A competitive vendor search, whether through a full-scope request for proposal (RFP) or a more limited request for information (RFI), is an exercise that will have an immediate, lasting and potentially significant impact on retirement program participants. An RFP or RFI presents an opportunity to make meaningful changes to your organization’s retirement program to ensure it is competitive, up-to-date and aligns with your goals. In addition, recent retirement plan litigation has highlighted the importance of a competitive bid process: this widely-accepted best practice can also serve as a shield against claims of fiduciary dereliction. So, if a competitive search is prudent, when is the right time to get started? That answer may depend on how you answer the following questions: What are the goals of my organization’s retirement plan as it relates to my business and my employees? There are many benefits for an employer to start a retirement plan, including having a tax-advantaged vehicle...

After a historically volatile first half of 2022, investors entered Q3 optimistic that inflation would subside and markets would begin to calm. However, when June’s surprise 9.1% inflation report was released just two weeks into the quarter, it became clear Q3 would continue the tumultuous year. Read our  Retirement Market Recap to get all the details on the Q3 market performance. If you have questions about  retirement plan services  or would like to begin talking to a retirement plan advisor, please get in touch online  or by calling 800.388.1963. HANYS Benefit Services is a marketing name of Healthcare Community Securities Corp., member FINRA/SIPC, and an SEC Registered Investment Advisor. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Past performance is not indicative or a guarantee of future returns. The information in this piece is not a rec...

Inflation’s Impact on 2023 Open Enrollment Many employees are feeling financial stress because of inflation. With open enrollment fast approaching, inflation could impact employees’ benefits choices. According to The Hartford’s Future of Benefits Pulse Survey , 40% of U.S. workers reported that they will cut back on the benefits they select during 2023’s open enrollment because of inflation. As a result, this year’s open enrollment may be more challenging than usual for employers. Employers can take steps now to help their employees better understand their benefits options and make informed decisions.  Employers can assist employees this open enrollment season by: using multiple communication channels; employing clear language and personalized messaging; highlighting the services that come with coverage. By communicating effectively, employers can help employees optimize their inflation-strained resources and make the best benefits selections for themselves and their families durin...

HANYS Benefit Services, a customized solutions provider for retirement and benefit needs based in Rensselaer, New York, welcomed Bernard A. Gleeson as director of employee benefit services. Gleeson will oversee the employee benefits division to meet overall strategic and financial client service goals. He will report to Noah Buck, president of HBS. Before joining the HBS team, Gleeson held roles with Gallagher, Aon and regional employee benefits firms. Throughout his career, Gleeson has served on various insurance carrier advisory boards and on his local school board for 13 years. He currently serves as the immediate past president of the local chapter of the National Association of Health Underwriters.  Gleeson brings more than 25 years of experience in the employee benefits consulting space. HBS is thrilled to welcome Gleeson to the team. Reach out to him at bgleeson@hanys.org for all your employee benefit needs.

As Election Day 2022 approaches on Tuesday, Nov. 8, employers may be curious about how to best prepare.  This article covers general information about state voting leave laws and employer considerations surrounding employee leave or time off for voting. Read on...

Each quarter, the  Attraction and Retention Newsletter  offers statistics about the employment market, suggestions on securing top talent and insight to attract and retain workers. The fourth quarter edition explores: the competitive labor market as employers address high inflation; trending employee benefits that strengthen attraction and retention efforts; and university and college recruitment strategies. Current trends indicate that despite the inflow of more people entering the workforce, there is still a considerable shortage of workers for available positions. In addition, employee quits continue to trend higher than historical standards. While employers deal with the realities of high inflation rates, competitive compensation has become increasingly more important for workers. With market uncertainty though, many employers are exploring strategies to cut costs, including layoff options. Attraction and retention challenges remain and employers need to con...