The Family and Medical Leave Act (FMLA) is a federal law that allows eligible employees to take unpaid leave for a variety of personal circumstances. Due to the numerous regulations and complexities of the FMLA, administering FMLA leave can be a daunting task for many HR departments. In an effort to make FMLA administration more accurate and efficient, many employers have opted to outsource their leave programs to outside vendors. Why Do Companies Outsource FMLA Administration?  Many small companies struggle to find the time and resources required to properly train staff on FMLA administration, and employers who deny eligible employees leave or violate FMLA requirements could face hefty fines and legal repercussions. As a result, HR representatives will sometimes grant too much leave to employees out of fear that an eligible employee’s leave request might accidentally be denied. While this practice might spare companies from finding themselves in serious legal trouble, it can also ...

The Family and Medical Leave Act (FMLA) is a federal law that allows eligible employees to take unpaid leave for a variety of personal circumstances. Due to the numerous regulations and complexities of the FMLA, administering FMLA leave can be a daunting task for many HR departments. In an effort to make FMLA administration more accurate and efficient, many employers have opted to outsource their leave programs to outside vendors. Why Do Companies Outsource FMLA Administration?  Many small companies struggle to find the time and resources required to properly train staff on FMLA administration, and employers who deny eligible employees leave or violate FMLA requirements could face hefty fines and legal repercussions. As a result, HR representatives will sometimes grant too much leave to employees out of fear that an eligible employee’s leave request might accidentally be denied. While this practice might spare companies from finding themselves in serious legal trouble, it can also ...

U.S. equities continued to roar leading into 2020. The Federal Reserve reversed course on monetary policy in 2019, stimulating both the economy and securities markets. Read the  Q4 Market Recap  for a brief review of the 2019 stock market performance and outlook for 2020. Also included is an update on important provisions in the Setting Every Community Up for Retirement Enhancement (SECURE) Act. If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by  email  or by calling (800) 388-1963.

U.S. equities continued to roar leading into 2020. The Federal Reserve reversed course on monetary policy in 2019, stimulating both the economy and securities markets. Read the  Q4 Market Recap  for a brief review of the 2019 stock market performance and outlook for 2020. Also included is an update on important provisions in the Setting Every Community Up for Retirement Enhancement (SECURE) Act. If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by  email  or by calling (800) 388-1963.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act After spending most of 2019 on hold in Congress, the SECURE Act was passed and signed into law on December 20. This is the largest retirement reform act since the Pension Protection Act in 2006 and has a broad focus on improving both the reach and quality of retirement plans, as well as updating several individual tax rules. While most changes require no immediate action, it’s important for plan sponsors to be aware of changes that may soon impact them. Here is a chart with the most significant changes: Topic Summary Considerations Effective Date Multiple employer plans (MEPs); Pooled employer plans Perhaps the most significant portion of the bill provides an updated structure to facilitate open multiple employer plan arrangements, or “pooled employer plans” for unrelated employers. The Act also provides relief from plan disqualification by eliminating the “one bad apple” rule, which held all e...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act provides a safe harbor for plan fiduciaries who select a guaranteed retirement income contract, which is defined as an annuity contract for a fixed term or providing for systematic payments guaranteed by the provider to be made over the life, life expectancy or joint lives or life expectancies of a participant and beneficiary. Retirement plan fiduciaries will be deemed to have acted prudently and will be eligible for the new safe harbor protection if they engage in and document the following process: objective, thorough and analytical search for an annuity provider; consideration of all costs, benefit features and terms of the contract; obtain written assurances from the provider of compliance with all federal and state laws and regulations governing lifetime income solutions, including state insurance laws; as a result of the analysis, the plan fiduciaries should be able to conclude that the provider has the finan...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act After spending most of 2019 on hold in Congress, the SECURE Act was passed and signed into law on December 20. This is the largest retirement reform act since the Pension Protection Act in 2006 and has a broad focus on improving both the reach and quality of retirement plans, as well as updating several individual tax rules. While most changes require no immediate action, it’s important for plan sponsors to be aware of changes that may soon impact them. Here is a chart with the most significant changes: Topic Summary Considerations Effective Date Multiple employer plans (MEPs); Pooled employer plans Perhaps the most significant portion of the bill provides an updated structure to facilitate open multiple employer plan arrangements, or “pooled employer plans” for unrelated employers. The Act also provides relief from plan disqualification by eliminating the “one...