Under the Employee Retirement Income Security Act (ERISA), health plan fiduciaries play a critical role in administering and managing group health plans. These individuals hold discretionary authority over plan assets and are responsible for ensuring the best interests of plan participants and beneficiaries. Let’s dive into their key responsibilities and explore the distinction between fiduciary […]
Maryland is preparing to mandate employers to provide Disability and Paid Family Leave coverage to your employees under the Time to Care Act (TTCA). As a result of this act, business owners have the choice of contributing to the Family and Medical Leave Insurance State Plan or providing an approved private plan. We receive a […]
In our FLSA Simplified blog, we discussed the importance of digging deeper into these new regulations. Simply being familiar with the concepts of minimum wage and overtime pay is not enough. as even a tiny oversight in this area can be very costly. Another major challenge that companies encounter when attempting to comply with FLSA […]
Although most business owners are familiar with the concepts of minimum wage and overtime pay, many make the dangerous assumption that they don’t have to dig deeper than the basics. As you rush to fill positions and pay employees on time, you might overlook crucial details like employee FLSA status, state-specific regulations, or lesser-known recent […]
Organizations seeking to control insurance costs should consider working with their HR departments to review specific hiring practices and identify employee benefits costs drivers. By hiring qualified talent and having the resources they need to be healthy, organizations can retain great team members, minimizing turnover to reduce hiring costs, and keep Worker’s Comp and benefits […]
As medical plan premiums increase and employees are prescribed high-cost specialty drugs, employers are left wondering about solutions to the rising costs of prescription drugs in their health plans.
Employees want to feel valued and protected in the workplace. As employers, one of the things you can do to demonstrate your commitment to inclusivity is to adopt a non-discrimination policy that protects all of your employees from discrimination and workplace harassment. Building policies like these can be complicated and require careful planning and collaboration, […]
This alert provides summary information about an important issue you may wish to review with your payroll provider, tax or accounting department, or CPA to determine whether you need to make any adjustments to your tax withholding amounts for 2023 W-2’s. Generally, employees are not taxed on the value of employer-provided benefits for the employee […]
Many provisions of the Affordable Care Act (ACA), such as cost-sharing limits, mandatory no-cost preventive care, and waiting period limitations, apply to all employer-sponsored health plans. However, employers who qualify as an Applicable Large Employer (ALE) have additional obligations that can result in significant penalties if they are not met. The determination of an employer’s […]
