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Human resources compliance guide: Tips for employers

Compliance is a crucial aspect of human resources, ensuring an organization’s smooth operation and legal standing. For human resources (HR) managers, plan sponsors and employers, navigating the labyrinth of HR compliance can be daunting. Add retirement planning rules and regulations into the mix, and HR teams have a full plate.  Use this blog post as your guide to essential information on:   HR compliance for retirement plans;  labor laws and compliance implementation strategies;  how to make HR compliance part of your workplace culture; and   the ways TruePlan can assist as an HR guide, providing HR compliance solutions and assistance.  Understanding HR compliance  HR compliance refers to the process of defining policies and procedures to ensure that your employment and work practices demonstrate a thorough understanding of applicable laws and regulations, while also being tailored to the specifics of your organization. It encompasses various aspects, from adhering to labor laws and s

Q3 2024 Market Recap: Calmer tides

Can investors breathe a sigh of relief?  The third quarter of 2024 has proven to be both eventful and rewarding for investors across various asset classes. While the first half of the year saw a steady rally in equity markets, fixed-income markets were less fortunate, navigating through a maze of volatility. However, relief came in Q3 as bond markets gained momentum alongside equities, helped by the Federal Reserve's decisive move to cut interest rates by 50 basis points.*  Download the full Market Recap to get insights into these major areas:   the equity market’s resilience;  a resurgent fixed-income market;  geopolitical influences and safe havens; and  the Fed’s interest rate cuts.  The road ahead  Looking forward, investors remain cautious yet optimistic. While the prospect of additional rate cuts presents opportunities, geopolitical uncertainties continue to loom large. Download our comprehensive Market Recap for an in-depth analysis and insight s into navigating the evolvin

Increased Civil Penalty Amounts for SBC, MSP, HIPAA Violations

Heads up healthcare professionals and group health plan administrators!   The U.S. Department of Health and Human Services (HHS) announced significant increases in civil penalties for Summary of Benefits and Coverage (SBC), Medicare Secondary Payer (MSP) and HIPAA violations as of Aug. 8. These adjustments, made to keep up with inflation, underscore the importance of complying with federal requirements.  The stakes have never been higher. Whether you're navigating adjustments in penalties ranging from $1,406 to $71,162, or ensuring your compliance protocols are airtight, this update is critical for anyone managing group health plans.  Dive into the full post to get a comprehensive overview of these changes, understand how they could impact your organization and learn how to safeguard against potential violations. Don’t wait — download the full story now to stay ahead of the curve !  Have questions? Contact us  TruePlan Benefit and Retirement Advisors focuses on employee benefits a

Strategies to combat shrinking budgets: What HR leaders need to know

In an era when ROI is the name of the game, HR leaders face the delicate task of maximizing the impact of shrinking budgets. But fear not — where there are challenges, there are also solutions.   Download our full article to take a deep dive into adaptive strategies for aligning HR initiatives with business objectives, ensuring financial resources are effectively used to support company growth.  Discover how to:  craft an agile HR budget that thrives amid funding cuts;  optimize talent acquisition processes to secure top candidates without breaking the bank;  implement continuous learning initiatives to boost employee morale and productivity;  streamline HR administration to save time and reduce errors; and  use key performance indicators to measure success and guide strategic decisions.  Ready to equip your team with the tools needed to turn budget constraints into opportunities for growth? Download the full story now for strategies to combat a shrinking budget.   Need additional inf

Live Well, Work Well – November 2024: Prioritize mindfulness this fall

The November 2024 edition of our Live Well, Work Well newsletter focuses on:  Topic #1: Mindfulness tips for fall that prioritize your physical, emotional and mental health.  Topic #2: Daylight saving time information and how it impacts your health.  Topic #3:  How to start planning now for a stress-free holiday season.  Bonus: Apple cinnamon bars recipe.  [Download the latest edition today]   Employer note: Preparing for virus season  With the arrival of fall and winter, respiratory viruses are rising. HR professionals are crucial in safeguarding employee health and maintaining a safe workplace. Here are some strategies for navigating the respiratory virus season:  1. Evaluate workplace risks  Although COVID-19 mandates have ended, it's vital to independently assess potential exposure risks in your workplace. Consider implementing controls like personal protective equipment and administrative measures to mitigate hazards.  2. Revise leave policies  Consider expanding your leav

