HANYS Benefit Services

Open enrollment fairs are a great way for employers and benefits providers to help employees understand and enroll in the benefits programs that meet their needs. These fairs are typically done in person, and they allow employees to learn about available benefits and discuss offerings with providers. Just as the COVID-19 pandemic may be changing what employees need for benefits, the format of open enrollment events should change, too. With open enrollment season around the corner and many organizations extending work-from-home policies, a virtual open enrollment fair may be necessary. This article explores benefits and best practices for organizations moving their open enrollment events online.

With the majority of Americans sheltering in place at the beginning of the second quarter, what reasonable person would have forecast that the S&P 500 Index would have appreciated 20.54%, for its best quarterly performance since its inception in 1957? The extraordinary turnaround from the February-March bear market restored most of the negative returns investors suffered in Q1. Read the Q2 Market Recap for a brief review of the market performance. Also included is a summary of IRS guidance impacting retirement plan relief under the CARES Act.  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.

Why now? The plan sponsor community has been woefully unprepared to meet the increased scrutiny of 403(b) plan operations by the IRS, Department of Labor and private auditors. There has been a material spike in plan correction applications, investigations and regulatory penalties. But don’t just take our word for it. Let your fellow plan sponsors’ experiences tell the tale. Our webinar featured real life stories about sponsors just like you. Each of them had a “What, me worry?” attitude where their plan was concerned, confident that they had everything well in hand—until everything changed. Watch this webinar to learn: the pros and cons of conducting a plan operational review; when you should do it; and how much you can expect to spend. Webinar Recording FEATURED SPEAKERS: Carol Idone Vice President, Consulting HANYS Benefit Services Eric Paley Partner Nixon Peabody Claire Rowland Counsel Nixon Peabody

Welcome to our new video series: For Your Benefit with HANYS Benefit Services. In this series, you will hear from leading HBS experts as we share insight on the employee benefit topics and trends that matter most. This episode we're talking student loan debt. How does it affect our financial health and ability to save for retirement? We also touch on what employers are doing to help. Tune in to each episode as we discuss regulations, investments, compliance and all things benefits. 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.

You know the importance of having health care coverage and a 401(k), but are you taking advantage of all the benefits your organization offers? Voluntary benefits are additional benefit options offered through the company. Unlike traditional benefits like health coverage, employees are responsible for paying most or all of the cost of these voluntary options. What’s the Advantage? You may wonder–if you’re responsible to pay, then why elect any voluntary benefits? There are several advantages. Lower Price