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Thursday, January 21, 2021

For Your Benefit video series: Episode 3-Guiding Your Retirement Plan Into 2021

 


Thank you for joining for another episode in our video series: For Your Benefit with HANYS Benefit Services.

It's the start of a new year and in this episode, we're introducing our 2021 Retirement Services Compliance Calendar. To ensure plan fiduciaries begin the year with their best foot forward, we're also providing a summary of fiduciary best practices.


Tune in to each episode as we discuss regulations, investments, compliance and all things benefits. Hear from leading experts as we share insight on the employee benefit topics and trends that matter most.

If you have any questions on content from our video or would like to begin talking to a retirement plan advisor, please get in touch by email or by calling (800) 388-1963.

Tuesday, January 19, 2021

Tips to retain a happy workforce: Attraction & Retention Newsletter


Each quarter, the Attraction and Retention newsletter offers statistics about the employment market, suggestions on securing top talent and insight to attract and retain workers.

The 1st Quarter 2021 Attraction and Retention newsletter looks at employment trends to watch in the new year, discusses why skills can be more valuable than experience and offers tips for crafting job postings. Download your copy today.

For more information on healthcare and employee benefits changes, contact HANYS Benefit Services by email or by calling (800) 388-1963.

This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2020 Zywave, Inc. All rights reserved.

Friday, January 15, 2021

2021 Retirement Services Compliance Calendar

HANYS Benefit Services wants to help you stay compliant with the 2021 Retirement Services Compliance Calendar.

We created this document to remind plan administrators of important compliance deadlines for the new year. The compliance calendar is applicable to calendar-year plans.


While there are not many changes to the compliance calendar from year to year, it’s important for plan fiduciaries to remain mindful of these deadlines. Required minimum distributions were suspended in 2020 and are back into play for 2021. Additionally, some 403(b) plan sponsors who restated their plan documents in 2020 may have to provide participants a new Summary Plan Description or Summary of Materials Modification in 2021.

If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by email or by calling (800) 388-1963.

Monday, January 11, 2021

5 Ways to Start Your Year Off Right


Like many other people, you may be thinking about what you would like to accomplish in 2021 or what life changes you could make. Common New Year’s resolutions include losing weight, exercising, getting organized, learning new skills and saving money.

To achieve your resolutions, try the following strategies:
  • Set a goal that motivates you.
  • Set a goal that is specific.
  • Set a goal that is manageable or attainable.
  • Write down your goals to establish intention.
  • Share your goals with others to increase accountability.
This is a good time to make positive life changes and strive for an overall healthier self. Consider the following five tips to start the new year off right:
  1. Check in on your mental health. 
  2. Be social. 
  3. Get regular checkups. 
  4. Drink more water. 
  5. Count nutrients, not calories. 
Download the Live Well Work Well January Newsletter to dig deeper into these five tips and learn more healthy habits for starting your year off right.

For more information on healthcare and employee benefits changes, contact HANYS Benefit Services by email or by calling (800) 388-1963.

This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2020 Zywave, Inc. All rights reserved.

Thursday, January 7, 2021

Understanding the $900B Stimulus Package

On Sunday, Dec. 27, 2020, President Donald Trump signed into law an emergency stimulus package designed to deliver approximately $900 billion in COVID-19-related aid. This bill was passed by Congress after months of negotiation, and was attached to a $1.4 trillion spending package that will keep the government open for the fiscal year.

Notably, this bill provides funding for unemployment benefits, small businesses, direct economic payments to individuals, vaccine distribution and rental assistance. This article provides an overview of what is included within the emergency relief bill.

UNEMPLOYMENT BENEFITS FUNDING AND EXTENSION

The bill includes funding for unemployment benefits for out-of-work Americans. Specifically, this bill allows unemployed Americans to receive $300 per week in federal funding in addition to the existing unemployment aid they may be collecting from their state, if those state-level benefits have not already run out. The additional unemployment benefits and extensions included within this bill would provide aid for 11 weeks from their expiration at the end of December 2020 through at least March 14, 2021.

Sunday, December 27, 2020

The Biden Administration and Healthcare


The Biden administration will inherit the coronavirus pandemic, and while this remains a top priority for both the Biden administration and many Americans, the administration also hopes to address and expand health care access. 

In addition to addressing COVID-19, the Biden administration's core focus is to expand the ACA incrementally. Employers should begin to consider how this administration’s platform might affect healthcare and employee benefits.

This article explores the Biden administration's proposed COVID-19 response, general healthcare platform and top agenda items.

For more information on healthcare and employee benefits changes, read this edition of Benefits Insights and contact HANYS Benefit Services by email or by calling (800) 388-1963.


This is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2020 Zywave, Inc. All rights reserved.

Friday, December 18, 2020

New York State Enacts Paid Sick Leave Law



New York state has enacted a sick leave law that, depending on their size, requires employers to provide between 40 and 56 hours of paid leave per year for reasons relating to the health and safety of the employee or the employee’s family. Employers with fewer than five employees and an annual income no greater than $1 million may satisfy the law’s leave requirement by providing unpaid leave of 40 hours annually.

Employees begin accruing leave on Sept. 30, 2020, but may not use the leave until Jan. 1, 2021. Leave is accrued at the rate of one hour for every 30 hours worked; the law contains frontloading and carryover provisions. 

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