News
Although employers can be forgiven for focusing on the more pressing elements of the Patient Protection and Affordable Care Act (PPACA) that take effect in January 2014, there is another provision of the law that is not yet getting much attention—and it should.
In 2013 the cost of health care for a typical American family of four receiving coverage through an employer-sponsored preferred provider organization (PPO) plan is $22,030, according to the 2013 Milliman Medical Index(MMI).
In a recent survey, three-quarters of employees say they think their employer will educate them about changes to their health care coverage as a result of health care reform, yet only 13% of employers say educating employees about reform is important to their organization. This educational disconnect is troubling.
WASHINGTON―Where does the money go in individual retirement accounts (IRAs)?
Most of the new contributions go into Roth IRAs, but most of the assets are held in traditional IRAs, where the money originated from a rollover from other tax-qualified retirement plans (such as 401(k) plans) and not from new contributions, according to new research by the nonpartisan Employee Benefit Research Institute (EBRI).
WASHINGTON―Where does the money go in individual retirement accounts (IRAs)?Most of the new contributions go into Roth IRAs, but most of the assets are held in traditional IRAs, where themoney originated from a rollover from other tax-qualified retirement plans (such as 401(k) plans) and not fromnew contributions, according to new research by the nonpartisan Employee Benefit Research Institute (EBRI).The Society for Human Resource Management (SHRM) has submitted comments about proposed regulations that would incorporate into the Patient Protection and Affordable Care Act (PPACA) section 2708 of the Public Health Service Act, which prohibits health plans from imposing any waiting period for coverage that exceeds 90 days. SHRM submitted the comments on May 20, 21013, to the federal agencies that oversee the PPACA.
by Amy M. Gordon and Joanna C. Kerpen
The U.S. Departments of Labor, Health and Human Services, and the Treasury recently issued new guidance and templates regarding the summary of benefits and coverage requirement under the Patient Protection and Affordable Care Act.
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Employers Should Review How Plan Documents Define Spouse in Light of Recent Benefits Litigation
5/14/2013by Lisa K. Loesel, Todd A. Solomon, Jacob Mattinson and Brian J. Tiemann
Two recent cases challenging benefit eligibility for same-sex spouses highlight the need for employer-sponsored retirement and welfare plans to clearly define "spouse" for eligibility purposes. Employers may want to review their plan documents to determine whether plan amendments are needed to clarify benefit eligibility for same-sex spouses in light of the upcoming ruling by the Supreme Court of the United States on the constitutionality of the federal Defense of Marriage Act.
To read the full article, click here.
Much like the workforce they serve, HR total rewards professionals identified their own career training and developmental opportunities as key drivers of their long-term loyalty, according to a new report, WorldatWork 2013 Total Rewards Professionals’ Career Development Survey.
Employee retirement readiness continues to be a top priority for more than three-quarters of 401(k) plan sponsors, according to the 12th Annual 401(k) Benchmarking Survey conducted by Deloitte, the International Foundation of Employee Benefit Plans (IFEBP) and the International Society of Certified Employee Benefit Specialists (ISCEBS).
Guest blogger Heath Shackelford suggests employers' focus on measuring the return on investment for wellness programs is distracting from the real effects these programs can have.