New name, same approach — to better align with our Workforce Strategy offerings under RKL Virtual, we renamed this e-newsletter The Workforce Minute. Rest assured, you'll still find this monthly e-newsletter packed with the updates, reminders and insights you need to maximize your most important asset — your people. We value your feedback, so let us know what you think what you think of this e-newsletter!
Here are the trends and hot topics we’re tracking this month.
Benefit Cost Containment
Organizations are grappling with higher insurance costs, with employee premiums expected to rise almost six percent next year, according to industry surveys. Most employers hesitate to pass these rising costs along to employees, in light of labor market competition and the continued impact of inflation on household budgets. Instead, they are getting creative with cost containment strategies, such as telemedicine and other virtual solutions. Read more in this 2022 U.S. Benefits Trend Report from insurance company NFP.
Open Enrollment Engagement and Expectation-Setting
For employers with calendar year health plans, it’s open enrollment season. Many HR teams are getting creative and expanding communication to keep their employees engaged and informed as they evaluate offerings and get ready to use their benefits.
Themed campaigns: Open enrollment is serious business, but why not add some fun? Employers have embraced themes, such as sports, movies or music, to improve engagement and have some fun with this annual campaign. Apply your theme to in-person or virtual events, materials and giveaways. Even small doses of humor, like pop culture references or memes, can kick your open enrollment communication plan up a notch and cut through the clutter. Speaking of that communication plan...
Customized outreach: Communication shouldn’t stop when open enrollment ends. Once your employees make their benefit selections, help them get ready to use them. Let them know what comes next and when in terms of receiving new insurance cards, effective dates and other important details. Provide customized education around selected benefits, such as HSA/FSA or life insurance.
…you should continue to use the current I-9 after the October 31 expiration?
Earlier this month, U.S. Citizenship and Immigration Services (USCIS) instructed employers to continue using the current Form I-9 after its expiration date of October 31, 2022, until further notice. USCIS will announce a new version of this employment eligibility verification form as soon as it becomes available.
…you can clean up your retirement plan by cashing out small balances of terminated employees?
If a terminated employee leaves a small balance (up to $5,000) behind in their retirement plan account, you may have the option to do a cash-out distribution (if permitted by plan rules). Balances of $1,000 or less can be processed as an involuntary lump sum payout. If the account contains between $1,000 and $5,000, employers can roll that amount into an IRA. The terminated employee must be given advanced notice of this cash-out distribution/IRA rollover with the option to move the account on their own.
Small balance cleanup is an important part of retirement plan hygiene and should be done on an annual basis. Exiting these accounts in a timely manner also spares the employer the difficulty of tracking down the terminated participants in the future. Remember, locating older, missing or unresponsive participants is part of an employer’s responsibility under the federal Employee Retirement Income Security Act.
What’s on the minds of your HR peers? Check out this recent client FAQ.
Q: Can we look at the social media profiles of jobseekers as part of our applicant screening process?
A: Yes, but make sure you do so in a consistent and non-discriminatory manner. Before you start, work with your legal advisor to develop a social media screening policy. As noted in this guide from SHRM, the policy should include details such as who will conduct the screening, when it will happen in the application process, how they will document screen results and who will see the results.
New Benefits Reporting Requirement Starts December 27 for Self-Funded Health Plans
The Consolidated Appropriations Act of 2021 contained a number of provisions designed to increase transparency around medical costs and health insurance coverage, one of which will take effect on December 27, 2022.
On that date, insurers and self-funded health plans must submit information on 2020 and 2021 medical costs and prescription drug spending to the U.S. Departments of Treasury, Labor, and Health and Human Services. 2022 data must be reported by June 1, 2023. Employers should contact their insurance vendors as soon as possible to begin preparing the information and data, which must be broken out into market segment and by state. Read more in this bulletin from law firm Ballard Spahr.
I enjoy benefits administration, primarily in the area of self-funding, as well as solving employee relations concerns or issues. I also have 10 years of talent acquisition experience.
What do you enjoy most about your job?
A lot of variety in my workweek. Having the opportunity to visit different clients and work on various projects keeps the job interesting and engaging. No week has been the same.
What are you watching/reading/listening to right now?
I am currently reading Beach Read by Emily Henry. I try to read a different book each month.
Want to hear the latest HR trends and tips to maximize your people power heading into 2023? Join us on December 14.
At our half-day Workforce Strategies Update on December 14, we'll share creative and proven solutions to successfully navigate the complexities of today's workforce.Sessions will include the newest trends in recruiting, engagement and retention, and how to optimize your processes and technology to make better-informed human resources decisions. Click below to learn more and register for this December 14 event (which includes breakfast and lunch) at the Lancaster Marriott & Convention Center.
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