GE pension changes: should my company be looking to do the same?
On October 7, General Electric (GE) announced a series of decisions around their salaried pension plan: For participants continuing to accrue benefits, further accruals will be stopped at the end of 2020. (New employees hired after 2011 were not eligible […]
Medicare Part D Notice – 2019 Update for Employers
It’s that time of year again, Medicare Part D compliance. Employers must send employer-sponsored, health plan Medicare-eligible members a Medicare Part D Notice (Notice) notifying them whether their prescription drug (Rx) benefits qualify for coverage. The Notice is due before October […]
Minimum Pay Levels—Can Organizations Afford an Increase?
One issue that continues to be debated is the increase of the minimum wage to $15. The argument focuses on fairness vs. affordability. However, it is important to note that there are a number of states and municipalities that have […]
Side-by-side Comparison of HSAs, HRAs and FSAs
With the new HRA rules announced earlier this year, we have created a side by side comparison of Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs) and Flexible Spending Accounts (FSAs), to help our clients and friends navigate the similarities […]
Three Compelling Reasons to Consider Pension Plan Mergers
If you have more than one pension plan you are administering, consider a pension plan merger to potentially reduce plan administrative, Pension Benefit Guarantee Corporation (PBGC), and future plan termination fees. Sound too good to be true? Read on. While […]
Long-term Compensation Choices: Real Equity or Phantom Stock?
Shareholders, business owners, and Boards have two primary options when considering key employee long-term compensation linked to shareholder value. Long-term compensation is typically structured to: Motivate, reward and retain key employees Promote long term thinking Grow the business Build shareholder […]
AI Technology Transforming the Next Generation of HR
The right mix of technology, artificial intelligence and the human element is a differentiator. With the coming of Artificial Intelligence (AI) and broader uses of technology, HR professionals will be challenged to manage and humanize HR systems to achieve their […]
Audit Survival Tips for Retirement Plans
Although only a small fraction of retirement plans are audited each year, over time it’s almost certain that you and your plan will be audited by either the Internal Revenue Service (IRS) or the Department of Labor (DOL). Your preparation […]
Could You Be Supporting a Hidden Retiree Health Plan?
A retiree health plan is when ex-employees are provided for or allowed to purchase health care through their former employer. Sponsoring a hidden retiree health plan happens more often than you might think. Having even an informal policy of extending […]
2019 Health and Welfare Plans Compliance Calendar/Checklist
Significant Due Dates – Calendar Plan Year & Calendar Employer Tax Year* January 2019 31 Last day to report on Form W-2 to employees the cost of applicable employer sponsored coverage under a group health plan February 2019 28 Paper […]