Following a disappointing 2022, where both equity and fixed-income markets struggled, investors looked forward to a more stable 2023 with diminished recession fears. While asset prices have partially recovered from 2022 losses, worries about an impending recession persist. January was a particularly strong month for U.S. equity markets, with the S&P 500 gaining 6.18%, but volatility through February and March gave back some of January’s gains. In Q1, fixed income continued to face restrained returns offering indications of the economy's path. Instability within the banking sector has been the focus of financial headlines, spearheaded by the collapse of three financial institutions, all within the span of five days. Even though these collapses have been contained and are primarily due to individual factors, a renewed public fear and distrust of financial institutions appears to be on the rise. Markets outside the U.S. were mixed in Q1. Investors are hoping for a return to n...

The retirement industry has been buzzing since the SECURE 2.0 Act was signed into law last December. This new, comprehensive legislation has sparked a lot of discussion. As with any major reform, it will take time for the industry to fully adapt and understand all its implications. Following our April 11 webinar on the first three months of the industry’s response, our team reconvened to discuss some of what we have heard from our client and vendor partners and to respond to some of the great questions we heard from attendees. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. The Discussion SB – Throughout the webinar, I wanted to stress two things: 1) confusion about where to start and what is expected from plan sponsors is normal; and 2) even more than three months in, this is a developing situation and people should expect changes as time goes on. With those in mind, engagement through...

Benefits have always been crucial for attracting and retaining top performers, and voluntary benefits are a great way for employers to enhance their offerings. These extra perks allow for more personalization that can help satisfy the unique needs of each worker, especially in today’s multigenerational workforce. Although individual needs vary, some common themes — physical, mental and financial wellness — are universal. Employers can help address these pressing issues by offering expanded voluntary benefits. A rising number of organizations recognize that voluntary benefits are beneficial to employees and their families — and many come at little to no cost for the employer. This article highlights three important voluntary benefits trends for 2023. 1. Emphasis on holistic voluntary benefits offerings The voluntary benefits market has steadily expanded in recent years and will continue to grow in 2023. According to a Willis Towers Watson survey, nearly all employers (94%) say voluntary...

Employment laws and regulations can be overwhelming for any business. But with an HR Compliance Calendar , you'll be armed with a powerful tool to tackle employment-related deadlines this year. Whether you're anticipating deadlines like Form W-2 or benefit plan filing, or bracing for unpredictable events like new hires or workplace injuries, a compliance calendar can help you stay organized and avoid workplace disruptions that can arise from noncompliance. Knowing what your business is required to do and when is the best way to stay compliant. The HR Compliance Calendar includes a month-by-month summary of key compliance deadlines and helpful reminders for compliance tasks to complete throughout the year. It also helps you anticipate deadlines for dynamic compliance tasks, which only occur when certain events happen. Have compliance questions? Reach out to HANYS Benefit Services today. This calendar is not intended to be exhaustive nor should any discussion or opinions be con...

  Gag clause attestations are due by Dec. 31, 2023 On Feb. 23, the federal departments of Labor, Health and Human Services and the Treasury answered frequently asked questions on the prohibition of gag clauses under the transparency provisions of the Consolidated Appropriations Act, 2021. Health plans and health insurance issuers must submit their first attestation of compliance with the CAA’s prohibition of gag clauses by Dec. 31, 2023 . Effective Dec. 27, 2020, the CAA prohibits health plans and insurers from entering into contracts with healthcare providers, third-party administrators (TPAs) or other service providers that would restrict the plan or issuer from providing, accessing or sharing certain information about provider price and quality and deidentified claims. Plans and issuers must annually submit an attestation of compliance with these requirements to the departments. The first attestation is due by Dec. 31, 2023, and   covers the period beginning Dec. 27, 2020...

The Consolidated Appropriations Act, 2021 enacted the No Surprises Act with the aim of bringing transparency to the healthcare industry. The NSA includes several provisions, including prescription drug data collection (RxDC report). The requirement applies to group health plans and health insurance issuers in the individual and group markets. The NSA requires health insurance issuers and group health plans to report information on prescription drugs and healthcare spending to the departments of Labor, Health and Human Services, and the Treasury. This means that insurers and group health plans must provide information such as the total spending on prescription drugs, the number of individuals enrolled in the plan or issuer, and the total cost-sharing amounts paid by enrollees. Check out our Compliance Overview to discover all the requirements and deadlines for prescription drug reporting. For more information about  employee benefits, our services and products,  contact HANYS ...

The U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation released changes to the 2023 Form 5500 and Form 5500-SF on Feb. 23. The revisions incorporate statutory amendments to ERISA and the Internal Revenue Code enacted as part of the SECURE Act for multiple-employer plans and groups of plans. They also made changes that are “intended to improve reporting of certain plan financial information regarding audits and plan expenses and enhance the reporting of certain tax qualification and other compliance information by retirement plans.” Of particular note is a change in the participant-counting methodology for determining eligibility for simplified reporting alternatives available to “small plans” (generally plans with fewer than 100 participants).  Under the current methodology, an audit is required for all plans whose total number of participants with plan accounts as of the beginning of the plan year,  combined  with the number of pa...