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Open enrollment is a designated period each year when employees can review, adjust, or select their benefits, including health insurance, retirement plans, and other perks their employer offers. Some organizations may need to create or revisit their plan but are stretched thin. What is open enrollment?
As a broker-friendly professionalemployerorganization (PEO) , ExtensisHR strives to keep its partner community informed of the latest industry developments. Clients can appeal to these workers by offering programs like student loan assistance, education workshops, and more.
Employee Benefits Administration: Handling health insurance, retirement plans, and other perks to ensure employees receive their entitled benefits. HRO vs. Other HR Solutions Companies exploring HR solutions often compare HRO with other approaches such as ProfessionalEmployerOrganizations (PEOs) , HR consulting, and HR software solutions.
Quick look: It’s National Retirement Security Month, making it the perfect time for brokers to equip clients with the tools and resources needed to help their employees plan for a secure financial future. Retirement is a hot topic for all staff. workers is reaching retirement age. workers is reaching retirement age.
A ProfessionalEmployerOrganization (PEO) is a firm that provides comprehensive HR solutions to businesses by handling payroll, employee benefits, regulatory compliance, tax administration, and other workforce management functions. Service Offerings Ensure the PEO provides the HR services your business needs.
Quick look: A new year is quickly approaching, and with it comes a new set of contribution limits for retirement accounts, health savings accounts, flexible savings accounts, and commuter benefits plans. Employers and their staff should review these new figures set by the IRS and adapt their 2025 benefits plans accordingly.
The speed at which the business landscape is evolving means employers must quickly adapt to remain competitive; gone are the days of researching emerging trends and bookmarking them for later. Many seasoned leaders are retiring, and their successors may benefit from training to help them become even more impactful in their new roles.
Further, the study showed that HR professionals are adapting to employees’ desire for more robust total rewards packages , as there was a 7% increase this year in student loan repayment/other educational benefits and an 8% uptick in retirement benefits/contributions.
Quick look: 401(k)s are the most popular retirement plans in the U.S. Here, we explore the many potential benefits of 401(k) plans for SMB employers, including improved employee retention rates, more successful recruiting, and decreased tax liability. When people think of a retirement savings plan, many think of a 401(k).
Brokers who partner with a professionalemployerorganization (PEO) provide their small- and medium-sized business (SMB) clients access to premium benefits at approachable costs, which are typically reserved for larger companies. The need for child care, elder care, and even pet health insurance continue to have an upward trend.
Below, explore what National Wellness Month is all about, the significance of promoting employee health and wellness, and discover how partnering with a professionalemployerorganization (PEO) can help your business achieve these goals. What is National Wellness Month?
And, in turn, as challenges continue to rise, it’s become an advantage for brokers and their clients to receive expert services and support through a professionalemployerorganization (PEO). While health and retirement plans still top the list, the inclusion of voluntary benefits is necessary as well.
Here we review our top five most-read broker blogs this year, which reflect these trends and will continue to help brokers guide their clients in the new year. From legislative changes to a focus on personalized benefits, this year’s top HR and employer trends were mirrored in our most popular benefits broker blogs in 2022.
Quick look: It’s October, meaning it’s both “spooky season” and National Retirement Security Month. October is National Retirement Security Month, a time that is officially dedicated to “acknowledging the need to raise public awareness of a variety of tax-preferred retirement vehicles.” The state of retirement today.
Though 401(k)s are still a large piece of the retirement planning puzzle, raising awareness about voluntary benefits has become just as essential to boost savings confidence and employee satisfaction. Employees are evaluating how they’ll be able to afford to maintain their health and well-being into their retirement years.
National Department of Labor Publishes Final Rule to Update the Salary Level for Overtime Eligibility EEOC Releases Expansive Final Regulations to Implement the Pregnant Workers Fairness Act–Includes Updates to Sample Policy OSHA Updates its Worker Walkaround Representative Regulation FTC Issues Final Rule Effectively Banning Workplace Non-Compete (..)
Quick look: 2023 is coming to a close, a time when many HR professionals review the year’s key trends and what aspects of them may remain relevant in 2024. Additionally, evolving employment laws and regulations continued to make headlines, as did the ongoing need for businesses to turn to trusted HR outsourcing partners.
Expected Social Security cuts and continual inflation means the time is now for this segment to prioritize preparing for their retirement. Here are four ways employers can assist with helping their millennial employees get ready. What will retirement look like for millennials? 4 ways to help millennials prepare.
These experts are also responsible for administering all benefits and retirement programs, helping onboard new hires, monitoring marketplace trends, and managing the open enrollment process. outsourcing some of their daily administrative burden to a professionalemployerorganization (PEO) could provide much-needed relief.
Common employee benefits include health, dental, vision, and life insurance, and retirement savings plans. That’s when a professionalemployerorganization (PEO) can help. Employee benefits Employee benefits are offered to staff in addition to compensation and foster their overall physical, mental, and financial health.
Quick look: Retirement never strays far from the topic of conversation, even among those newly entering the workforce. A recent Transamerica study explores how Gen Z is preparing for retirement, how it differs from older generations, and ways brokers can help their clients adjust their benefits to accommodate all.
Quick look: The importance of retirement savings is a crucial factor among today’s multi-generational workforce. An August 2022 Transamerica Institute report reveals employers are eager to support financial well-being in an effort to attract and retain talent. 80% of employers look at retirement benefits for attracting talent.
