Monthly Newsletter February 2019
Dear Valued Clients and Associates, Did you set a New Year’s Resolution? How’s it going? Maybe your resolution was to double and triple check how compliant your organization is? This month I want to talk a little bit about compliance regarding POP/Section 125. If you are not familiar with what this is, POP stands for Premium Only Plan which is a way for employees to pay for their benefits with pretax dollars. Here are some things to consider: Are you an LLC, S Corp or Partnership and contributing to your POP plan? If you are, there is reason for concern. Is your POP discriminatory?? Do you have a written POP doc? When was the last time it was updated? Do your employees reenroll prior to the beginning of each year? Does your document allow rollover? Is it part of your onboarding process for new employees? All these issues could...
read moreMonthly Newsletter January 2019
Dear Valued Clients and Associates, Happy New Year!! I sincerely hope your holidays were amazing and your new year has started off brilliantly! As I celebrate my one-year anniversary with PF Compass I am thrilled to say it has been a fantastic year of learning, meeting wonderful people, creating great partnerships and helping some fantastic businesses across the region with their group benefits needs. We are currently helping our clients get ahead of 2/1, 3/1, 4/1 and 5/1 renewals that sometimes get pushed to the last minute due to end of the year business and open enrollment responsibilities. Our complimentary benefits evaluation can provide your group with significant opportunities to save money and stay compliant. Please email me by using the contact button or call to schedule a time to meet. Scrambling to figure out how to handle your end of year 1094/1095 filings? Let me know, we may...
read moreIs It Time To Check Out Check-Ins?
Is It Time To Check Out Check-Ins? By Maggie Johnson As we have just entered a new year, you may be planning or already planned performance goals with your employees. These employee performance goals more than likely tie to the 2019 goals for your organization. Thus, employees’ performance is integral to a company’s success. It would seem reasonable then that steady progress toward completion of those established employee goals, and general employee performance and productivity, would be at the forefront. Yet, more than 70% of employers still conduct only annual performance evaluations for their staff. There is, however, a strong trend to move to more meaningful discussions or “check-ins” with employees. It began in 2012, at Cargill, a worldwide food producer and distributor, with the launch of its Everyday Performance Management system, followed by Google, Adobe and Accenture with similar practices that redefined performance management. Check-ins can...
read moreMonthly Newsletter December 2018
Dear Valued Clients and Associates, This week I learned who the Franklin High School Madrigal Singers are. They put on a holiday performance for The Franklin Woman’s Club and they were incredible. If you have the opportunity to see them perform, I highly recommend it. As we continue rolling through the holiday season and the new year approaches, I am looking for any feedback on how to improve this newsletter in 2019. Your feedback is greatly appreciated. Here is your last Newsletter in 2018 with a combination of HR and Health related news. I hope you enjoy! Sending peaceful and joyous holiday wishes to you and yours! 3 hours of HR Consulting/ DOL Audit, complimentary For all NEW clients joining PF Compass (new plan, renewal or off renewal BOR) until 1/31/19, we offering 3 free hours of HR Consulting/ DOL Audit. Use the contact button below or...
read moreMonthly Newsletter November 2018
Dear Valued Clients and Associates, As we lead up to Thanksgiving and the Holiday Season we would like to express our gratitude to our clients, prospects and colleagues for their continued support. Would you like a simpler way to manage benefits at open enrollment and throughout the year without added expense? Give your employees the opportunity to review and enroll in their benefits online! Whether you are a current client or a prospective one, give me a call or email to find out how we can help. Don’t forget, we are offering 3 free hours of HR Consulting/ DOL Audit for all NEW clients joining PF Compass (new plan, renewal or off renewal BOR) from 10/1/18-1/31/19. To receive this offer you must reply to this email or call me at 732-258-1032 Here is your November 2018 Newsletter with a combination of HR and Health related news. I hope you...
read moreAcronyms!
