As healthcare costs continue to rise, so does demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefit package, voluntary benefits have become an ideal solution.   Voluntary benefits are attractive to employers because there is no added cost for the organization.  Employees benefit because they have a variety of insurance options available conveniently in one place — often with lower premiums than if they were to buy individual policies.  What are voluntary benefits?   Voluntary benefits are coverages and products made available to employees for elective purchase though payroll deductions. These programs have four key characteristics:   100% employee-paid;   offered through an employer;   solicited and enrolled through a carrier or enrollment firm;   paid through payroll deductions.   Because of their cost efficiency, voluntary benefits are becoming a central componen...

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods.  Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams."  In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin...

Retirement and employee benefits help create a solid foundation for recruitment and retention. They’re also pivotal in enhancing job satisfaction, boosting productivity, encouraging employee well-being and increasing workplace morale. With the work landscape evolving rapidly, organizations are revisiting their offerings to develop stronger employee benefits strategies.  The first area most small- and mid-size employers investigate is quick, short-term ways to foster company culture. In this blog, we’ll cover budget-friendly ideas to improve your employee benefits initiatives. Think of them as smaller action items that can help you gain a competitive edge. Then, we’ll take a closer look at how customizing your benefits plan can support your new efforts.  1. Promote a healthy work culture  Investing in employee benefit plans is not just about fulfilling a checklist. It's about creating an environment where employees feel supported in both their professional and personal liv...

Whether you're a seasoned benefits administrator or HR professional, you must comply with numerous reporting and disclosure requirements annually. To help you more easily meet these target dates, download TruePlan’s 2024 Health Plan Compliance Deadlines chart .   It lists employer-sponsored group health plan requirements by month, providing a thorough description of each requirement, deadline and applicability. It also outlines group health plan notices employers must provide each year.  Get the 2024 Health Plan Compliance Deadlines Chart now . If you have questions, reach out to TruePlan . Our team of experts can provide you the resources you need to better manage your health plan and employee benefits .  This Compliance Overview is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. ©2024 Zywave, Inc. All rights reserved. 

Telemedicine is an increasingly popular type of benefit that enables people to use technology-based communication (for example, videoconferencing) to access medical care without being in the same physical space as a healthcare provider. Telemedicine can make healthcare more accessible and affordable for individuals, while improving employee productivity by reducing healthcare-related absences.   However, employers that implement telemedicine benefits should be aware of compliance concerns, including:   the Affordable Care Act’s market reforms;   ERISA’s reporting and disclosure requirements; and   COBRA’s continuation coverage requirements.   Employers can address these compliance concerns by integrating the telemedicine benefit with their group medical plans. Employers that sponsor high-deductible health plans should also consider how a telemedicine benefit may impact employees’ eligibility for health savings account contributions.  Resource...

The Affordable Care Act created reporting requirements under Internal Revenue Code Sections 6055 and 6056. Under these rules, certain employers must provide information to the IRS about their employees' health plan coverage (or that the organization does not offer health plan coverage). However, things are set to change in the new 2024 ACA reporting requirements. In the original rules, any reporting entity that was required to file at least 250 individual statements under Sections 6055 or 6056 had to file electronically. However, on Feb. 23, 2023, the IRS released a final rule implementing a law change in the Taxpayer First Act of 2019, which lowers the 250-return threshold for mandatory electronic reporting to 10 returns. This means most reporting entities will be required to complete their ACA reporting electronically starting in 2024. This ACA blog describes the process for reporting electronically under Sections 6055 and 6056. Action steps Employers that are subject to the AC...

Picture this: It's a hectic Monday morning. You open your email to find your inbox flooded with urgent employee questions and time-sensitive issues. You try to answer all the requests as quickly as possible. When you’re finally done, the last thing you want to do is read about compliance updates. That’s where HR compliance resources can help. It's already challenging to navigate the complex and ever-changing landscape of laws and regulations — let alone communicate these updates to employees. As a human resources professional, you need more than just expertise; you need the right systems at your disposal to stay ahead. That's where HR compliance resources come in. These tools can help streamline your operations and ensure your organization is making strides to be compliant. These resources can be applied to many HR areas, including your retirement or employee benefits plans. In this article, we'll focus on the four essential retirement and employee benefits resources to...