There’s no question about it – the trucking industry is facing a massive driver shortage. Despite competitive pay and generous sign-on bonuses, trucking companies across the country are still having a hard time meeting the current shipping demands created by retailers such as Amazon and Walmart. While desperate times seem to call for desperate measures, skipping a driver road test shouldn’t be one of them.
Senior care risk management is becoming increasingly complex. Our growing elderly population has created a greater demand for in-home care and assisted living facilities. As this demographic grows and becomes more diverse, so do the risks and challenges facing senior care providers. To remain successful, care providers must assess current and emerging trends, and understand the challenges that insurance companies must solve in this evolving industry.
For years the retirement plan industry has focused on protecting plan administrators through outside fiduciary support. Discussions have often centered on investment assistance through a 3(21) or 3(38) fiduciary, but it’s also important to consider administrative assistance through a 3(16) fiduciary. Too much emphasis has been placed on investment returns and fees when the vast majority of errors occur in the day-to-day management of the plan. These errors can involve loans, tracking eligibility, processing distributions and approving hardships.
Companies often use a group annuity to move the benefit payment responsibility out of their pension plan. Known as a “pension buyout,” this transaction keeps the size of the pension plan manageable, minimizing volatility in the balance sheet. Group annuities are also necessary to continue the promised retirement benefits when a pension plan terminates.
Aircraft owners and pilots are typically mindful of their fixed costs and the effective management of these expenditures – including aircraft insurance. For more than a decade, aviation insurance rates have declined in an incredibly soft market. Increased capacity in the domestic market has been a significant driver of this trend. But the winds of change are here and the days of paying premiums at a fraction of what they were at the turn of the century are gone.
Employees often feel pressure to minimize corporate travel costs. In an effort to save company dollars, many are turning to sharing economy services (such as Uber, Lyft and Airbnb). These collaborative consumption models allow peers to share their resources and time. They offer convenience and an average savings of 30% to 40% when compared to traditional hotel and cab services. Many people are using these options for personal travel, so it makes sense that they’d want to use them for business or corporate travel.
Keeping up with the latest employee benefit news can be a job in itself. Benefit trends and regulations are constantly changing. Because they play such a vital role in attracting and retaining quality employees, it is crucial to stay on top of the most recent developments in this field.
Now is the time to rethink your approach if your organization has not transitioned from a traditional compensation and benefits plan to a total rewards strategy. Historically low unemployment rates continue to create a competitive labor market, and the talent pool is rapidly changing as baby boomers retire and millennials join the workforce. In response to this staffing environment, employers are beginning to modify their total rewards strategies and offer things like chef-prepared meals, yoga classes, massages, student loan repayment programs, unlimited paid time off (PTO) and sabbaticals.
Are you considering surrendering an annuity contract or purchasing a new one? Annuities have been the brunt of considerable criticism lately and consumers are getting mixed signals. There are TV commercials that joke that death is a better option than purchasing an annuity, but the fact is over $200 billion was deposited into annuity contracts in 2017. So who’s right? Is there a middle ground where sometimes annuities make sense while other times they don’t?