Banco Popular de Puerto Rico

Employers should develop the equivalent of an independent or objective credit score for plans that serve as a tool for gauging the value of each fund.

Employers must fine-tune their health benefit strategies to address the specific requirements of the largest workforce generation.

Plan sponsors should end automatic cash-outs, offer roll-ins as part of a financial wellness program and engage all participants on crucial decision-making.

Employers should review documents before sending them out to employees, understand plan provisions and consult advisers when needed, among other guidelines.

The recently enacted Tax Cuts and Jobs Act made significant changes to the Internal Revenue Code, making changes affecting employer-provided retirement, welfare and fringe benefits.

Plans sponsors can remove many of the barriers that prevent employees from taking full advantage of 401(k)s.

Firms should embrace technology, target communication efforts and help younger employees pick the right health plan.

An employer that fails to follow notice requirements can be fined between $2,000 and $5,000 for a first violation and between $5,000 and $10,000 for each subsequent violation.

Scheduling on-site training, attending webinars and preparing yearly checklists are among the best ways employers can fulfill their responsibilities, says benefits lawyer Carol Buckmann.

To help employees secure their financial futures, firms should consider their benefits package, worker needs and education efforts.