HANYS Benefit Services

HANYS Benefit Services is partnering with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses. The hidden cost of identity theft to employees and employers: When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims: need 165 hours, on average, to resolve identity theft;  are absent five times more than average; and use twice as much sick time.

HANYS Benefit Services (HBS) is pleased to announce the appointment of James J. Kelley , President, to the Retirement Advisor Council, effective January 1, 2018. The Retirement Advisor Council is a national organization that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers, and defined contribution plan service providers. To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, public education, regulatory positions, and practice management. The Council accomplishes this mission by: identifying duties, responsibilities, and attributes of the professional retirement plan advisor;  sharing professional standards with plan sponsors who are responsible for the success of their plans;  providing collective thought capital to decision makers, product providers, legislators, and the public;  gi

HANYS Benefit Services (HBS), an industry leader that has provided trusted advisory services, retirement plan offerings, and best-in-class employee benefits products for more than 45 years, recently hired new executives to expand its employee benefits portfolios. “HBS is building our team with uniquely talented individuals who bring years of industry experience,” said James J. Kelley, HBS President. “HBS builds real relationships with our clients by investing in a team of professionals who use their expertise to bring successful outcomes.” Avon M. Scherff joined HBS as the new Director of Employee Benefit Services. Laura A. Sausville joined HBS as a Sales Account Executive responsible for new business development of group employee benefits.

Many employers provide disability benefits to their employees as part of a comprehensive employee benefits package. Disability benefits replace a percentage of pre-disability income if an employee is unable to work due to illness or injury for a specified period of time. Employers may offer short-term disability coverage, long-term disability coverage, or integrate both short- and long-term disability coverage. Group disability benefits can be structured in a number of ways. The taxability of these benefits generally depends on how the premiums for the coverage are paid. For example, if an employer and its employees split the cost of premiums for disability coverage, and the employees’ premiums are paid on a pre-tax basis through a cafeteria plan, the disability benefits are fully taxable to employees. This Compliance Overview answers common questions regarding the taxability of disability benefits.

After nine consecutive quarters of gains, the S&P 500 lost 0.76% in the first quarter of 2018. The 0.76% loss masked a spike in volatility driven by the reduction in corporate tax rates in the Tax Cut and Jobs Act, stiff tariffs on imported steel and aluminum, and the prospect of new government regulation of technology firms. Read the  Q1 Retirement Market Recap  to learn more about the 1st quarter market volatility. Also included are tips on managing defined benefit plans in the feature on "Can You Invest Your Way to Plan Termination?" If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (800) 388-1963 or email us at hbs@hanys.org.

Financial wellness is an increasingly popular topic, but there is no consensus about their value. Financial wellness is achieved when people can confidently manage their daily finances (budgeting and debt elimination) while successfully meeting both short- and long-term savings goals (emergency reserves, specific purchase, college savings, and retirement). While clear advantages and perceived value have been identified, several obstacles remain. In Assessing the Merits and Challenges of Financial Wellness , we evaluate whether financial wellness programs are a wise choice and welcome addition to the traditional employee benefits package.

Defined benefit plans were the predominant retirement plan at the time the Employee Retirement Income Security Act (ERISA) was introduced in 1974. Many hospitals and other healthcare provider organizations in New York State had defined benefit pension plans. In a defined benefit plan, the total financial obligation falls strictly on the sponsor. The amount of benefit is stipulated and the funding of that benefit is the responsibility of the sponsor. As time went on, defined benefit plans became more onerous to maintain, more difficult to sponsor, and more expensive. Join HANYS Benefit Services on Friday, April 6 at 11:00 AM to learn a number of strategies to assist in managing defined benefit plans.

HBS expands employee benefits offerings to protect employees from the consequences of identity theft HANYS Benefit Services is pleased to announce our partnership with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses. The hidden cost of identity theft to employees and employers: When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims: need 165 hours, on average, to resolve identity theft;  are absent five times more than average; and use twice as much sick time.

HANYS Benefit Services wants to help you stay compliant with the 2018 Retirement Services Compliance Calendar and Notices Reminder . Compliance is just one of many services we provide. HANYS Benefit Services created this document to remind plan administrators of the compliance deadlines and notices required for distribution. If you have any questions regarding compliance requirements or their application to your plan, contact us at (800) 388-1963 or at hbs@ hanys.org.