Managing Employee Benefits in Employment Separations
In general, employee benefits end when workers separate from employment, regardless of the reason for the separation. Unused balances in health flexible spending accounts (FSAs), dependent care FSAs and health reimbursement arrangements(HRAs) are typically forfeited, subject to a run-out period…
Form 5500 Deadline Is July 31 (Calendar Year Plans )
Form 5500 Deadline Is July 31 Each year, employers that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file an annual report (Form 5500) for each employee benefit plan they maintain unless a filing…
Workplace Violence Prevention Plan and Training Law
Most employers in California are subject to several workplace safety requirements under Cal/OSH. These include a mandate to establish, implement and maintain an effective injury and illness prevention program (IIPP). In addition, as of July 1, 2024, a new law, Senate Bill (SB) 553, requires employers to include a written workplace violence prevention (WVP) plan as a component of their IIPPs. SB 553 also requires employers to:
Wrap Documents for Welfare Benefit Plans
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers. Under ERISA, employer-sponsored welfare benefit plans, such as group health plans, must be described in…
Key Findings from Zywave’s 2023-24 Voluntary Benefits Benchmarking Overview
In November 2023, Zywave conducted its 2023 Attraction and Retention Employee Pulse Survey to collect employers’ insights into attraction and retention challenges, workplace strategies and voluntary benefits utilization. More than 130 employers responded to the nationwide survey from various industries,…
Strategies to Address Barriers to Mental Health Benefits
In fast-paced and demanding work environments, the importance of mental health cannot be overstated. Employees who are mentally well are more productive, engaged and satisfied with their jobs. Mental health treatment, including therapy, medication and self-care, can help people who…
Employer-sponsored Health Insurance Premiums Rose to Nearly $24,000 for Family Coverage in 2023
The Kaiser Family Foundation’s (KFF’s) 2023 Employer Health Benefits Survey revealed that workers and employers alike are paying more for job-based health insurance this year. In 2023, the average premiums for employer-sponsored health insurance were $8,435 for single coverage and…
2024 Open Enrollment Checklist
To get ready for open enrollment, employers who sponsor group health plans should be aware of the legal changes affecting the design and administration of their health plans for plan years beginning on or after Jan. 1, 2024. These changes…
Understanding Trend and the Impact on Employer Health Plan Renewal Rates
Currently, healthcare costs in the United States are high and rising, outpacing inflation and wage increases. While many employers had relatively lower claim costs during the COVID-19 pandemic, medical plan costs are approaching pre-pandemic levels as healthcare utilization rebounds. Other…