Picture this: It's a hectic Monday morning. You open your email to find your inbox flooded with urgent employee questions and time-sensitive issues. You try to answer all the requests as quickly as possible. When you’re finally done, the last thing you want to do is read about compliance updates. That’s where HR compliance resources can help. It's already challenging to navigate the complex and ever-changing landscape of laws and regulations — let alone communicate these updates to employees. As a human resources professional, you need more than just expertise; you need the right systems at your disposal to stay ahead. That's where HR compliance resources come in. These tools can help streamline your operations and ensure your organization is making strides to be compliant. These resources can be applied to many HR areas, including your retirement or employee benefits plans. In this article, we'll focus on the four essential retirement and employee benefits resources to

Did you know that global spending on prescription drugs will reach nearly $1.8 trillion by 2026?  The United States alone will spend up to $715 billion, according to the IQVIA Institute for Human Data Science . Download a helpful infographic that covers the rising cost of prescription drugs. Plus, get six strategies on how you can mitigate the financial burden of these rising costs. As always, if you have any questions, don’t hesitate to contact us today ! Our team of experts can help you navigate employee benefit plans and their associated components.

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

  Since the Affordable Care Act was enacted in 2010, many reforms have been made to group health plan coverage. To make reviewing ACA group health plan requirements easier, download this ACA 2024 compliance checklist . If you have additional questions, TruePlan’s team of experts is here to assist. Contact us today to get the answers you need or to review your current employee benefits plan .

When it comes to navigating the complexities of retirement plan management, retirement plan sponsors should know the answer to this crucial question: What is fiduciary liability insurance? Understanding the definition and purpose of fiduciary liability insurance can be helpful to retirement plan sponsors as litigation against sponsors expands and the intricacies of fiduciary responsibility become ever clearer. It can also be crucial in protecting yourself and the retirement program you manage. Many people involved in the administration of these programs are not aware of their direct, personal responsibility. We've put together this “101” guide for retirement plan administrators like you to learn about fiduciary liability insurance and how it can safeguard your role as a retirement plan administrator. Introduction to fiduciary liability insurance Fiduciary liability insurance is a form of protection for individuals and entities who manage and have authority over employee benefit pla

The market has seen a lot of uncertainty in recent years. Because of this, many organizations are looking for new ways to diversify their investment portfolios. Our best-kept “not-so-secret” secret: alternative investments. In this blog, we'll explore alternative investments with a focus on how they can potentially shield your portfolios from downside market volatility. In addition, we'll break down its benefits and risks and whether it could be a good fit for you. Part 1: What are alternative investments? Alternative investments may help diversify your investment portfolios through non-traditional investment strategies. Non-traditional investment options have varying liquidity ranges depending on the strategy and fund structure. Alternative investments are sometimes referred to as alternative assets. According to the Harvard Business School , the seven types of alternative investments are: private equity; private debt; hedge funds; real estate; commodities; collectibles; and s

Approaching ACA reporting deadlines for 2024   Employers subject to Affordable Care Act reporting under Internal Revenue Code Sections 6055 or 6056 should prepare to comply with the upcoming ACA 2024 reporting deadlines. For the 2023 calendar year, covered employers must: furnish paper statements to individuals by March 1, 2024; and file paper returns with the IRS by Feb. 28, or April 1 if filing electronically. Beginning in 2024, employers who file at least 10 returns during the calendar year must file electronically. Penalties may apply if employers are subject to ACA reporting and fail to file returns and furnish statements by the applicable deadlines. The following employers are subject to ACA reporting under Sections 6055 and 6056: employers with self-insured health plans (Section 6055 reporting); and applicable large employers with either fully insured or self-insured health plans (Section 6056 reporting). ALEs are employers with 50 or more full-time employees (including full-ti

With 2023 in the rearview mirror, many investors can breathe a sigh of relief. From a potential looming recession to unexpected market surprises and inflation, there were many twists and turns to navigate. In our latest Retirement Market Recap , we’ve documented the biggest economic trends across sectors in 2023 and discussed how they’re shaping 2024, including: what sectors had a strong performance in 2023; where the labor market is headed in 2024; the status of high-yield bonds; how the Federal Reserve is fighting off inflation; and why investors are still uncertain about the future. Don’t lose out on valuable market insights that can help you get the economic pulse for this year and beyond . Contact us with any questions about this Market Recap or how TruePlan can help enhance your organization's retirement offerings . HANYS Benefit Services is a marketing name of Healthcare Community Securities Corp., member FINRA/SIPC, and an SEC Registered Investment Advisor. This material