IRS Notice 2021-58 clarifies the application of certain COBRA deadline extensions for electing COBRA coverage and paying COBRA premiums under prior relief that was issued as a result of the COVID-19 outbreak (“Emergency Relief”). Under the Emergency Relief, up to one year must be disregarded in determining the due dates for individuals to elect COBRA coverage and pay COBRA premiums during the Outbreak Period (i.e., 60 days after the announced end of the National Emergency). Continue reading
Featuring authors from across our organization on various topics related to risk management and employee benefits, our blog is a great resource to help you stay informed.
Our Scott thought leaders provide content on a regular basis to elevate your thinking surrounding critical components of your company’s culture and overall performance.
In today’s volatile and extremely competitive talent market, it is important to make sure your employee benefits offerings are an asset to your organization – helping you attract and retain employees. According to Microsoft’s 2021 Work Trend Index, a global survey of over 30,000 people in 31 countries, more than 40% of people are considering leaving their employer this year. The percentage increases to 54% when looking at Gen Z workers alone. Most employers are having to take a more critical look at many cultural factors, including employee benefits, to ensure their human capital management strategy is ready for what’s next.
Given this landscape, it is more critical than ever for employers to understand how their benefits plans compare to peer organizations. Utilizing benchmarking data, you can make informed decisions about your employer-sponsored healthcare benefits strategy and potentially uncover opportunities for improvement amidst the chaos. Continue reading
On Thursday, Sept. 9, 2021, President Joe Biden signed executive orders requiring federal workers and contractors to get vaccinated against COVID-19. Biden also directed the Occupational Safety and Health Administration (OSHA) to draft a new emergency rule requiring all businesses with 100 or more employees to ensure all of their workers are either tested for COVID-19 once a week or fully vaccinated.
The OSHA emergency rule—which is expected in the coming weeks—could affect as many as 80 million Americans. It will reportedly require large employers to provide their workers with paid time off to get vaccinated and recover from any vaccination-related side effects. Companies that fail to comply may be subject to up to $14,000 in fines per employee.
With the recent FDA approval of the Pfizer COVID-19 vaccine, more companies have announced plans to mandate the vaccine. However, given today’s extremely competitive labor market, some organizations believe a vaccine mandate would further hinder their ability to hire and retain employees. Would imposing a surcharge on health plan premiums for unvaccinated employees be an alternative solution? Before exploring this option, employers need to know the percentage of employees on their health plan to determine the impact. Continue reading
With the peak of hurricane season upon us, it is important for businesses to know how to proactively minimize potential loss and maximize loss prevention in the event of a hurricane. Being well prepared is critical to this objective and to keeping your business as healthy as possible.
Pre-storm Property Preparation
Even before a hurricane forms, businesses can start preparing. A good first step to take is to check local flood maps and have a licensed professional inspect your building to ensure it complies with the wind loading requirements of your area. Consider also installing impact-resistant film on windows and reinforcing any potentially weaker points in the building. Create a list of companies which can assist in recovery efforts should heavy damages occur. Continue reading