November 2024 Benefits Buzz: ACA Reporting Forms and Health FSA Limits

Welcome to the November 2024 edition of Benefits Buzz! This month, we dive into the latest topics related to Affordable Care Act (ACA) reporting for 2024 and updates on the IRS. Stay informed and gain insights that help you navigate new regulations and changes.  This month's highlights  Topic #1: ACA final forms and instructions for 2024 are now available.  Topic #2: IRS releases health FSA limits for 2025.  Download the full story  For an in-depth look at this month's topics, download the PDF below. Don't miss out on valuable insights regarding important 2024 forms and 2025 increases.  [Download the Full Story PDF]   Stay informed, stay empowered and make the most of your benefits with Benefits Buzz! Be sure to follow us on LinkedIn for monthly updates and never miss out on the latest in benefits news.  Have questions?  If you have questions, feel free to contact TruePlan . Our team of advisors can help you with questions within the scope of employee benefits .    Read o

Retirement planning: Financial wellness programs 101

Navigating the complexities of financial and retirement planning can feel like an uphill battle for employees. However, with the right guidance and resources, employers and human resource professionals can equip staff with the tools they need to achieve financial wellness and a secure future. In this blog post, we will explore:  how providing a comprehensive retirement program can lay the groundwork for financial success;  why a comprehensive financial wellness program on top of a retirement plan is crucial;  how to implement a successful financial wellness program; and  a note on how supplemental benefits can be a game-changer for attracting and retaining talent.  Understanding the importance of a rich retirement program  A well-structured retirement plan provides employees with a sense of security and peace of mind. It is a strategic tool for employers to enhance employee satisfaction and loyalty.  Retirement planning is crucial for employees of all ages. While younger employees may

Report finds weight loss drugs key driver of 2025 health care cost increase

Curious about the future of healthcare costs? In the latest news brief , we reveal how the soaring popularity of weight loss drugs like Ozempic and Wegovy could impact your organization's budget by 2025. Discover key insights into rising pharmacy costs, employer strategies and what it means for your benefits plan.   [Download the report]   Quick summary  The report underscores the significant shift in pharmacy cost allocations as more individuals seek access to these medications. With the increasing acceptance of Ozempic and Wegovy as part of weight management strategies, organizations face new challenges in managing benefit costs.   By equipping yourself with these insights, you empower your organization to ascertain the most effective path forward amidst evolving healthcare landscapes. Prepare for the future by understanding present dynamics and reshaping your benefits strategy accordingly.   Contact us for additional information  If you have any questions, feel free to reach out

Live Well, Work Well – October 2024

The October 2024 edition of our newsletter, Live Well, Work Well , focuses on:  Topic #1: What to know about this year’s flu season.  Topic #2: The power of breathwork.  Topic #3: Start planning now for a stress-free holiday season.  Bonus: A pumpkin chili recipe!   [Download the latest edition today]   Empower your team to live and work well every day!  Share the newsletter with your team  Encourage your team to thrive by sharing our Live Well, Work Well newsletter! Packed with valuable insights on health, wellness and work-life balance, this monthly publication is designed to help employees lead healthier, happier lives both inside and outside the workplace.    By sharing this resource, you can foster a positive work environment, promote well-being and demonstrate your commitment to employee wellness. Get caught up by reading our September 2024 edition on cholesterol, disaster preparedness and mental health — plus, there’s a rice bowl breakfast recipe.     Have questions? TruePlan c

Attraction & Retention newsletter – Q4 2024

As the labor market continues to slow, it’s anticipated that organizations will have difficulty attracting and retaining talent—leaving employers more eager than ever to tangibly incorporate successful talent strategies. Read the latest edition of the Attraction & Retention newsletter to get key employer takeaways on:  the slowing labor market;  using employee benefits as a workplace retention factor;  supporting working parents during the 2024-2025 school year; and   a Q4 2024 workplace outlook.  Get your labor market recap today. You can also review the Q3 2024 Attraction & Retention newsletter, which details employee retention statistics and best practices as well as how to attract millennial talent.  If you’d like more information regarding the newsletter and our services, contact our team of experts today ! We’re here to answer any questions surrounding your employee benefits and retirement plan efforts.   This is not intended to be exhaustive, nor should any discussi

October 2024 Benefits Buzz: ACA’s 2025 Pay-or-Play Percentage Increase

Welcome to the October 2024 edition of Benefits Buzz! In this blog post, we dive into the latest topics related to the IRS and the Affordable Care Act (ACA). We also examine the Mental Health Parity and Addiction Equity Act (MHPAEA) final rule.  This month's highlights  Highlight #1: On Sept. 6, the IRS released the affordability percentage threshold for 2025 plan years under the Affordable Care Act’s (ACA) pay-or-play rules.  Highlight #2: On Sept. 9, DOL, Health and Human Services and the Treasury Departments released a final rule to strengthen the requirements of the Mental Health Parity and Addiction Equity Act (MHPAEA).  Download the full story  For an in-depth look at this month's highlights, download the PDF below.   [Download the full story]   Stay informed, stay empowered and make the most of your benefits with Benefits Buzz! Be sure to follow us on LinkedIn for monthly updates and never miss out on the latest in benefits news.   Have questions?  Feel free to contac

