Required Distributions to Pension Plan Beneficiaries
Plan administrators are likely familiar with the Required Minimum Distribution (RMDs) rules with regard to pension plan participants, but, similar rules apply to beneficiaries of deceased non-retired participants as well. When a pension plan participant dies prior to retirement, the […]
Benefit Plan Management in a Collective Bargaining Environment
A perspective to gain trust and compromise more efficiently Managing employee benefit plans in a collective bargaining environment can be challenging and can lead to friction between the employer and the union. Employee benefit offerings and wages tend to be […]
Are you periodically benchmarking your group benefits plan?
How Does Your Plan Measure Up? In today’s tight labor market, an attractive benefits program, as part of your Total Rewards Program, is vital for recruiting and retention. It is a fine balance managing a plan that is both competitive […]
Group Benefits Testing Overview: There’s Still Time for 2019
As we approach the end of the calendar year, many HR staffs are working diligently on open enrollment, but there are some pesky IRS rules that may get overlooked in this busy time of year. Yes, we mean the rules […]
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 […]