Employee Benefits Reports

If you own a small company, you know the frustration of not having the same buying power as large groups when purchasing health benefit coverage. According to the National Conference of State Legislatures, small businesses on average pay eight to 18 percent more than large companies for the same health insurance policy. That may change…

Think there’s no way your retirement plan might be audited? Think again. The Department of Labor (DOL) can select any size retirement plan for a random 401(k) audit. Your plan also could face an audit if it matches an Internal Revenue Service (IRS) dataset targeting certain types of plans or if the plan raises a…

Although the U.S. economy is strong and the stock market continues to rise, most employees are worried about the future. Purchasing Power, a specialty e-retailer for organizations, reports that 87 percent of fulltime employees or their spouses are stressed about their finances — with insufficient retirement savings near the top of the list. MassMutual, a…

Many employees rely heavily on the money they put into their employer-sponsored 401(k) account to pay for their retirement. The last thing they want is for the money to be stolen by cyber thieves. Cyber security is a growing concern. When Equifax, a credit reporting agency, was hacked in September 2017, hackers stole information that…

Although the federal Family and Medical Leave Act (FMLA) requires some employers to provide unpaid leave to workers for family or medical reasons, several states now mandate employers to provide paid leave. California was the first state in the country to pass a paid family leave law. New Jersey has had partial paid leave since…

The Tax Cuts and Jobs Act will have a big effect on the way the government taxes employer-sponsored benefit programs. Some of the changes will make it easier for you to offer benefits, while others will make it harder. President Donald Trump signed the act into law Dec. 22, 2017. It is officially called “An…

A particularly virulent influenza strain, H3N2, was responsible for a record number of illnesses, hospitalizations and deaths this winter. U.S. health officials say that flu-related hospitalizations were the highest they’ve been in 10 years. The Centers for Disease Control and Prevention estimated that there were almost 82 laboratory-confirmed influenza-associated hospitalizations per 100,000 population, breaking records…

Step therapy can save money but some say there can be a downside. One way to keep your health benefit plan’s overall costs lower is to encourage employees to choose generic drugs whenever possible. The U. S. healthcare system saved$1.68 trillion from 2005 to 2014 by using generic drugs, according to the IMS Institute for…

Regardless of whether the Republican-controlled House and Senate repeals, replaces or alters the Affordable Care Act (ACA), there are a number of rules and regulations employers must comply with in 2018 and 2019 if they offer group health benefits to employees. To make sure you’re not caught unaware, review and implement this checklist of obligations…

Drugs are formulated for normal physiology. Physicians with knowledge of a person’s unique genetic makeup can better determine which drugs will be most effective. Anyone who has watched a commercial for a prescription medication expects to hear a disclaimer warning of potential health hazards. Possible side effects — depending on the medication — can range…