HANYS Benefit Services’ 2016 Employee Benefits Survey, Understanding the Strategic Value of Health Benefits , highlights the need to take a multi-faceted approach when designing a cost-efficient and competitive benefits package. A benefits package must be structured in a way that is competitive and controls costs, without shortchanging employee health and wellbeing. To achieve this delicate balance, employers are increasingly seeking guidance on compliance and plan design. “This survey helped call to attention the increasingly complex circumstances under which employee benefit plans are constructed,” said James J. Kelley, President, HANYS Benefit Services. “Employers still need to design plans that are cost effective without a negative impact on recruitment or retention of key employees. The message is clear that the best way to accomplish this goal is to use creative strategies and seek professional guidance on regulations.” Key takeaways from the 2016 HBS survey : Employee benefit r...

Register for our live webinar: Retirement Plan Law Suits on the Rise A number of prestigious colleges and universities, including several Ivy League schools, have recently appeared in the headlines as defendants in class action lawsuits relative to their retirement plans. Starting in 2006, the law firm of Schlichter, Bogard and Denton filed a bevy of lawsuits against corporate giants relative to the 401(k) plans sponsored by each corporation. A common thread through all of the suits was excessive fees, but the overarching theme was the alleged failure on the part of the plan fiduciaries to fulfill their fiduciary responsibilities and obligations. Settlements have been reached in several of the suits, resulting in settlement amounts in the tens of millions of dollars. Lawyers on behalf of retirement plan participants are now setting their sights on non-profit institutions, including one hospital in New York. This is a wake-up call to all non-profit organizations to make sure their retir...

A retirement plan’s overarching goals are to help participants accumulate wealth during their years of employment and to provide them with income during their retirement. The challenge for fiduciaries is to successfully navigate the options available and build an optimal investment menu that is designed to guide participant choices and improve their retirement readiness. Since plan fiduciaries may be exposed to personal liability, it is prudent to have a process in place for the selection and monitoring of investment options. HANYS Benefit Services has outlined a four-step process for constructing an optimal investment menu that: fosters ERISA compliance; provides desirable investment choices for plan participants; and impacts retirement outcomes. Read  4 Steps to Building an Optimal Retirement Plan Lineup for Participants  to learn more. If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (800) 388-1963 or e-m...