As part of a comprehensive benefits package, a retirement savings plan can help to attract and retain top talent, and may even be required in some areas. As a small business owner, here are some things you need to know—and communicate to your employees—about upcoming changes to retirement benefits in 2019.
Incentives Like Flexible Work Schedule, Unlimited Paid Time Off and Remote Work Options May Help Employers Attract and Retain Employees.
Modern employees want to work for employers who care for their well-being. An employee assistance program (EAP) is a great employee benefit for giving employees and their family members who are struggling with stress, substance abuse, relationship problems, grief and a host of other personal issues an around-the-clock, confidential resource to get the help they need.
Your employees might be struggling to decide between a health savings account (HSA) or flexible spending account (FSA). The pre-tax dollars deposited into these accounts can be used to pay healthcare costs for medical, dental and vision expenses. The IRS restricts what expenses can be paid for using an HSA or FSA. While both programs are great ways to take advantage of tax savings, they differ in ways that benefit the user, depending on their situation.
Employers who struggle to communicate their benefits options to their employees may see those same employees failing to select the best options for themselves and their families. These employees won’t appreciate the value of your benefits offering because they may not be getting the benefits they need. Of course, satisfaction with employee benefits, which are a crucial component of your compensation package, can go a long way to overall employee satisfaction, which is key to attracting employees to your company and retaining the ones you have. Here are some tips for communicating more effectively with your employees about their benefits.
As benefits products become more standardized, employers are looking for ways to make themselves stand out from the pack in order to compete for top talent. Voluntary benefits are a great way to help accomplish this goal.
It’s time to start thinking about open enrollment and benefits renewal. It can be frustrating for small and midsize businesses (SMBs) to have to budget for benefits when each year they see significant increases that outpace inflation. So what’s an SMB owner or HR professional to do? This post takes a deeper look at what the PwC annual report identifies as the three inflators and two deflators that are driving health spending increases for 2018. Then I’ll discuss what employers can do to prepare for these increases.
With healthcare reform currently in flux, many business owners may find themselves trying to grapple with the best way to continue providing their employees with competitive benefits. While TriNet can help individual businesses design a benefits strategy that works for their industry, location and size, now may also be a good time for businesses across the country to take a closer look at high-deductible health plans (HDHPs).
There are costs associated with the investment management and plan administration within a 401(k) plan that are generally passed back to the participants to pay. However, far too often, these participants have no idea they are paying these administrative costs. My goal in this post is to inform you about the costs you may unknowingly be paying and to educate you on the process.
an EAP is an employer-paid service that provides confidential counseling to eligible employees and their family members, 24 hours a day. Even the smallest employers should consider the benefit that EAP programs can have on not just their employees’ overall well-being but the well-being of their company.
While the benefits of offering a 401(k) are obvious, the substantial amount of misconceptions could steer employers away from offering a 401(k) plan to themselves and their employees, as well as stall their ability to save for retirement. Read on as we debunk five myths making the rounds.
With more than 45 million U.S. workers not having access to a retirement plan through their employer, several U.S. states are taking the lead to address this retirement savings crisis.
Employers who offer benefits plans are consistently searching for ways to reduce the costs they incur for providing benefits. One of the best ways to reduce cost is to conduct a dependent eligibility audit. A dependent eligibility audit allows employers to validate that dependents covered under their health and welfare plans are eligible.
Because our healthcare needs and the needs of our families change over time, our benefits needs may change as well. Open enrollment is an opportunity to review the changes that have taken place in your life, anticipate changes to come and adjust your benefits plan accordingly. Here are some questions to ask yourself when choosing your medical insurance during your employer’s next open enrollment period.
Almost 80 percent of American workers feel that employers should be required to offer retirement plans to their employees. But offering retirement benefits is particularly a problem for employees of smaller companies. The multiple employer 401(k) plan may be a solution.
Many employees believe that they should be able to change the group health benefits offered by their company at any time. Unfortunately, though, strict rules and regulations govern employer benefits plan elections. Here are some important aspects of employee benefits that you can use to arm yourself when making – or changing – your benefits options.
While large companies seem to have an advantage in terms of flexibility and resources when it comes to offering their employees paid time off (PTO), small and mid-size companies also have an opportunity to create a PTO policy that helps them stand out as the employer-of-choice.
Advancements in technology -- including video chat apps -- have made the delivery of remote healthcare or “telemedicine” more convenient than ever. Now you can receive care without being in the same room as your healthcare professional. This is why telemedicine options have become one of the most recent innovations to help contain the cost of providing healthcare services.
A new law, that was signed by President Obama on Dec.13, 2016, will impact employee health benefits offered by small employers. If you are a qualified small employer, you can now sponsor health reimbursement arrangements which until now were only available to applicable large employers.
Every year the IRS sets the annual Health Savings Account maximum contribution limit for the calendar year. Many people think that they can no longer contribute towards the 2016 annual contribution limit after December 31, 2016. However, the good news is that the deadline extends into 2017.
Millennials need a workplace wellness program but a traditional one may not work for them. If you are looking to attract and retain more millennial employees, take their habits and preferences into consideration as you build or modify your wellness program.
According to a report from the International Labour Organization, the U.S. and Papua New Guinea are the only countries in the world that don’t guarantee paid leave or cash benefits for new mothers. Look at what resources you have to go beyond what is required to really create a leave package that attracts family-oriented employees.
The competition for great employees is stiff these days, so if you aren’t offering employees the benefits they want, you are going to have trouble attracting and retaining the top talent you need to succeed.
Familiarizing yourself with the processes and culture of your new company can be all-consuming in those first few weeks of employment. One of the most important things you’ll do, almost right away, is elect your medical benefits. Here are some tips to save you time and set you on the right path when choosing your medical plan.
On June 12, a devastating event occurred inside Pulse nightclub in Orlando, Florida when a gunman opened fire, killing 49 people and wounding many more. While those far and wide have been personally affected by this tragedy in some way or another, you may think this incident does not directly affect your business. However, this isn’t necessarily the case.
Do you offer your employees a retirement plan? If not, now is the time to consider it. A major Gallup poll shows that retirement saving is Americans’ top financial concern. Yet almost half of American workers don’t have access to a retirement plan at work. The numbers are worse for employees of small businesses.
Here are three important facts about health savings accounts (HSA).
One of the big benefits of being enrolled in a high-deductible health plan (HDHP) that is paired with a health savings account (HSA) is the ability to make pre-tax or tax deductible contributions that can grow, over time, free of federal taxes. Every calendar year, the IRS sets the HSA annual maximum contribution limit.
The more money you contribute, the higher HSA balance you’ll have to use toward current or future out-of-pocket eligible healthcare expenditures.
You have longer than you think to saveBecause you have a limit to the amount you can contribute each year, making the most of every tax-advantaged dollar that you are allowed to contribute is a smart move.