A closer look at some of the survey’s data provides greater insight into common challenges small- and medium-sized (SMB) employers face and how brokers can offer solutions with the expertise and experience of a professionalemployerorganization (PEO) partner.
Quick look: A new year is right around the corner, and with it comes a new set of contribution limits for retirement accounts, health savings accounts, flexible savings accounts, and commuter benefits plans. Employers and their staff should review these new figures set by the IRS and adapt their 2024 benefits plans accordingly.
An Administrative Services Organization (ASO) is a specialized third-party provider that helps businesses manage essential HR functions without assuming any employer responsibilities. Ideal For Small to mid-sized businesses looking for HR expertise without giving up employer authority.
ProfessionalEmployerOrganizations (PEOs) provide comprehensive HR solutions for businesses by handling payroll, benefits administration, compliance, and risk management. PEOs operate under a co-employment model, meaning they share certain employer responsibilities with their client companies.
To support this shift and lessen the impact on businesses, brokers have begun to partner with professionalemployerorganizations (PEOs) on a more frequent basis. Employees still seek traditional benefits including healthcare plans and retirement savings accounts.
ProfessionalEmployerOrganizations (PEOs) are an important part of modern business to streamline and scale operations. Access to Benefits : Over 90% of PEO clients offer better health, dental, and retirement benefits due to group rate. Over 88% of PEO clients smoothly pass state and federal audits without penalties.
ProfessionalEmployerOrganizations (PEOs) help businesses manage essential HR tasks like payroll, employee benefits, and compliance. PEOs act as co-employers, sharing employment responsibilities and ensuring businesses stay compliant with labor laws and tax regulations.
Rather than being left behind on the latest in HR compliance, trends, and operations, why not offer clients the benefit of a professionalemployerorganization (PEO) partner with its own premier solution?
As people seek more quality time away from the office and more employees work remotely, they desire the security of affordable healthcare, flexible work schedules, and retirement savings. An employer-sponsored retirement plan can help workers experience less financial stress, leading to higher productivity and job satisfaction.
From retirement savings accounts to identity protection services, offering a well-rounded financial wellness program can strengthen your brand as a trusted partner and provide even more value for your clients and their staff. For many, those needs involve economic stability, as 70% of Americans believe they are not financially healthy.
workers better prepare financially for retirement, at every stage of their employment journey. workers who have not been able to save enough money to retire have delayed their transition into this next stage of life because of current economic conditions and record-high inflation. employer-sponsored 401(k) plans.
This blog was written by Dave Ashby, Senior Business Consultant at Helpside. PEO stands for ProfessionalEmployerOrganization. As a business leader, you may have heard the term “PEO” before, but you may not know what they are or how they can help.
Additionally, voluntary benefits continue to be a talking point for brokers and business leaders as more employees seek financial services, retirement savings assistance, and mental health care as part of a complete benefit plan. They want employers who care about their well-being and have the benefits to back it up.
While much emphasis has been on building retirement savings, there is now a focus on decumulationhelping retirees manage their savings as they withdraw funds in retirement. In fact, over three-quarters of workers say theyre more likely to be attracted to companies that care more about their financial well-being.
Brokers find AI helps free up time, so they can focus on providing enhanced service to their clients, part of which includes partnering with a professionalemployerorganization (PEO) to tailor benefits toward each client’s specific needs. Exploring this option can ease some of the greatest financial stressors for employees.
Small business leaders have full hands, and staying on top of ever-changing employment laws can be cumbersome. This is why some businesses partner with an outside source, like a professionalemployerorganization (PEO) , to manage their risk and compliance needs.
Though 401(k)s are still a large piece of the retirement planning puzzle, raising awareness about voluntary benefits has become just as essential to boost savings confidence and employee satisfaction. Employees are evaluating how they’ll be able to afford to maintain their health and well-being into their retirement years.
Quick look: 401(k)s are the most popular retirement plans in the U.S., Here, dive into the many potential benefits of 401(k) plans for SMB employers, including improved employee retention rates, more successful recruiting, and decreased tax liability. When people think of a retirement savings plan, many think of a 401(k).
The bill’s retirement investment proposals will open the door for greater savings opportunities as people plan for life in their golden years. As of June 2022, the Senate Finance Committee approved a measure referred to as the Enhancing American Retirement Now (EARN) Act. Quick Look: Ready for SECURE Act 2.0? SECURE 2.0
Regulatory Agenda, the DOL has made notable changes to the Employee Retirement Income Security Act of 1974 (ERISA), as well as group health plans. ERISA is the federal law setting minimum standards for employer-sponsored retirement and health plans to protect plan participants. In 2023, SECURE 2.0 Saver’s match SECURE 2.0
And leaders of growing organizations are in a unique position to face these hurdles. In this blog we’ll cover: What are the challenges of midsize businesses? Not only have some organizations completely adapted their operating models and adopt remote work policies, but employees’ priorities, goals and expectations have evolved.
Quick look: Recent EBRI research reveals an all-too-common challenge employees face today is paying off student debt while also trying to save for retirement. These range from tuition reimbursement, student loan repayment plans , and financial counseling, in addition to the traditional retirement savings plans employers typically provide.
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