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.
Many companies with calendar-year benefit periods have recently wrapped up their open enrollment, or will be doing so in the near future. Open enrollment can be a productive experience, but it can also cause significant stress for employees and employers alike. As every HR professional knows, once employees have made their benefit selections and completed their forms, there is still work to be done.
After a year of many questions surrounding the future of the Affordable Care Act (ACA), the IRS has recently provided some answers indicating that the agency will indeed move forward to enforce the employer shared responsibility requirements of the ACA.
Based on the recent update to its online resource, Questions and Answers on Employer Shared Responsibility Provisions Under the Affordable Care Act, the IRS will begin issuing notices (Letter 226J) to employers in late 2017 for potential liabilities from the 2015 calendar year.
According to an update to Tennessee workers’ compensation law effective earlier this year, any company engaged in the construction industry in the state must be prepared to provide proof of workers’ compensation insurance coverage to officials or face immediate fines.
Tennessee is not alone in requiring this type of documentation. Other states have enacted similar rules with varying degrees of impact and severity over recent years. While it may cause some headaches, ultimately this law serves to help contractors have confidence that subcontracted companies are carrying their own workers’ compensation coverage. This should serve to reduce the risk for the general contractor on the job.
Scott Insurance has appointed Keith Mann of Lynchburg as the company’s new Chief Operating Officer/ Chief Financial Officer. Craig Ryder, who has served in that capacity since 1994, will retire at the end of the year. This transition concludes a multi-year planning process and an exhaustive search for the right executive leader to join the company.
Unless you have firsthand experience with an employee-owned company, you’ve likely never heard of the ESOP (Employee Stock Ownership Plan) structure. Or, perhaps you’ve heard of it, but don’t completely understand what it is. This month, alongside other employee-owned companies across the country, Scott has been celebrating Employee Ownership Month and recognizing the many unique benefits of being an ESOP company.