SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Category: Employee Benefits

COVID-19 has resulted in the most extensive case study on remote work. When the pandemic began affecting the U.S. workforce in mid-March, only 31% of employed Americans had worked from home. As of April 2, 2020, 62% of employed Americans were working from home (Gallup). These statistics clearly show that remote work has not been the norm for most. But as Americans adjust to working from home, this trend has the potential to become the new normal and broadly replace in-office work.

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Over one-third of private sector workers in America do not have access to an employer-sponsored retirement plan.* To address this issue, President Trump signed an executive order to have the Department of Labor (DOL) examine policies that would expand access to multiple employer plans (MEPs).

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While parking spots and corner offices are nice perks, they may not be the best way to retain top talent. Executive compensation plans are often more effective at gaining loyalty and longevity from key employees. These benefit tools can get them more invested in the company, which can help ensure a more successful future for the business.

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Amid the current Coronavirus pandemic, the U.S. (and much of the world) has been asked to practice social distancing. Many employers are doing their part by encouraging or mandating remote work. While some employees have experience working from home and will transition easily, many will need guidance.

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The Coronavirus Disease 2019 (COVID-19) has quickly become a global emergency. Within the U.S., the Centers for Disease Control and Prevention (CDC) has reported over 3,400 cases. That number is growing each day, prompting a mass response to contain the spread. Experts are urging people to avoid unnecessary outings and work from home when possible. As a result, organizations across the country are implementing remote work policies. For some managers, however, this is their first experience with virtual team management. Many might feel unprepared for this sudden format change.

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SilverStone Group, the largest Nebraska-based insurance broker, recently announced that it was acquired by Hub International Limited (Hub), the fifth largest insurance broker worldwide. The transaction combines both entities’ shared expertise in employee benefits, risk management, retirement planning and wealth management, paving the way for greater localized service with a stronger global reach.

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The IRS has released cost of living adjustments affecting retirement plans. The adjustments and changes affect the limits applicable to all employees who defer salary into retirement plans, plans that are integrated with Social Security, the maximum benefit payable from defined benefit plans and the maximum annual additions for defined contribution retirement plans. For your convenience, SilverStone Group has summarized the changes as follows:

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Health Savings Accounts (HSAs) were created to help people with high deductible health plans (HDHPs) pay out-of-pocket costs. Contributions to an HSA are pre-tax and can cover any qualifying medical expenses. But if you’re approaching age 65, you may have some questions about your HSA and Medicare. You are likely wondering, “Can I use both?”

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Executive compensation plans can attract and retain great leaders, drive individual and business performance and reward results. Therefore, company directors, compensation committees and HR leaders need to invest time and energy to develop their plans. A successful plan should keep top talent in key positons, motivate performance and remain fiscally responsible. While designing an effective plan does require effort, the payoff is worth it. We’d like to outline some general steps you can take to start the process.

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On Tuesday, September 24, 2019, the Department of Labor issued a final rule regarding overtime pay under the Fair Labor Standards Act (FLSA). Under the new rule, which will be effective January 1, 2020, any employee who makes less than $684 per week ($35,568 per year) will automatically be eligible to earn overtime pay.

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