SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: benefits

What makes your company stand out from its competitors? Twenty years ago you might have said that technology gave your team a competitive edge, but in today’s environment, technology is a common (and typically necessary) commodity that simply helps maintain the status quo. So where are companies regaining that lost advantage? The answer can be found in an organization’s human capital.

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It's been said that "a comfort zone is a beautiful place, but nothing ever grows there." Perhaps Wayne Simmonds knew this when he began selling dust mop services for an up-and-coming franchise business known as Dust-Tex in the late 1950s. Fresh from active duty in the U.S. Navy, Wayne returned to Omaha, Nebraska with his young family and worked for the business until it was eventually acquired by American Uniform Company.

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Last month, President Trump signed landmark tax reform legislation. Throughout the legislative process, House and Senate bills contained various changes to employee benefit plans. Many of the proposed changes were removed, and the resulting final version has a somewhat minimal impact to employer-provided benefits.

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The IRS issued Notice 2018-06 and extended the deadline to furnish individuals with 2017 Form 1095-B and Form 1095-C. The automatic 30-day extension pushes the due date from January 31, 2018, to March 2, 2018.

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Chief financial officers and other company leaders have a heavy burden when it comes to managing an organization’s financial risk. From strategic initiatives to outside investments, it can be a full-time job keeping it all in check.

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The Internal Revenue Service (IRS) has finally started to enforce the employer shared responsibility requirement (the “Employer Mandate”) in the Affordable Care Act and is now mailing notices to employers who may owe a penalty for 2015. Because of data quality issues, many employers will be assessed amounts they do not owe.

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Change is in the Air
The transition to a new administration often creates the expectation for change – change in legislation and policies that, among many things, could significantly impact the way businesses operate in the United States. Most would describe the Trump administration as “employer friendly,” which has caused speculation that federal oversight regarding employment practices liability (EPL) will be less aggressive under our new President. Sounds like positive news for employers, right? Well, not so fast.

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Are Your Benefits Leading the Pack?
When you’re in a tight race, it can be a good idea to look around to see how you’re doing. Finding out that you’re leading the pack might provide the encouragement needed to maintain pace and keep a good lead. Discovering that you’re falling behind could also motivate you to work harder and close the gap. Whether you’re running a race or running a business, knowing where you stand against your competitors can be critical to success.

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When we shop for important things such as cars, appliances, and electronics there is a natural tendency to stay with what we know from past experiences and buy the same brand and model. It is a safe, dependable decision that we can feel good about. When it comes to insurance plans, many people have the same decision-making process and want to stick with “something and someone I know”. Again, a safe decision but maybe not the right one as we move ahead in the new work of benefits. The Affordable Care Act has changed the way we think of all our insurance plans, not just medical.

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The Affordable Care Act aside, one of the hottest topics for employers has been work-site wellness. We spend a good deal of time with our clients and prospects discussing the various kinds of wellness approaches available to their employees.

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