Organizations need help navigating employee leave of absence. With so many complex regulations, many employers consider outsourcing their employee leave programs to specialized third-party vendors. Compliance with the Family and Medical Leave Act, a federal law allowing eligible employees to take unpaid leave for personal reasons, is central to administering employee leave.  In this blog, we'll go more than six insights employers need about FMLA outsourcing. Use this as your go-to list as you weigh the potential benefits against the drawbacks.  1. Third-party prowess  Expertise is at the heart of the outsourcing question. Can your in-house human resource team competently manage the complexities of FMLA requirements? Or are there benefits to be gained from a third-party vendor’s specialized focus?  In-house HR staff might need help with FMLA regulations , causing compliance errors and/or knowledge gaps. In this case, it would make sense for employers to search fo...

Is 2023’s market rally here to stay?   Moving into 2024, investors were cautiously optimistic about the financial market’s soft landing in the fourth quarter of 2023. Specifically, market strategists were uncertain if 2023’s rally was here to stay with inflation above the Federal Reserve’s target, a longer than expected terminal rate and concerns over earnings.   As Q1 2024 ends, our latest Retirement Market Recap examines Q1’s unique market cycle, documenting the financial markets’ strong start. Our professionals cover key economic trends, including:   the resilience of the equity market;  U.S. equities’ strong performance;  the disconnect between equity prices and underlying fundamentals; and  fixed income’s first quarter struggles.  Download our report today to get the first glimpse of 2024’s market performance . Contact us with any questions about this Market Recap or how TruePlan can help enhance your organization's retirement off...

Last year’s challenging labor market continues to impact employers across all sectors in 2024. Organizations are still struggling to find and keep workers, as the U.S. economy added 275,000 jobs in February.   As competition to attract talent fiercens, all eyes are on innovative talent strategies that meet today’s workforce needs and make sense for organizations. Read the latest edition of the Attraction & Retention newsletter to gain expert updates on:  meeting demands with voluntary benefits ;  university and college recruiting season; and   key workplace outlook data, including primary job gains and unemployment rate.  Download your copy now and get the top labor trends and methods to secure talent. If you'd like more information regarding TruePlan and our services, contact our team today ! We’ll take the time to examine your current employee benefits and find the best solutions for your needs.  This is not intended to be exhaustive, no...

RxDC prescription drug report is due by June 1  Group health plans must annually submit detailed information on prescription drug and healthcare spending to the federal government. This reporting is referred to as “prescription drug data collection” or the “RxDC report.” The next RxDC reporting deadline is Saturday, June 1, covering data for 2023.   Employers should confirm they are complying with the 2024 RxDC reporting deadline, such as providing information to third-party vendors on a timely basis.   The RxDC report is comprised of several files, including those that require specific plan-level information, such as plan year beginning and end dates, and enrollment and premium data. It also includes files that require detailed information about medical and pharmacy benefits.   RxDC reports must be submitted through CMS’ online RxDC portal , which includes updated reporting instructions and other resources.   Employers commonly use third parties, such as insura...

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...