil unions bill into law, it opened up a host of issues concerning employee benefits, what will be required for employers under state law after January 1, 2012, and what federal laws may require or even trump. Hawaii employers will have to navigate a path among the competing requirements, and this week’s Feature is an analysis from HEC General Counsel Clayton Kamida concerning the likely impact on employer health insurance and other benefit plans, Hawaii Family Leave Law requirements, non-ERISA employer benefits, FMLA and COBRA benefits, taxes, and collective bargaining agreements.
Employers’ Retiree Medical to Fall Sharply Due to Health Reform, Survey Says
Most employers in a May 2010 Towers Watson survey believe that the recently enacted health reform legislation will reduce the number of large employers offering employer-sponsored retiree health benefits, and 43 percent of employers that currently offer retiree benefits plan to reduce or eliminate them.
Read more IRS Encourages Small Business to Use Tax Credits, Incentives for Benefits and Hires
The Internal Revenue Service is encouraging small businesses to take advantage of tax-saving opportunities included in recently enacted federal legislation, including the American Recovery and Reinvestment Act of 2009, the Hiring Incentives to Restore Employment Act and the Affordable Care Act.
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