Did you know that a beneficiary designation is a legally binding document that supersedes your will. It allows you to decide what happens to your assets, including life insurance policies and retirement/annuity accounts, in the event of your demise. Regardless whether you update your will or not, payout for these accounts will go to the last beneficiary on file.
More and more, baby boomers are hitting that magic age of 65. One result is that employers are frequently asked by employees if they need to enroll in Medicare coverage if they plan to keep working and are covered by the employer’s medical benefits. While everyone always wants the simple 'yes' or 'no' answer, the appropriate response to the question is not always simple, and there are a lot of 'it depends' scenarios. Here are some of the details to consider.
Organizations of all sizes are planning for the upcoming employee benefit open enrollment season. This is never an easy task. Fortunately, a Human Capital Management (HCM) system can, in many ways, help ease the burden. From employee census creation, employee education and enrollment, benefit statements, and ACA reporting here is how everything can be easily completed and stored electronically.
You can’t turn on the news or your computer or review your favorite publication without seeing something about health care and skyrocketing prices. National health spending is projected to increase, on average, 5.6% per year between 2016 and 2025. Moreover, it is projected to grow 1.2 percentage points faster than Gross Domestic Product (GDP) per year over the same period. The projected result is a rise from 17.8% in 2015 to 19.9% by 2025. This is very concerning for individuals and employers alike. Some of the factors contributing to the increased costs include:
What is a Human Capital Management (HCM) solution?An HCM solution is an integrated system which automates Human Resources (HR) processes and provides employee self-service (ESS) capabilities. HCM systems reduce labor costs, increase efficiencies, and optimize processes.
Many contemporary HMC solutions follow the cloud-based, Software as a Service (SaaS) delivery model and include HR, payroll, recruitment, and/or Time and Labor Management (TLM) modules. These solutions require no hardware investment, ensure that the most current version of software is always used, and are securely backed up. They are monitored 24 hours a day, 7 days a week, 365 days a year, providing optimal reliability. They are also completely customizable for any size organization, so the system can grow as your company grows.