Compensation & Benefits

Retirement plan fiduciaries to pay more than $124 million for mismanaging profit sharing

07/24/2023

Fiduciaries of a retirement plan sponsored by an IT outsourcing firm—including the plan’s investment advisors—will pay more than $124.6 million to resolve violations of federal law related to their failure to properly manage the profit-sharing portion of the plan.

4 generations of employees face differing retirement realities

07/24/2023

The Transamerica Center for Retirement Studies recently surveyed members of four generations that make up the American workforce these days—Generation Z, millennials, Generation X and baby boomers. The topic: retirement expectations. Unsurprisingly, their views differ.

Friday wrap: Last stop for overtime regs, IRS again clarifies disaster tax relief and more

07/21/2023

Overtime regulations, student loan forgiveness and more to end the week.

SECURE 2.0: Is it the answer to both the retirement crisis and employee retention?

07/19/2023

With HR struggling to boost retention numbers, some experts believe SECURE 2.0 provides part of the solution. “SECURE 2.0 is the most sweeping legislation we have seen in the retirement industry,” said Mike Griffin of UBS Workplace Health Solutions.

Retaining top talent, managing higher costs driving employers’ benefits strategies

07/17/2023

Eighty percent of employers surveyed by Willis Towers Watson said competition for talent is the top priority influencing their benefits strategy right now. The second highest priority: managing higher costs, cited by 67% of employers. Coming in third and fourth were a focus on inclusion and diversity (cited by 41%) and caring for employees’ mental health (39%).

Encourage employees to save for retirement

07/14/2023

If your company offers a retirement plan, mentor your team members and encourage them to participate. And if not, you can still encourage them to save via the various programs available.

Salary survey projects 4% pay raises in 2024

07/10/2023

Salary budgets are expected to remain high in 2024 as employers become accustomed to ongoing labor market challenges, according to consulting firm Willis Towers Watson.

New York City upends gig economy with minimum wage

07/10/2023

Gig workers regularly find themselves taking home hourly earnings far less than they would as minimum-wage, overtime-eligible employees. Now one government agency believes it has found a way around the problem.

Summer’s here and so are new employment laws

07/07/2023

Summertime is often when new employment laws take effect, and this summer is no exception.

What striking down student-loan forgiveness might mean for employers

07/03/2023

On June 30, the U.S. Supreme Court declared that the Biden administration’s plan to forgive up to $20,000 in student-loan debt for millions of Americans was not legally permissible. The decision in Biden v. Nebraska has implications for employers as well as former college students.