HANYS Benefit Services

In our 2014 Retirement Survey Report , about 79% of survey participants said they have an investment committee. Given a complex environment of regulatory scrutiny and fiduciary liability exposure, a committee specifically charged with investment oversight is a sound risk management strategy for plans and organizations of all types and sizes. Although they will differ from one organization to the next, best practices suggest an investment committee’s responsibilities and duties include:

Best practices underscore the value of using an independent advisor with regard to developing, implementing, and overseeing a retirement plan. An experienced, independent advisor can offer valuable guidance and feedback to help ensure that a retirement plan is meeting the objectives of both the plan sponsor and participants. A plan fiduciary who lacks the expertise necessary to fulfill their fiduciary obligations must seek the advice of an expert. An independent advisor dedicated to retirement plans offers a broad range of services to assist a plan fiduciary. According to our 2014 Retirement Survey Report , Seventy-three percent of survey participants said

As we approach year end, now is the time to handle the distribution of annual participant notices as required by ERISA. HANYS Benefit Services created this chart to remind plan administrators of the notices required for distribution, and their applicable deadlines. Should you have any questions about this Retirement Plan Participant Notices Chart, or for information on how HANYS Benefit Services can enhance your organization's retirement please contact us by calling (800) 388-1963 or email us at hbs@hanys.org.

The Internal Revenue Service (IRS) has recently released the contribution limits on Qualified Retirement Plans for 2016. HANYS Benefit Services created a chart that details the  2016 contribution limits . Should you have questions, please contact HANYS Benefit Services by calling (800) 388-1963 or email us at hbs@hanys.org.

The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Section 6055 and 6056. These new reporting rules require certain employers to report information to the Internal Revenue Service (IRS) on the health coverage offered during the year. Quick Facts: Signed into law on June 29, 2015, the Trade Preferences Extension Act of 2015 increases the penalties for reporting entities that fail to comply with Section 6055 or 6056 reporting. The increased penalties take effect for returns and statements filed in 2016. Short-term relief from penalties is available in certain limited circumstances. Read the full article  for more information on Section 6055 and Section 6056 reporting violations. Should you have questions, please contact HANYS Benefit Services by calling (800) 388-1963 or email us at hbs@hanys.org.

The new ACA Information Center for Applicable Large Employers page on IRS.gov features information and resources for employers of all sizes on how the health care law may affect them if they fit the definition of an applicable large employer. The web page includes the following sections: What’s Trending for ALEs,  How to Determine if You are an ALE,  Resources for Applicable Large Employers, and  Outreach Materials.  Visitors to the new page will find links to:

For taxable years beginning in 2018, the Affordable Care Act (ACA) imposes a 40 percent excise tax on high-cost group health coverage. This tax, also known as the “Cadillac tax,” is intended to encourage companies to choose lower-cost health plans for their employees. On July 30, 2015, the Internal Revenue Service (IRS) issued  Notice 2015-52  to continue the process of developing guidance to implement the Cadillac tax. This notice supplements  Notice 2015-16 , issued on Feb. 23, 2015.

The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted over four years ago. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and the employer shared responsibility penalties. Additional reforms take effect in 2016 for employers sponsoring group health plans. To prepare for 2016, employers should review upcoming requirements and develop a compliance strategy. This Legislative Brief provides a health care reform compliance checklist for 2016. If you have questions about this document or changes that were required in previous years, please contact HANYS Benefit Services by calling (800) 388-1963 or email us at  hbs@hanys.org  for assistance.

The 1972 Stealers Wheel song, “Stuck in the Middle with You” comes to mind when you look at the U.S. economy and stock market in the second quarter of 2015. Read the Q2 Retirement Market Recap to review the key market drivers for the second quarter financial performance. The HBS Retirement Market Recap provides a summary of market and economic events which have influenced the financial markets in the past quarter. HBS Retirement Market Recap also includes a feature segment called “What’s Happening in the Retirement Market?” which selects a notable industry event to highlight for the quarter. For questions about this Market Recap, or for information on how HANYS Benefit Services can enhance your organization's retirement offering, please get in touch by calling (800) 388-1963 or email us at hbs@hanys.org .

To meet the growing need in the New York City area, HANYS Benefit Services (HBS), an industry leader with more than 45 years of providing trusted advisory services, retirement plan offerings, and best-in-class employee benefits products, recently expanded operations to a new location in Melville, New York.

The recent U.S. Supreme Court ruling in Tibble vs. Edison has been described as “historic,” “ground-breaking,” and even “revolutionary.” The significant attention this case has generated is due in large part to the fact that a case about retirement plans reached the Supreme Court and that the Supreme Court unanimously overturned the lower courts’ decisions. Yet, the underlying premise behind the decision in this case is not particularly glamorous. It is very familiar to us all: the fiduciary responsibilities of a plan sponsor.

The Internal Revenue Service (IRS) recently announced modified correction methods for errors relating to automatic contribution features, including automatic enrollment, automatic escalation, and employee elective deferrals in both 401(k) and 403(b) plans. The correction methods in the new Revenue Procedure 2015-28 are in addition to those previously identified in Revenue Procedure 2013-12. These new correction methods will encourage employers to more readily include automatic enrollment features in their defined contribution plans.

We have a powerful agenda including Bruce Tulgan and Stuart Levine, internationally recognized keynote speakers for our 2015 Human Resources Conference, Embrace, Engage, Elevate—Leading High-Performing Talent , which will be held April 23-24 at the New York Marriott at the Brooklyn Bridge. Listen to an excerpt from one of Bruce Tulgan’s recent appearances and an interview with Stuart Levine on ABC World News This Morning .  I am sure you will find both Bruce and Stuart informative, empowering, and energizing. This program has been approved for 9 HR General recertification credit hours toward CA, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute.  The complete agenda and reservation details are available online. We look forward to seeing you at the Conference.

REGISTER TODAY HANYS Benefit Services Human Resources Conference Embrace, Engage, Elevate:  Leading High-Performing Talent Human resources’ top thought leaders offer the latest insights and ideas on guiding your workforce through compliance, key retirement plan topics, total rewards, employee engagement, and more! Session topics will include: Current Direction of Workforce and Executive Compensation Programs Technology Impact on Employee Benefits Strategic Change Management Getting the Most Value Out of Your Retirement Program in Today’s Challenging Environment Legal Developments and Updates Leadership Development and Coaching a Motivated and Engaged Workforce Healthcare 2.0 – Post-ACA Group Health and Welfare Benefits Trends * SHRM & HRCI Strategic Credits Pending When:      April 22:  6 p.m.  – Welcome Reception                  April 23:  8:30 a.m. – 5 p.m. – Sessions; Dinner to follow                                                    April 24:  8:30 a.m. –