Retirement plan administration has advanced in recent decades with the rise of the Internet and other digital technologies. However, that has made retirement plans a target for cyber criminals. Armed with stolen personal data, hackers now see trillions of American retirement dollars as a new favorite target. The retirement industry has had to strengthen its defense against cyberattacks and, as a natural extension of this effort, the due diligence practices of plan sponsor fiduciaries have entered the spotlight. The U.S. Department of Labor released new cybersecurity guidance for plan sponsors in April and is already making it a priority topic of audits as DOL underscores the “obligation to ensure proper mitigation of cybersecurity risks.” The DOL guidance includes: Tips for hiring a service provider with sound cybersecurity practices: These tips include asking about the service provider’s security standards, evaluating any historical breaches or litigation and seeking favorable contra...

As we move into summer, many will want to exercise outdoors to stay active and get some fresh air. That’s great news, as experts recommend at least 150 minutes of moderate aerobic activity each week. Working out in hot and humid weather can put extra stress on your body; however, there are simple precautions you can take to protect yourself. Avoid the hottest part of the day. Wear light-colored clothing.  Apply sunscreen.  Stay hydrated with water. Replenish your electrolytes.  Listen to your body. Download the Live Well Work Well June Newsletter for more details on how to safely exercise outside during the summer. As always, talk to your doctor before you start a new exercise regimen. For more information on healthcare and employee benefits changes, 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. © 2021 Zywave, Inc. All rights reserved

Hybrid workforce strategies will factor into HR planning this year and beyond. The pandemic has resulted in thousands of employees working from their kitchen tables or living rooms rather than the office or other workplace. If that’s the case, organizations are likely in or will be in the process of deciding how much remote work will continue to play into the workplace. Furthermore, a hybrid model is becoming a growing standard for many organizations in some capacity—and might even be a common long-term option. Hybrid workplaces can look very different based on the organization’s priority of the following factors: Talent access Individual productivity Team productivity Cost of real estate Download the HR Edge Q2 2021 Newsletter to learn the challenges and advantages of hybrid workplaces and additional features on the Strategic Employee Communication and Preparing for Future Health Crises . For more human resources trends, industry insights and proactive strategies to maintain a compe...

The equity rally that began in November of last year with the much-anticipated Pfizer vaccine announcement continued in earnest in the first quarter of 2021. Most of the market trends first observed in late 2020 persisted through Q1, thereby ending market domination by select high-growth technology companies. As Congress passed the American Rescue Act, the Wall Street Journal survey of 60 economists raised its prediction for the growth rate of the U.S. economy in 2021 to 5.95%. The survey increased its prediction for 2021 growth three times during Q1, an indication of the rapidly improving economic conditions. Read the  Q1 Market Recap to learn more about the Q1 market performance. Also included is the feature article, Active versus passive investing styles . 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 Internal Revenue Service’s Tax Exempt and Government Entities division issued a “Program Letter” that outlines its priorities for the 2021 fiscal year. The letter supplements the “Fiscal Year 2020 Compliance Program Letter,” which outlines the IRS’ examination initiatives. While the letters list several initiatives, among particular interest with respect to retirement plans are the following: Internal Revenue Code Section 403(b)/457 Plans: Examine 403(b) plans for universal availability, excessive contributions and proper use of catch-up contributions under IRC Section 414(v); and examine 457(b) plans for excessive contributions and proper use of the special three-year catch-up contribution rule. This strategy began in FY 2020. Small exempt organizations that sponsor retirement plans: Review retirement plans of small exempt organizations to determine whether the plan investments are properly administered, whether there are any party-in-interest transactions in the plan trust and w...

More than half of adults in the United States will experience mental illness at some point in their life. Mental illnesses can occur occasionally, while others are chronic. Mental Health Awareness Month, observed every May, is a time to raise awareness about mental health, break the stigma and support people with mental illness. One way to improve your mental health is through self-care. Self-care looks different for every person since it involves doing things that you enjoy or need.  Download the Live Well Work Well May Newsletter for some ideas for how to practice self-care. If you have concerns about a loved one’s or your mental health, contact a doctor or mental health professional.  For more information on healthcare and employee benefits changes, 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. © 2021 Zywave, Inc. All rights reserved

  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 2nd Quarter 2021 Attraction and Retention newsletter focuses on balancing employee heath when returning to work, provides recruiting strategies amid COVID-19 and offers tips for reducing burnout. Download your copy today . For more information on healthcare and employee benefits changes, 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. © 2021 Zywave, Inc. All rights reserved.