While there is no requirement in the Fair Labor Standards Act for severance pay and it’s optional in the vast majority of states, many companies still grant it when they lay off or fire employees for reasons other than issues like conduct. In fact, according to the most recent Severance & Separation Benefits survey by
If you offer a benefits package to your employees, you’re no doubt familiar with ERISA – the Employee Retirement Income Security Act of 1974 – that sets minimum disclosure standards for retirement and health plans. But did you know that violations are common, and the Department of Labor continues to increase penalties for noncompliance? Among
In the continued quest to manage rising healthcare expenses, many employers want more control and freedom in plan designs that can lower their payments. And one way to achieve it is with reference-based pricing. When members receive healthcare under a reference-based pricing plan, the plan pays benefits based on a multiple of the Medicare reimbursement
According to the U.S. Bureau of Labor Statistics, the labor force participation rate is expected to increase fastest for the oldest segments of the population—most notably, people ages 65 to 74 and 75 and older—through 2024. With this changing composition of the workforce, should your company capitalize on the trend? Here are five reasons you may want
One of the most popular benefits continues to be 401(k) plans. According to the latest SHRM annual employee benefits survey, 93 percent of organizations offer traditional 401(k)s or defined retirement savings plans, up from 90 percent the previous year. But while they’re a sought-after perk for employees, administering the plans can be a challenge for
With small employer health insurance costs expected to rise again this year, interest in new ways to contain the increases continue to grow as well. And one approach that’s gaining popularity among these businesses is self-funding, sometimes referred to as alternative funding. Today, according to the 2018 Kaiser Family Foundation Employer Health Benefits Survey, 13
Telemedicine, meaning activities like video visits and e-visits via smartphones, tablets and computers to evaluate patients, is transforming the way healthcare gets delivered. And not just for minor illnesses. Now, comprehensive telehealth solutions even focus on chronic conditions and specialties as well. The advantages of care on demand to patients is clear: it’s fast, easy
The Family and Medical Leave Act (FMLA) provides certain employees with up to 12 weeks of unpaid, job-protected leave each year. But administering FMLA leave can be challenging for many employers, especially when it comes to accurately tracking leave.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose health benefits the right to choose to continue the benefits provided by their health plan for a limited time following the loss of a job, death, divorce or certain other life events. Here’s what employers need to know to comply with COBRA regulations.
Form 5500 is used by employers or pension or welfare benefit plan administrators to satisfy annual reporting requirements under ERISA and the Internal Revenue Code. The form requires information about the qualification of the plan, its financial condition, investments and operations. And if it’s not filed on time, the fines can add up: The IRS