Providing for ourselves and loved ones is one of many motivations to get up and go to work — a globally shared sentiment. While that motivation may be what attracts potential applicants to an employer’s door, it won’t be enough to retain employees unless we consider what benefits packages could look like without breaking the […]
Plan sponsors who have written off the defined benefit plan as a relic of the past may want to reconsider. While the number of participants in DB plans has declined somewhat in recent years, the number of DB plans has been rising. Specifically, the number of single-employer DB plans with fewer than 100 participants rose […]
When employers evaluate health benefit plans for their employees, factors such as coverage, cost and customer service are typically cited as most important. However, companies nationwide are looking for innovative ways to help improve employee health and more effectively manage costs, including adopting new value-based care approaches that put more emphasis on paying for patients’ […]
President Trump on Friday unveiled his blueprint to lower drug costs through increased competition, improved negotiation and creating incentives to lower list prices and out-of-pocket costs for consumers. While he called out certain players “in the middle” for their cost-driving behaviors, there’s a big problem with his recommendations: They do not place a priority on […]
Small and midsize businesses seeking flexible benefit plans for their employees that also provide a means to contain costs often feel their options are limited. The fully insured world restricts flexible and creative plan options, and many employers are stuck in a cycle of paying steep increases year over year because they’re being pooled with […]
The annual limit on deductible contributions to a health savings account will jump by $50 for individuals and $100 for families next year, the IRS announced late last week. For 2019, the annual limit on deductible contributions will be $3,500 for individuals with self-only coverage, a $50 increase from 2018, and $7,000 for family coverage, […]
Risk is discussed in many contexts in the retirement plan industry. It comes up as a sales tactic; as good counsel from trusted advisors preaching procedural prudence; or, often, in the form of intimidating industry vernacular like fiduciary liability, fidelity bond or the big, bad Department of Labor. This DOL paranoia is an underlying motivation […]
It’s a common benefit to offer, and one that can add up quickly. It’s an employer paying out accumulated unused sick, vacation or any other form of financial incentive to their employees at retirement. The figures add up. In New York, an attorney in the city’s law department received a $211,779 payout after stockpiling 120 […]
Health savings accounts are rising in popularity as more employers turn to high-deductible health plans as a means of saving themselves and their employees money on healthcare. Fidelity Investments says that in 2017, 112 new employers began offering health savings accounts to employees and that the company saw a 50% increase in the number of […]
“My plan only has $3 million in it. How much ERISA exposure could we have?” This question from a client who wondered whether it was worth the cost of putting in written plan policies and controls got me to thinking about why this misconception is so common. Small plan violations can result in very large […]
