Month: February 2020
Employees Need to Know About 401(k) Required Minimum Distributions
Effective January 1, 2020, your employees must withdraw at least the minimum amount from their employer-sponsored 401(k) and IRAs (Individual Retirement Accounts) by age 72. The required minimum distribution (RMD) age was formerly 70½. The RMD amount is determined by applying a life... Find out more »
When Workers’ Compensation Costs Balloon, Company Turns to a Captive Solution
Experiencing healthy growth is a great thing! Over a nine-year period, our client grew its revenue from $15 to $170 million. To keep up with the growth during this time, the company’s workforce grew significantly.
A fast-growing workforce with fast-growing expenses
When companies grow... Find out more »
Making the Business Case for an Insurance Captive
Most companies, including mid-sized organizations, tend to think of only one insurance model – pay an insurance company a premium for coverage and to help manage specific risks. This is a sunk cost that you may have little control over. Insurance captives provide a different model, removing... Find out more »
Top 5 Workers’ Comp Fraud Schemes
According to the National Insurance Crime Bureau, fraud costs insurers and employers over $7 billion a year. Studies show 10 percent or more of all property/casualty insurance claims are fraudulent. The most common fraud schemes are:
1. Fraudulent billing and billing codes. The... Find out more »
How Life Insurance Works in Divorce Settlements
Of the two main types of life insurance, permanent and term, only permanent is usually a significant part of a divorce settlement.
Permanent life insurance — whether whole life or universal life — provides coverage for the lifetime of the insured as long as premiums are paid, though... Find out more »
CMS Extends Transition Relief for Non-Compliant Plans through 2021
On January 31, 2020 the Centers for Medicare & Medicaid Services (CMS) announced a one-year extension to the transition policy (originally announced November 14, 2013 and extended six times since) for individual and small group health plans that allows issuers to continue policies that do... Find out more »
Ways to Make Saving Easier for Your Employees
Employees know they should save for retirement, but it’s not always easy. Many worry they don’t have enough money to put into retirement savings because they’re having difficulties paying bills.
You can help employees save and maximize their savings. As an employer, you are... Find out more »
