The Biden administration will inherit the coronavirus pandemic, and while this remains a top priority for both the Biden administration and many Americans, the administration also hopes to address and expand health care access.  In addition to addressing COVID-19, the Biden administration's core focus is to expand the ACA incrementally. Employers should begin to consider how this administration’s platform might affect healthcare and employee benefits. This article explores the Biden administration's proposed COVID-19 response, general healthcare platform and top agenda items. For more information on healthcare and employee benefits changes, read this edition of Benefits Insights and contact HANYS Benefit Services by email or by calling (800) 388-1963. This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2020 Zywave, Inc. All rights reserved.

New York state has enacted a sick leave law that, depending on their size, requires employers to provide between 40 and 56 hours of paid leave per year for reasons relating to the health and safety of the employee or the employee’s family. Employers with fewer than five employees and an annual income no greater than $1 million may satisfy the law’s leave requirement by providing unpaid leave of 40 hours annually. Employees begin accruing leave on Sept. 30, 2020, but may not use the leave until Jan. 1, 2021. Leave is accrued at the rate of one hour for every 30 hours worked; the law contains frontloading and carryover provisions.  Employers with leave policies that equal or exceed the requirements of the sick leave law need not provide additional leave to their employees. The sick leave law does not affect municipal leave laws in effect on Sept. 30, 2020, and cities with populations of at least 1 million may enact laws that meet or exceed the requirements of the new law. Employers ...

The U.S. equity market recovery that began on March 24 continued in earnest in Q3. However, the Index performance masks significant underperformance in the industries that continue to be impacted by the pandemic. Any failure of the presidential election process to determine a clear winner will likely provide fuel for near-term volatility.  Read the Q3 Market Recap for a brief review of the market performance and chart shows the average annualized return for the S&P 500 Index under the presidential terms dating back to Franklin Roosevelt. Also included is an article describing how HANYS Benefit Services has been Staying Connected to Meet Retirement Goals in spite of the pandemic. 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.

 Like so many companies, COVID-19 totally upended how we do business. Our education team’s calendar is usually filled with on-site client visits, allowing them to provide face-to-face guidance to employees on retirement plans.  Not so much in 2020. This year, we’ve been pushed to think outside the box, to reimagine how we provide support and education and to establish a new normal for how we do business. Moving online Shifting focus to video and phone calls is the (relatively) easy part. Scheduling and logistics of said calls – that’s where things can get tricky. Coincidentally, we started transitioning to an online scheduling tool a few months before the phrase “global pandemic” was a regular part of our lexicon. After testing it with a few clients, we were ready to roll it out more broadly by the time the world moved online. Scheduling online, we are able to set parameters for when our team members are available for meetings, then supply a link to our client human resources ...

A handful of companies have led the way when it comes to student loan debt assistance for their employees. There’s also legislation pending in Washington that could impact the issue. Watch episode #2 in our video series: For Your Benefit with HANYS Benefit Services. We’re taking a closer look at two such companies that have come up with creative, new employee benefits solutions to tackle the issue and possible legislation coming down the pike.  The trailblazers: Abbott Labs and Fidelity Abbott Labs The problem: Abbott wanted to match student loan repayments. But since student loan repayments are not paid into a retirement plan, but to student loan issuer, they couldn’t directly apply a match contribution. The solution: Contribute to the non-elective or profit sharing contribution type under section 401(a). The details: To be sure they weren’t violating the code, Abbott Labs requested a private letter ruling to get IRS approval to make contributions with respect to the student lo...

A handful of companies have led the way when it comes to student loan debt assistance for their employees. There’s also legislation pending in Washington that could impact the issue. Watch episode #2 in our video series: For Your Benefit with HANYS Benefit Services. We’re taking a closer look at two such companies that have come up with creative, new employee benefits solutions to tackle the issue and possible legislation coming down the pike.  The trailblazers: Abbott Labs and Fidelity Abbott Labs The problem: Abbott wanted to match student loan repayments. But since student loan repayments are not paid into a retirement plan, but to student loan issuer, they couldn’t directly apply a match contribution. The solution: Contribute to the non-elective or profit sharing contribution type under section 401(a). The details: To be sure they weren’t violating the code, Abbott Labs requested a private letter ruling to get IRS approval to make contributions with respect to the student lo...

Employers can expect major disruptions to open enrollment this year due to the coronavirus (COVID-19) pandemic. As such, employers should stay apprised of current trends and begin preparing sooner rather than later. Trends to Watch Many organizations are expected to hold entirely virtual open enrollment due to the coronavirus. Virtual enrollment has been trending for several years, and the COVID-19 pandemic is helping to solidify its prominence. A virtual enrollment process typically includes an onlineenrollment platform for selecting benefits, hosting remote meetings between employees and HR, and downloading benefits resources. Also, many employers are meeting current employee needs through supplemental health plans with an emphasis on overall well-being. Adding optional health benefits can be a way to limit additional employer spending and provide assistance to employees who need it. Ways Employers Can Prepare Open enrollment isn’t always a clear-cut process. Employers can review the...