Do your employees understand the costs associated with benefits? While they may understand the value of dental insurance, health insurance and 401(k) plans, a recent study conducted by the research firm LIMRA found that of 1,500 U.S. employees, 40% are unaware of their health insurance costs. The remaining 60% felt as though they knew the cost of their health insurance, however, of that 60% only 15% were able to provide a reasonable cost estimate.
The CheckPoint HR Blog
According to a recent report conducted by the Society for Human Resource Management (SHRM) 77 percent of 600 HR professionals surveyed claimed the economy has taken a toll on benefit plans, up from 72 percent in 2010. Additionally, pension plans and housing and relocation programs have been on the decline, as budget cuts have caused organizations to cut spending in these areas.
Employers are always looking for innovative ways to balance the needs of their workforce but now in a post- Health Care Reform era this becomes even more important. One thing is for certain, employers must work with a trusted advisor to ensure they sustain an optimal benefits program.
It's often difficult for small businesses to maintain the delicate balance between what the business needs to succeed and what employees need to succeed.
According to recent research conducted by Harris Interactive and Unum, the percentage of workers age 18 to 32 that said they are extremely or very familiar with retirement accounts jumped from 31% (2008) to 43% (2010).
As mentioned in our December 1 post, many transit reimbursement account holders were awaiting developments on Capitol Hill regarding the transit pre-tax funding maximums for 2011. We are happy to announce that we finally have updated information to share!
The portion of the February 2009 stimulus bill that increased pre-tax transit benefits to $230.00 per month and was due to expire on 12/31/2010 has been extended another year, to 12/31/2011.
$230.00 - Transit Monthly Maximum
$230.00 - Parking Monthly Maximum
Plan Administrators that have already enrolled members in the transit benefit under the default maximum can submit new enrollments for the members wishing to contribute a higher amount using the Commuter Reimbursement Account Change Form. The completed form(s) can be sent directly to your dedicated AmeriFlex Account Executive.
In times of economic uncertainty, the hiring process can be extremely beneficial in leveraging the best talent and reducing the risk of financial or productivity loss or employee harm. In order to make the best informed decision companies should have a multifaceted hiring process in which to evaluate a candidate which includes a background check.
Topics: employee benefits, Benefits, human resources, checkpoint hr, hr, benefits strategy, hr strategy, managing hr processes, hr functions, hrms, automated hr, hr processes, health care costs, insurance broker, benefits broker, webinars, retirement