My sister currently is planning her wedding. She and my mother are differing on the size and scope - read: cost - of the big day. However, in most debates over beef versus seafood and a four-tiered cake versus three-tiered, my mom generally wins. Why? Because she's paying.
The good old-fashioned flexible spending account has more to offer than ever. Using one saves on taxes, instills good habits for any potential future dominated by health savings accounts and is a real piece of cake, compared to trying to get the $50 mail-in rebate on the flat-screen monitor I bought a few months back!
Don't let presidential candidates hog all the limelight for their proposals and solutions for the nation's health care, retirement and other benefits problems. I know that EBN readers are just as ballot-worthy for their achievements as any national contender in this year's race, and want to make sure they get their due. I encourage you to nominate yourself, a colleague or a client for the 2008 "Benny" Awards, which include the industry's highest honor, Benefits Professional of the Year.
The U.S. Postal Service will be busy this month with all those 1040s floating around. Our local mail carrier has been busy with some tax-season-themed inquiries for Benefits Guy.
In this election year, Senators Clinton, Obama and McCain aren't the only ones debating how best to reform the nation's health care system. Employers and benefits experts also are having their say over how to improve care while reducing costs. This month, EBN details several of their proposals and opinions.
I fully admit, my "mama bear" instinct is running pretty high these days. Just weeks away from giving birth to my second child, I am feeling extremely protective of not only my children, but all children. So perhaps that's why Associate Editor Chris Silva's article, "Removing children from the rolls: Dependant audits increase as employers' seek to control costs," struck such an emotional chord, and seems to speak to what's wrong with our health care system.
Recently, a fellow benefits pro and I received kudos for a project that had more to do with staff planning than benefits. As we left the boardroom, my colleague shared that she'd heard that, of all the HR specialty areas, we can most successfully make the switch to generalist roles.
For all of the passion that employers, lawmakers, media outlets, presidential candidates and consumers infuse into the national debate on health care - and rightfully so - I still can't help but wonder why there isn't a similar hue and cry about Americans' lack of retirement readiness. Senators Clinton and Obama haven't rolled out plans to put the nation's families on a secure path to their golden years. Governors Romney and Huckabee aren't stumping on a platform of retirement plan reform.
My benefits director friends and I have a tradition of sending the current year out in style by getting together for drinks sometime between Christmas and New Year's.
Once again Benefits Guy's mailbag overfloweth. There seems to be no end to benefits communication challenges. Risk seems to be a theme this month.
Slow economy hits younger boomers hard
Nearly 25% of middle-aged workers (ages 45-64) prematurely withdrew funds from their 401(k), individual retirement account or other investments due to the current economic downtown, according to a survey by AARP.
New research shows that 401(k) participants with lower salaries have smaller plan balances, compared to those with higher salaries and those nearing retirement tend to do a poor job on managing their investments.
DOL online program helps employers with notice requirements The Department of Labor recently launched a Web-based program that helps employers determine which of the department's recordkeeping, reporting and notice requirements apply to them.
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