Practice management

Even when using a TPA, plan sponsors must retain documentation for loans and hardship withdrawals, IRS says.

Enrollment in private health care exchanges hit 6 million for the 2015 plan year, according to Accenture — doubling the 3 million figure from 2014. Most of the growth is in the mid-market segment.

Some universities that provide health insurance to their students are stopping the practice, as they say the Affordable Care Act’s minimal essential health benefits requirements have led to unsustainable cost increases. Those that remain are turning to their brokers to determine the best way to continue offering coverage to their students.

Employees of all ages want disability coverage, but rising health care costs, stagnant wages and cost-shifting keep participation rates low.

Commentary: Additional benefits or coverages that adapt to an employer’s needs can create a niche offering that often can help employers think holistically about their employees’ financial future, says The Standard’s Breanna Scott.

Commentary: The quality of writing that appears on a brokerage’s website, newsletters and even social media needs to improve to represent the industry in a more client-centric, modern and sophisticated way, says Wendy Keneipp.

NIPR says 2014 was a record year for processing transactions and inquiries, highlighting the industry’s need and desire for streamlined licensing for benefit brokers and agents.

Commentary: Our minds tell us we’re on the right track, that we’ve got a winner. Unfortunately, we don’t even know we’ve been tricked and it all results in costly and embarrassing missed opportunities, says sales expert John Graham.

As 403(b) plans look more like 401(k)s, plan sponsors are turning to advisers to help with plan design and administration.

Commentary: Yes, employers can distribute plan documents electronically, but they must follow the rules, and don’t assume intranet posting is enough — because it is not.

Young benefit advisers are spearheading many of the efforts that promise to keep the benefits profession relevant in the 21st century. EBA’s 2015 Rising Stars in Advising are not just navigating the benefits industry, they’re paving its new frontier.

Commentary: Proactive case management is the first step to creating a process for disability leave management that clients can count on, says The Standard’s Sandy Johnson.

Voluntary business is a well-known tool for brokers to increase their revenue while offering new products. But many employers are hesitant to add these products because of additional administrative burdens they can require. Enter the private health care exchange, says Carlos Ferrera, COO of Solstice Benefits and the Solstice Marketplace. With an exchange, the burden is gone, he says.

The decrease in compensation is negligible since the medical loss ratio took effect, study finds, but other industry organizations disagree.

Commentary: Three reasons Individual contracts are incompatible with ERISA plans and how to handle it, according to The Principal’s Aaron Friedman.

There’s room to grow in the investment-only variable annuity space, and educated advisers are the key.

After two enrollment seasons under the Affordable Care Act's exchanges, the easily accessible and amenable are signed up for health care. With year three starting this fall, the task will be tougher to target the remaining uninsured, who are harder to reach. Who better to drive the message home, Washington state thinks, than brokers?

NAPA’s Certified Plan Fiduciary Advisor credential gives advisers a formal means to show they have the expertise needed to serve as a plan fiduciary, or help plan fiduciaries with their responsibilities.

Employers and benefit professionals are urging Congress to pass legislation that would allow employers to offer financial incentives for wellness program participation, despite recent opposition from the Equal Employment Opportunity Commission

Commentary: In response to confusion over the IRS’s role in verifying employers are meeting minimum essential coverage and employer shared responsibility requirements, dozens of ACA reporting have entered the market in the last two years. EmployeeTech’s Michael Weiskirch shares how to find the right tracking solution for your clients.