Acronyms! By Maggie Johnson Medical plan terminology such as HMO, EPO, PPO, etc. can be confusing if you’re unfamiliar with health insurance abbreviations. Understanding the meaning of these and other health insurance terminology can be helpful, especially when you are deciding which health benefits are best for your company. Below is a simple explanation for several health insurance terms, beginning with medical plan acronyms: HDHP/CDHP (High Deductible Health Plan/Consumer Directed Health Plan): This plan type typically has significantly lower premiums than other plan types, but also requires much higher deductibles with a minimum deductible of $1,350 for single coverage and $2,700 for family coverage for both 2018 and 2019. A health savings account (HSA) can be used in conjunction with an HDHP/CDHP to pay for any qualified out-of-pocket medical expenses, including deductibles. (Also see HSA below.) HMO (Health Maintenance Organization): An HMO is a network of healthcare...
read moreMonthly Newsletter October 2018
Dear Valued Clients and Associates, Back to School is finally here so how about a little math problem for you all…. Did you know the average group health insurance broker commission is around 4% of your annual premium? That means, on a $500k plan, the broker receives around $20,000 in commission. What is your broker doing to earn their commission? PF Compass offers free claims adjudication for you and your employees. We also provide free COBRA and HRA administration. Looking for Bene Admin technology? We provide it for FREE, along with HR tools. Let us earn your loyalty, give me a call today! Don’t forget, we are offering 3 free hours of HR Consulting/ DOL Audit for all NEW clients joining PF Compass (new plan, renewal or off renewal BOR) from 10/1/18-1/31/19. To receive this offer you must click the Contact Us Now button at the bottom of this...
read moreWhy Wellness?
Many employees working in small businesses handle multiple responsibilities. When such employees are not at work, the lack of their productivity impacts their employer’s business. Absenteeism due to illness can be a big problem for the small employer, even if the employee is not paid while absent. However, in the state of New Jersey and in New York City, mandated paid sick leave requires most employers to pay their eligible employees (those who have been employed for at least 120 days and work more than 80 hours in the calendar year) up to 40 hours of pay annually while absent from work due to illness, among other reasons. While we expect a certain amount of absenteeism in the winter months due to employees catching colds, what’s worse is an employee who is absent due to the ‘flu, and who could have avoided suffering from that bout of ‘flu, simply...
read moreMonthly Newsletter September 2018
Dear Valued Clients and Associates, With Labor Day behind us, we hope you had a wonderful, fun filled summer. We are excited and happy to announce the addition of Maggie Johnson, SPHR, SHRM-SCP as our preferred HR Consultant. Maggie brings more than 30 years of HR experience. To learn more about Maggie, you can view her profile here. In celebration of Maggie joining our team we would like to offer 3 free hours of HR Consulting/ DOL Audit for all NEW clients joining PF Compass(new plan, renewal or off renewal BOR) from 10/1/18-1/31/19. To receive this offer you must reply to this email or call 732-258-1032. Here is your September 2018 Newsletter with a combination of HR and Health related news. I hope you enjoy! 2018 ACA Reporting Draft Forms Now Available The IRS released draft 2018 forms for Affordable Care Act (ACA) reporting under Internal Revenue...
read moreWhen is it time for a company to have an employee handbook?
The majority of small businesses develop an employee handbook when they have about ten employees. However, several employment laws apply long before ten employees are hired. The prudent decision, as espoused by HR experts, is to have an employee handbook as soon as possible, for instance, when the first employee is hired. So why create an employee handbook? An employee handbook is an important document that advises employees of the company’s polices, and gives updates as those policies are amended. It will normally spell out the reason for the policies, who they apply to and consequences if they are not followed. An employee handbook is often a valuable tool in training new employees on company expectations. Not having an employee handbook might pose legal risks to a company and cause employee problems. The basic components of an employee handbook usually include statements regarding compliance with federal, state and local...
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