Wednesday, July 22, 2009
What Does Consistent Participation in 401(k) Plans Generate?
This Issue Brief presents recently available longitudinal data from the EBRI/ICI 401(k) database on consistent participation in a 401(k) plan, through year-end 2007.
Looking at consistent participants in the EBRI/ICI 401(k) database over the eight-year period from 1999 to 2007, the average 401(k) account balance increased at an annual growth rate of 9.5 percent over the period, to $137,430 at year-end 2007.
The median 401(k) account balance (half above, half below) increased at an annual growth rate of 15.2 percent over the period, to $76,946 at year-end 2007. Data for 2008 are currently being analyzed and are expected to be published later this year.
Looking at consistent participants in the EBRI/ICI 401(k) database over the eight-year period from 1999 to 2007, the average 401(k) account balance increased at an annual growth rate of 9.5 percent over the period, to $137,430 at year-end 2007.
The median 401(k) account balance (half above, half below) increased at an annual growth rate of 15.2 percent over the period, to $76,946 at year-end 2007. Data for 2008 are currently being analyzed and are expected to be published later this year.
Thursday, July 16, 2009
Thursday, July 02, 2009
Wednesday, July 01, 2009
Tool of the Month: Lilly Ledbetter Fair Pay Act Guide
Many employment laws have been enacted during and for the first half of 2009 with many more anticipated for the rest of the year and beyond. For a refresher, you now can review a variety of helpful information in the HR Support Center, including the key aspects of the Lilly Ledbetter Fair Pay Act of 2009. With a simple one-page document, you can easily reference:
• The Ledbetter Case,
• The Ledbetter Act, and
• The Recommended Actions.
In the HR Support Center website under the Essentials tab section, simply search for the “Lilly Ledbetter Fair Pay Act Guide.”
Lay Off Using Layoffs to Manage Poor Performing Employees
With many employers seeing the business need to layoff employees during the past several months, it may be tempting for a manager to use it as a way to avoid confronting problem employees. When conducting a formal layoff, however, employers would need to follow certain guidelines and be aware of specific state and federal laws. In general, employers are often better off taking the more appropriately accountable route of employment termination for cause using progressive discipline.
In turn, keep the following three points in mind:
1. Eliminate the Position. A layoff involves eliminating positions and not people. Determine your business-essential positions, and your supporting documentation should demonstrate that a position to be eliminated is due to decreased work demands and / or financial reasons. If you want to get rid of a poor performing employee, then getting rid of that job position would likely be not in your best interest since the work still needs to be done.
2. Select the Worker. For the eliminated position in question, identify all employees with similar job titles and roles. After review the type of the work that still needs to be done, figure out which of the employees are the lesser qualified. After assessing the employees’ overall work experience, knowledge, skills, and abilities, pick the least qualified individual. If that individual happens to be the poor performing employee you initially had in mind, then you now would have a more solid basis to end the employment relationship with a layoff.
3. Don’t Fill the Position. If an employer has a legitimate business reason to eliminate a job position, then there should be no need to bring back that position in the near future. Otherwise, the alleged layoff may be viewed as a veiled termination for cause which can cast questions on the company's true intentions and general integrity if ever challenged. The suggested rule of thumb is to not reopen the position for about a year.
In the bigger picture, if you are in Management, part of your direct responsibility is to effectively manage employee confrontations. Addressing employee performance problems through corrective action holds employees accountable for their behaviors and their outcomes. You can leverage various strategies to motivate employees to positively change their performance levels as well as to establish proof of your company’s good faith efforts to help all employees improve.
In turn, keep the following three points in mind:
1. Eliminate the Position. A layoff involves eliminating positions and not people. Determine your business-essential positions, and your supporting documentation should demonstrate that a position to be eliminated is due to decreased work demands and / or financial reasons. If you want to get rid of a poor performing employee, then getting rid of that job position would likely be not in your best interest since the work still needs to be done.
2. Select the Worker. For the eliminated position in question, identify all employees with similar job titles and roles. After review the type of the work that still needs to be done, figure out which of the employees are the lesser qualified. After assessing the employees’ overall work experience, knowledge, skills, and abilities, pick the least qualified individual. If that individual happens to be the poor performing employee you initially had in mind, then you now would have a more solid basis to end the employment relationship with a layoff.
3. Don’t Fill the Position. If an employer has a legitimate business reason to eliminate a job position, then there should be no need to bring back that position in the near future. Otherwise, the alleged layoff may be viewed as a veiled termination for cause which can cast questions on the company's true intentions and general integrity if ever challenged. The suggested rule of thumb is to not reopen the position for about a year.
