Benefits Breakdown - February 2023

The Trendiest Benefits for 2023

There’s no denying that employees’ needs have changed in recent years. Employers are striving to offer benefits to meet evolving worker needs shaped by the lingering effects of the COVID-19 pandemic, a tight labor market and rising inflation.

Benefits have always been crucial for attracting and retaining top performers. In 2023, many employers are looking to offer more than just a healthcare plan. With workers paying more attention to their benefits and wondering how to stretch their dollars further, the following benefits could be popular offerings in 2023:

voluntary benefits, such as accident and critical illness insurance;
financial wellness benefits, including health savings and flexible spending account contributions and financial planning assistance;
healthcare full premium coverage; and
family-friendly benefits.

Organizations can start optimizing benefits packages by evaluating employee preferences through surveys and thinking about ways to improve offerings and how to tailor them for their workforce. It’s important to keep a pulse on employees and see what they find most valuable and necessary for their overall well-being.

Encouraging employee healthcare shopping

The rise in healthcare costs isn’t slowing down any time soon, and paying more for healthcare doesn’t necessarily mean the consumer receives a higher quality service or outcome.

Comparison shopping offers employers an opportunity to take a proactive approach to reduce costs and empower employees to take charge of their healthcare. Shopping around for healthcare can result in savings for both employees and employers. Employers are well positioned to provide data and information to help employees understand the saving potential of healthcare comparison shopping.

SECURE 2.0 Discussion Series: Session One

SECURE 2.0 provisions: What we know and what’s still up in the air The SECURE 2.0 Act, signed into law in late December 2022, has factored heavily in retirement industry discourse since the final legislation was published. As with any legislation of this depth and breadth, there’s a lot to digest and the industry takes time to adjust. Our team of experienced advisors recently met to discuss some of the more nuanced provisions of the legislation, such as changes to Roth contributions, and what they could mean for plan sponsors. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. Highlights of our panel’s conversation below should serve to help guide plan sponsor thinking. On Roth employer contributions NB – In addition to deferring pre-tax or Roth, plan sponsors can now allow employer contributions to be classified as Roth, is that right? VB – Correct. This is immediately available to plan s

COVID-19: Retirement and Benefit Plan Resources

As the COVID-19 crisis continues to unfold, we are closely monitoring news and updates from top sources. We’ll be updating this section as new developments unfold. Here are several key articles and links to help plan sponsors and administrators navigate the COVID-19 impact to retirement and benefit plans: Retirement Plans 4 Key CARES Act Provisions for Retirement Plan Sponsors Markets React to Coronavirus Important Considerations for Retirement Plan Sponsors during the Coronavirus Pandemic In Fed We Trust Participant Education Services: Timely Help from a Safe Distance CRDs 100% Taxable for New York State and Local Income Tax Purposes in 2020 IRS Permits Remote Notarization of Participant Elections Employee Benefits CARES Act Expands Health Coverage Rules Understanding the Historic $2 Trillion Stimulus Package Employee Compensation and Benefits During Closures and Furloughs DOL Clarifies Exemptions to Coronavirus Paid Leave Laws Small Business Exemption to

SECURE 2.0 Discussion Series: Session Two

The retirement industry has been buzzing since the SECURE 2.0 Act was signed into law last December. This new, comprehensive legislation has sparked a lot of discussion. As with any major reform, it will take time for the industry to fully adapt and understand all its implications. Following our April 11 webinar on the first three months of the industry’s response, our team reconvened to discuss some of what we have heard from our client and vendor partners and to respond to some of the great questions we heard from attendees. Panel participants included the following HBS team members: Noah Buck, Christina Bauer-Dobias, Sean Bayne, Vincent Bocchinfuso and Kathleen Coonan. The Discussion SB – Throughout the webinar, I wanted to stress two things: 1) confusion about where to start and what is expected from plan sponsors is normal; and 2) even more than three months in, this is a developing situation and people should expect changes as time goes on. With those in mind, engagement through

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