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Buying insurance for teen drivers can be pricey. Rates for this demographic have been consistently high and we don’t expect that to change any time soon. Teens carry a bit more risk due to their lack of driving experience, so it makes sense that their rates would be higher than someone in their mid-20s. Texting and talking on the phone while driving are also big concerns for this group. Phones are almost always within reach, creating major distractions for drivers who are still learning how to safely operate a vehicle.

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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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On a nationally syndicated radio program, a caller asked a financial expert the following question: “My wife and I recently retired. We are trying to decide if there’s any reason for us to keep our term life insurance after retirement. What is your recommendation?" The answer was, “No. Drop the policies. There is never a need for life insurance once you retire."

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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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Rates have been on a steady climb for commercial property insurance coverage. And thus far in 2019, loss trends continue to create pricing concerns. The market began to harden in 2017 following the second costliest year on record for insured and uninsured claims. Matters were made worse in 2018, which is now the fourth costliest natural disaster year on record for insured losses. With a combined loss total of $230 billion, 2017 and 2018 represent the most insured losses for two consecutive years.1

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Managing your workers comp class codes can be a challenge. These complex numbers represent an extensive compilation of job descriptions and they vary by state. Many employers end up using incorrect classifications, while others avoid updating them from year to year. However, workers comp class codes play a vital role in regulating insurance premiums and can have a substantial impact on your workers’ compensation policy. They need to be a priority.

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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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Building maintenance companies face many exposures during day-to-day operations. From compliance issues to contractual risk, there are numerous factors at play. One of the biggest areas of concern, however, is employee-related loss. Building maintenance companies need effective workers’ comp risk management. Fortunately, they can use key performance indicators (KPIs) to help address this exposure.

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On November 4, 1915, a girl was born in Wisconsin without forearms or lower legs. Despite her enormous physical challenges, she grew into a strong young woman who was determined to achieve her dreams. She learned to swim, play baseball and participate in other games with childhood friends. She had tremendous support from her family who encouraged her to complete her education. Her father once told her, “…two arms and two legs missing aren’t as important as one head that’s present.” Those words lit a fire in Anne Carlsen. She embraced learning, sometimes completing two grade levels at a time. Despite a long hospitalization after surgery for her condition, she graduated high school at the age of 16.

Editor's Note: This is the third and final installment of our Jamestown Client Spotlight. We hope you've enjoyed learning more about these cornerstone businesses, as well as getting a bit more insight into Jamestown, North Dakota. This week's spotlight shines on the amazing Ann Carlsen Center, so read on!

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