Many factors go into employees choosing the right health plan for themselves and their families. Health savings accounts (HSAs) are tax-advantaged savings accounts that accompany high deductible health plans (HDHPs). Dollars from the account can help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance and more. They are a great way to save money and efficiently pay for medical expenses. How do employees know if an HSA is right for them? This HSA employee guide provides details on what an HSA is, how it works, and the benefits of having one. It also includes a few HSA case studies to clarify how an HSA could benefit people in various life stages and circumstances. It is a great resource to provide your employees on health savings accounts. Are you introducing health savings accounts to your workforce? We’ve got you covered with a HSA introduction presentation . Download a copy of the HSA guide and HSA introduction presentation tod...

Effective Benefit Plan Communication How employers communicate benefits information to employees has a tremendous impact on how well employees understand, utilize and perceive the programs. Managers and supervisors are usually in the best position to share important benefits information with employees. As an employee’s primary point of contact, managers and supervisors also tend to be more approachable with questions. Opportunities to ask questions, express dissatisfaction and discuss problems regarding benefits information with supervisors and managers should be encouraged. However, communicating inaccurate information to employees is always a major concern when using managers and supervisors to relay benefits information. Keep in mind that misinformation causes an employee relations problem and has the possibility of leading to litigation as well. Consider these tips to avoid miscommunication: Provide managers and supervisors with specialized training to discuss benefits informatio...

Wellness doesn’t need to be a huge commitment to be effective. Doing little things here and there can amount to great benefits if you keep them up. This is especially true when it comes to your health and wellness. Download our latest toolkit for five simple ways to add wellness to your routine. For additional resources regarding wellness or more information about employee benefits, our services and products, please contact HANYS Benefit Services by email or by calling (518) 431-7735. This HR Toolkit is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2022 Zywave, Inc. All rights reserved.

They say nothing in life worth having comes easy—you have to earn it. This is especially true when it comes to wellness. Your body takes a lot of work to keep in shape, and maintaining bad habits can lead to dangerous consequences later in life. That’s why now is the best time to commit to wellness. Why is Wellness Important? Wellness means focusing on not only your physical health but also your mental and social well-being. By taking steps to improve your wellness, you can begin seeing benefits in every area of your life. For instance, quitting smoking will unarguably improve your health, but it can also soothe relations with loved ones who are concerned about the habit and save you hundreds of dollars over the year. Your wellness helps control your trajectory in life. Don’t let bad habits keep you from achieving your goals. Develop a healthy body and mind now to help get you where you want to go. What Wellness Looks Like There are plenty of ways to get healthier, like diet and exerci...

Cryptocurrency’s use and popularity have recently skyrocketed. What was once considered a fringe technology has since become mainstream. According to a recent Pew Research Center study, 86% of Americans are at least somewhat aware of cryptocurrency . Of course, money has followed that notoriety and the total global market capitalization of all cryptocurrencies exceeded $1.28 trillion as of May 2022 . It stands to reason that the retirement industry, particularly defined contribution plans, would attempt to take advantage of the buzz surrounding digital assets. Fidelity recently announced its intention to be first in line by allowing 401(k) plan sponsors to offer cryptocurrency in its core 401(k) investment lineups. Fidelity made its announcement on April 26, 2022, only a little more than a month following the DOL’s publication of a Compliance Assistance Release on the same topic. In that release, the DOL directs fiduciaries to “exercise extreme care” in considering a cryptocurrency o...

ERISA requires a retirement plan’s assets to be held in a trust in order to ensure that the assets are used solely to benefit the plan’s participants and beneficiaries. The employer sponsoring the retirement plan is responsible for timely depositing participants’ contributions into the plan’s trust. The Department of Labor (DOL) requires employers to make these deposits as soon as the amounts can reasonably be segregated from the employer’s general assets. In addition, the DOL has established a safe harbor deadline for employers to deposit participant contributions into small retirement plans. An employer that sponsors a small plan (one with fewer than 100 participants at the beginning of the plan year) has the option of using this safe harbor for meeting the deadline for depositing employee contributions into the plan. To take advantage of the safe harbor, employers must deposit employee contributions (including plan loan repayments) within seven business ...

Cybercrime and Benefits Plans According to recent estimates from the University of Maryland, a cyberattack occurs every 39 seconds. Data breaches and cyberattacks are daily headlines—and employee benefits plans are no exception to that threat. In fact, employee benefits plans are even more vulnerable as the coronavirus pandemic continues; organizations and benefits providers are relying heavily on electronic access, ultimately creating new vulnerabilities. Some examples of cyberthreats include phishing, malware and ransomware attacks. Virtually any type of employee benefits plan is vulnerable to hackers. These plans can be exposed to risks relating to privacy, security and fraud. Sensitive information contained in benefits plans is valuable to cybercriminals. Lost or stolen mobile devices, laptops and flash drives that hold personal information are additional tangible threats to benefits plans. These situations are especially concerning now that more employees are working from home. Gi...