In the bigger picture, if you are in Management, part of your direct responsibility is to effectively manage employee confrontations. Addressing employee performance problems through corrective action holds employees accountable for their behaviors and their outcomes. You can leverage various strategies to motivate employees to positively change their performance levels as well as to establish proof of your company’s good faith efforts to help all employees improve.
HR Advisor July 2009 The Monthly Newsletter from your AMS HR Support Center
Federal Minimum Wage Rate Increase.
Effective July 24, 2009, the federal minimum wage rate will increase from $6.55 per hour to $7.25 per hour.
E-Verify Federal Contractor Rule Delay.
For the fourth time, the effective date requiring certain federal contractors and subcontractors to use the federal government's E-Verify program has been delayed to become effective on September 8, 2009.
Age Bias Decision Favoring Employers.
On June 18, 2009, the U.S. Supreme Court placed a greater burden on workers to prove their claims of being targets of workplace discrimination due to age.
Effective July 24, 2009, the federal minimum wage rate will increase from $6.55 per hour to $7.25 per hour.
E-Verify Federal Contractor Rule Delay.
For the fourth time, the effective date requiring certain federal contractors and subcontractors to use the federal government's E-Verify program has been delayed to become effective on September 8, 2009.
Age Bias Decision Favoring Employers.
On June 18, 2009, the U.S. Supreme Court placed a greater burden on workers to prove their claims of being targets of workplace discrimination due to age.
What is being said about health care changes!
I was a little surprised to read a recent poll stating that the majority of Americans are receptive to the idea of increased government influence over health care if it means a reduction in cost and better coverage.
The CNN/Opinion Research Corp. poll found that 63 percent of respondents would favor an increase in federal influence over health care plans if it translated into lower costs and more coverage, while 36 percent opposed the idea.
Also, a little more than 60 percent of Americans said they believe the government should guarantee health care for all Americans, versus 36 percent who opposed the idea.
Another question involved the concept of raising taxes in order to improve health care for every American, with 47 percent favoring the idea and an equal number opposing it, even if it meant not providing health care for all Americans.
It will not come as a shock when I tell you that opinions were starkly split down party lines, with the majority of Democrats supporting increased government influence and just one-quarter of Republicans favoring the idea.
Of course, these are tough and often very personal beliefs and decisions. Many in the industry oppose government control and there is no shortage of arguments on both sides. Just one first-hand experience either way can erase years of arguments and counter-arguments. This promises to remain an enormous topic in our country for years and probably decades to come.
The questions continue and whether you are for or against its important to be informed.
Questions:
1) Can the government financially support a health care system?
2) Will increased taxes bring about a more beneficial health care plan without excess burden on individual tax payers?
3) Considering Medicare as a system which is almost ready to go bankrupt and which as increased costs to seniors, can the government do better with health care in general?
4) Can a national health care system come about because there is a call to change, without the time to bring about meaningful change with a well thought out plan?
5) Can Insurance companies, Health Care Providers, and all the players in the field of providing benefits and care truly come together putting aside their self interest to create meaningful change?
Would appreciate hearing your comments:
The CNN/Opinion Research Corp. poll found that 63 percent of respondents would favor an increase in federal influence over health care plans if it translated into lower costs and more coverage, while 36 percent opposed the idea.
Also, a little more than 60 percent of Americans said they believe the government should guarantee health care for all Americans, versus 36 percent who opposed the idea.
Another question involved the concept of raising taxes in order to improve health care for every American, with 47 percent favoring the idea and an equal number opposing it, even if it meant not providing health care for all Americans.
It will not come as a shock when I tell you that opinions were starkly split down party lines, with the majority of Democrats supporting increased government influence and just one-quarter of Republicans favoring the idea.
Of course, these are tough and often very personal beliefs and decisions. Many in the industry oppose government control and there is no shortage of arguments on both sides. Just one first-hand experience either way can erase years of arguments and counter-arguments. This promises to remain an enormous topic in our country for years and probably decades to come.
The questions continue and whether you are for or against its important to be informed.
Questions:
1) Can the government financially support a health care system?
2) Will increased taxes bring about a more beneficial health care plan without excess burden on individual tax payers?
3) Considering Medicare as a system which is almost ready to go bankrupt and which as increased costs to seniors, can the government do better with health care in general?
4) Can a national health care system come about because there is a call to change, without the time to bring about meaningful change with a well thought out plan?
