Benefit compliance

The DOL and IRS announced a proposal to implement significant changes to forms and regulations that govern annual employee benefit plan reporting.

Companies should immediately review their pay scales for employees and make adjustments where they see fit to either begin paying overtime or to raise salaries to correspond to the new change.

Chicago's recent PTO ordinance is only the latest example of a nationwide trend to mandate that employers provide paid time off to employees to care for themselves or their families — a trend certain to continue and expand.

Compliance, creativity, clarification and confusion reign in employee benefits, says Eric T. Helman, chief strategy officer at Hodges-Mace.

Generally speaking, many employers do not think about ERISA when it comes to severance, whether at the front end, when employment agreements or policies are negotiated and planned, or at the back end, when termination occurs and the severance is paid.

Many employers will be subject to the change for incidences that take place in 2016, says United Benefit Advisors’ Nancy Bourque.

The new penalties for the Employee Retirement Income Security Act are set to climb next month.

Most companies have been through ‘hell’ in the last year due to reporting requirements, says a Lockton exec who shared some of the biggest obstacles.

Most companies have been through ‘hell’ in the last year due to reporting requirements, says a Lockton exec who shared some of the biggest obstacles.

Chicago's recent PTO ordinance is only the latest example of a nationwide trend to mandate that employers provide paid time off to employees to care for themselves or their families — a trend certain to continue and expand.