IRS Adjusts Voluntary Correction Program, Including Fees
IRS on March 27 released a series of changes to its Employee Plans Compliance Resolution System that it said would improve the correction programs. Among the modifications to Revenue Procedure 2013-12...
View ArticleDOL Fiduciary Proposal: Best-interest Broker Contract Planned
The U.S. Department of Labor on April 14 previewed proposed changes to the 40-year-old definition of “fiduciary” that the agency says will increase consumer protection for those seeking advice on...
View ArticleEBSA: Deficient Work Tied to Auditors’ Size, Experience
Hiring an auditor with limited experience auditing benefit plans, or experience auditing only small plans … may cost plan sponsors. That conclusion can be drawn from a new assessment by DOL’s Employee...
View ArticleSupreme Court Upholds Exchange Subsidies
The U.S. Supreme Court in a 6-3 vote affirmed that subsidies may go to individuals in states with exchanges established by the federal government, and the statute did not restrict subsidies to only...
View ArticleCourt: Employers Can Condition Health Benefit on Wellness Participation
An employer may require its workers to participate in a wellness program in order to receive health insurance benefits, a federal district court has ruled, dismissing a lawsuit brought by the U.S....
View ArticleImpact on Life Duration & Quality Drives Drug Value
A prescription drug’s ability to prolong life is a top factor health plans are using when fixing benchmark prices for drug reimbursement, followed by the drug’s ability to improve the patient’s quality...
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Health Spending Accounts Are Underutilized by Millennial Employees
Millennial employees—18 to 34 years old—selected high deductible healthcare plans more than any other age group. However, while approximately 44% of employees in this group chose HDHPs, a much smaller...
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Voluntary Benefits Help Employees Fill the Healthcare Coverage Gap
In its inaugural “State of Employee Benefits 2016” report, Benefitfocus found companies are altering their healthcare plan design to shift greater financial responsibility to employees via voluntary...
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‘Paw-ternity’ Leave: The Next Trend in Employee Benefits?
Employers everywhere are looking for new ways to attract and retain talent. While companies like Facebook and Apple® are offering to freeze its female employees’ eggs as a way to recruit more diverse...
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Court Supports Plans’ Freedom to Craft Own Process for Beneficiary Designations
Beneficiary designations, and disputes over them, can be a disproportionate drain of time and other resources spent by administrators of tax-qualified retirement plans. The Employee Retirement Income...
View ArticleProposed rule spells out paid sick leave requirements for federal contractors
by Tammy Binford The U.S. Department of Labor (DOL) has released its proposed regulations implementing President Barack Obama’s Executive Order requiring paid sick leave for employees of federal...
View ArticleNevada Supreme Court clarifies connection between healthcare coverage,...
by Deanna L. Forbush Nevada is unique in so many ways. For instance, unlike other states, Nevada has a constitutional provision that authorizes a two-tiered minimum wage. It’s called the Minimum Wage...
View ArticleRepublican ACA proposal poses challenges for multistate employers
A group of Republican senators has proposed a replacement bill for the Affordable Care Act (ACA) that would allow states to choose whether to keep Obamacare’s provisions in place. Because employers’...
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Ivanka Trump, senators advance ideas on paid family leave
by Tammy Binford As the idea to make paid family leave mandatory continues to gain attention, employers may be wondering what various paid leave proposals might mean for their businesses. A June 20...
View ArticleTrump administration expands exemptions to ACA contraceptive mandate
On October 6, the Trump administration released two interim final rules that will vastly expand the availability of exemptions to the Affordable Care Act’s (ACA) rules requiring employer coverage of...
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More Employees are Opting for Consumer-Directed Health Care, Finds New Report
While the Affordable Care Act still faces uncertainty, employers are looking for ways to reduce their healthcare costs and offer employees healthcare benefits that meet their needs. A new...
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Communicating the Employee Value Proposition (EVP)
Whenever a potential employee considers working for your organization, there are a lot of factors they will likely be considering—things like pay, benefits, company image, organizational values, and...
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Do You Manage Your Company’s Employee Value Proposition?
In Friday’s Advisor, we were discussing the employee value proposition (EVP), which is the set of things that employees value that are received as part of working there. It’s essentially the reasons...
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Where Do Employees Get Their Kix?
Labor Day could be called the first widely provided employee perk. A New York City march in 1882 brought 10,000 people out to demand a day off in honor of labor. Labor Day became a national holiday 12...
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Separating Extravagant Perks from Those that Yield High ROIs
Many employers think that they need to offer things like table tennis in large and custom-designed breakrooms, organic juice bars, bring-your-dog-to-work days, and free lunch every other day—especially...
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