5) Can Insurance companies, Health Care Providers, and all the players in the field of providing benefits and care truly come together putting aside their self interest to create meaningful change?
Would appreciate hearing your comments:
Aetna wants to help you get lower group health rates with new RAF program!
Click for quotes:
| RAF Program update | ||||||||
As of Wednesday, July 1, Aetna will only accept the original renewal received by a group to determine eligibility for our RAF promotion. Revised renewals will not be accepted. Aetna will continue requiring submission of prior year and current renewals (original only). We've expanded our RAF promo through 12/31/09 and AB1672 eligible groups moving from a large group contract are now eligible for our RAF program. To qualify, groups must provide a large group renewal of less than 20% increase within 90 days of their requested effective date. Click here RATES! | ||||||||
Tuesday, June 30, 2009
Travel Insurance for those on the go or vacationing!
Go Here for Travel BargainsMedical Insurance for people traveling outside their Home Country,Perfect for trips between 15 days and 3 years. Immediate coverage is available once you are satisfied with the quotation. Print your ID Card immediately!
The plan is underwritten by Virginia Surety Company, Inc., a U.S. insurance company rated A+ "Superior" by AM Best.
Protect your tickets, your luggage and your health worldwide,Why round trip? So you'll be prepared. Who knows what could happen during a trip abroad – or before you even depart. Benefits include: Trip Cancellation; Interruption/Delay; Medical Transportation; Lost or Stolen Baggage; Missed Connection; Assistance Services.
Permanent health insurance coverage for non-U.S. residents, while in the U.S.A.,Providing comprehensive health insurance for persons residing outside of the United States, RESIDE Prime provides benefits to non-U.S. residents.
Control Blood Pressure with Music? Experts Say Yes
Music may be food for the soul, but Italian researchers say it also is good therapy for controlling blood pressure in heart and stroke patients.
Learn More by clicking on the link in the title: Control Blood Pressure with Music?
Learn More by clicking on the link in the title: Control Blood Pressure with Music?
Sunday, June 21, 2009
Friday, June 19, 2009
Do you know what to do when hiring your first employee to letting your first employee go?
Most small employers have little experience with the ins and outs of employees. What do you do first; I suggest a good HR program where there is no HR department to manage the day to day issues in managing employees.
A good HR program has the necessary resources to help you with;
1. Guidelines to conduct an interview
2. Employee Application
3. Employee Evaluation
4. IRS forms required to obtain a Tax ID number
5. State Guidelines and forms for taxes and insurance
6. Employee Handbook
7. State and Local laws
8. Maintain employee files
9. Employee termination and layoff, i.e., guidelines, forms, notification
When you will be hiring it will be necessary to have a payroll system in place to manage the necessary book work, form and checks required to pay an employee;
1. Payroll programs like bank systems and quicken
2. Payroll services
3. PEO (employee leasing)
Consider Benefit programs which will help you hire and retain employees. Part of you operational budget for employee cost like salary, bonus, benefits are important considerations. You can create a modest budget with the right plans and consultant.
1. Health, Dental, Vision and Life benefits
2. Pension Plans
3. Health Management and Education programs
4. Vacation and Sick leave
Resources are easy to obtain so that you can maintain the best employee management programs. Many small business employers do not always consider the many issues regarding employees and due to the constraints of managing a business it can be challenging.
While you can do the research by using the Federal Tax and Labor sites along with local State sites it is much easier to have all the information in one place.
A good online system such as our value added HR ANSERLINK program is free to clients when using one of our benefit programs or ABC Payroll our Payroll Affiliate.
A good HR program has the necessary resources to help you with;
1. Guidelines to conduct an interview
2. Employee Application
3. Employee Evaluation
4. IRS forms required to obtain a Tax ID number
5. State Guidelines and forms for taxes and insurance
6. Employee Handbook
7. State and Local laws
8. Maintain employee files
9. Employee termination and layoff, i.e., guidelines, forms, notification
When you will be hiring it will be necessary to have a payroll system in place to manage the necessary book work, form and checks required to pay an employee;
1. Payroll programs like bank systems and quicken
2. Payroll services
3. PEO (employee leasing)
Consider Benefit programs which will help you hire and retain employees. Part of you operational budget for employee cost like salary, bonus, benefits are important considerations. You can create a modest budget with the right plans and consultant.
1. Health, Dental, Vision and Life benefits
2. Pension Plans
3. Health Management and Education programs
4. Vacation and Sick leave
Resources are easy to obtain so that you can maintain the best employee management programs. Many small business employers do not always consider the many issues regarding employees and due to the constraints of managing a business it can be challenging.