[Webinar Recap] Quick hits session: Fiduciary Governance

Fiduciary governance is a fundamental aspect of managing retirement plans and benefits. Understanding the intricacies of fiduciary duties is crucial for employers, plan sponsors and retirement plan advisors to ensure compliance and safeguard against potential liabilities.   In our recent webinar, Quick hits session: Fiduciary Governance, we equipped participants with essential knowledge and strategies to navigate the complexities of fiduciary responsibilities. To help you build on your learnings, we wrote this supplemental blog. Explore the key elements of fiduciary governance, including best practices, monitoring entities, establishing sound processes and avoiding common compliance pitfalls.  Fiduciary best practices  At its core, fiduciary duty involves acting in the best interest of plan participants and beneficiaries. This means making decisions with care, skill and diligence. Here are some best practices to help you fulfill your fiduciary responsibilities :  Education and training

2024 Prescription Drug Reporting (RxDC Report)

The No Surprises Act, enacted as part of the Consolidated Appropriations Act , includes transparency provisions requiring group health plans to report information on prescription drugs and healthcare spending to the departments of Labor, Health and Human Services and the Treasury (“the departments”). This requirement applies to group health plans and health insurance issuers in the individual and group markets but does not apply to account-based plans and excepted benefits. This reporting process is referred to as the prescription drug data collection (or “RxDC report”). The first RxDC report was due Dec. 27, 2022 (covering data for 2020 and 2021); however, the departments provided a submission grace period through Jan. 31, 2023, for this first report. Subsequent RxDC reports are due by June each year covering data for the previous calendar year. According to interim final rules , employers may use issuers, third-party administrators, pharmacy benefit managers or other third parties t

2024 Prescription drug pricing trends

Prescription drug cost drivers Although prescription drug spending has historically been a small proportion of national healthcare costs compared to hospital and physician services, it has grown rapidly in recent years. According to CMS, prescription drug spending increased 7.8% to $378.0 billion in 2021, up 3.7% from the previous year. A recent study found that “In 2022, overall pharmaceutical expenditures in the US grew 9.4% compared to 2021, for a total of $633.5 billion. Utilization (a 5.9% increase), price (a 1.7% increase) and new drugs (a 1.8% increase) drove this increase.” These results illustrate increasing prescription drug spending, especially with new, specialty and cancer drugs. According to the same study, employers will have to watch for a predicted rise of 6% to 8%. A multitude of factors led to this steady rise in prescription drug pricing, including the following. An influx of specialty drugs Specialty medications account for a smaller portion of U.S. prescriptions

Executive disability income protection program: C-suite FAQ

Implementing a comprehensive risk management strategy is imperative for C-level executives and senior management at HANYS member hospitals. One critical, but often overlooked component, is the executive disability income protection program. But what exactly is this program and why is it vital for high-income earners?   With increasing interest in executive disability income protection programs from C-suite executives, TruePlan Benefit and Retirement Advisors interviewed Bernard A. Gleeson, Director, Employee Benefit Services on Executive disability income protection programs FAQs.  What is an executive disability income protection program?  An executive disability income protection program (EDIPP) is a specialized form of disability insurance designed to supplement existing group disability plans offered by employers. These individual plans provide additional coverage beyond the typical monthly maximum benefit cap found in traditional employer-based offerings. By overlaying on top of g

Employee Benefits Offerings: What Perks Can You Add?

Employee benefits can play a crucial role in attracting and retaining top talent. Beyond compensation and bonuses, offering a variety of perks can significantly enhance employee satisfaction and productivity. But what should you include in your employee benefits offerings?   What are employee benefits?   Employee benefits encompass compensation, bonuses and various perks outside an employee's wage. By offering flexible employee benefits, you can improve employee productivity and loyalty while attracting and retaining talented candidates.   Personalized benefits examples   The type of benefits offered can vary by industry. We've compiled some of the most popular options to help you explore possible employee benefits strategies .  1. Social opportunities   Employee perks don't always have to be tied to a benefits package. Sometimes, the best way to engage your employees can be through social opportunities. Group activities can help improve and strengthen relationships. Try ge