While you can do the research by using the Federal Tax and Labor sites along with local State sites it is much easier to have all the information in one place.
A good online system such as our value added HR ANSERLINK program is free to clients when using one of our benefit programs or ABC Payroll our Payroll Affiliate.
Thursday, June 18, 2009
Health Insurance
Lic.# 0294220
Individual and Family Health Plans Shop Online for an affordable Individual & Family HMO or PPO plan. All Major Companies represented.Short-Term Plans - Up to 12 Months of Temporary Coverage. Between Jobs, Temporary Employment & Students.
Medicare Supplements - Click for rates if you are 65+
Medicare Supplements - Click for rates if you are 65+
Dental InsuranceGet Rates for individual and family dental plans. Rates, Benefits and Applications online...
Term Life Insurance Compare level premium low cost term life insurance plans. Provide security for your family at very affordable rates.
click on the blue links above:
Agency Marketing Services - Insurance License: 0294220
Need Insurance For Your Small Business? Health, Dental, Life, Vision Plans and More. Shopping for group insurance has never been easier or more convenient. We offer a wide selection of the biggest and best names in the business. With over 750+ group insurance plans in our nationwide database, you're certain to find a plan that will offer you the most value for your insurance dollar.
Shop and Compare Group Insurance Plans OnlineInsurance For Today's Progressive Small Business.
Click Here
Need Insurance For Your Small Business? Health, Dental, Life, Vision Plans and More. Shopping for group insurance has never been easier or more convenient. We offer a wide selection of the biggest and best names in the business. With over 750+ group insurance plans in our nationwide database, you're certain to find a plan that will offer you the most value for your insurance dollar.
Shop and Compare Group Insurance Plans OnlineInsurance For Today's Progressive Small Business.
Click HereHealth care reform impacts dental benefits
Delta Dental educates Americans
The importance of considering how health care reform might impact dental benefits is the focus of the national Delta Dental Plans Association and located. They are helping to educate the public, regulators, lawmakers and policymakers about how oral health might be helped or hindered under new health care proposals put forward by Congress. The web site includes information about:
· The effects of poor oral health
· The connection between oral and overall health
· The significant differences between medical and dental benefits
· The importance of preventive dental treatment
· Implications of the potential new taxes on those who currently enjoy employer-sponsored dental benefits.
“Delta Dental is committed to including wider access to affordable dental care in overall health care reform,” says Gary D. Radine, president and CEO of Delta Dental of California, Pennsylvania and affiliated companies. “Given how important we know dental benefits are for promoting overall health, it is critical to preserve the deductibility of dental benefits for employers and individuals who purchase them,” says Radine.
Contact us for additional information;
800-334-7875
Largest nationwide dentist network
Delta Dental provides more access and cost-saving opportunities
Delta Dental maintains the largest network of dentists in the nation, a position we have held for more than five decades. A new report by NetMinder shows that our Delta Dental Premier® network has more than 128,500 dentists – 61,000 more dentists than our closest national competitor.
“Having the largest network of dentists in the nation is tremendously important because it offers more cost-saving opportunities to clients and enrollees through our fee agreements with network dentists. It also fulfills our commitment to promoting good oral health by creating greater access to affordable dental care,” says Gary Radine, president and CEO of Delta Dental of California, Pennsylvania and affiliated companies.
Delta Dental Premier® network
128,500 dentists
198,000 dentist locations
Delta Dental PPOSM network
68,000 dentists
Delta Dental PPOSM network
68,000 dentists
120,000 dentist locations
DeltaCare® USA network
22,000 dentist locations
DeltaCare® USA network
22,000 dentist locations
Statistics from Delta Dental Plans Association Network Analysis Quarterly Reports, March 2009.
Tuesday, June 16, 2009
California Health Insurance - Google Docs
Individual and Family Health Plans Shop Online for an affordable Individual & Family HMO or PPO plan. All Major Companies represented.
Thursday, June 11, 2009
Spot Trends in Business and Adapt!
Your business needs to be able to adapt and evolve with the ever-changing times, which means as a business owner, you need to be tuned in to what’s coming down the pipeline in your industry.
How can you spot the latest trends in your industry?
Listen – It might seem like a no-brainer, but listening is something business owners don’t do enough of. Ask your customers for feedback on your products and services and find out from them directly what they’re looking for next.
Pay attention – Read up on trade publications for your industry and any related industries that might impact/benefit your business, i.e. fashion, music, technology. Even makes a habit of reading about the industries that have nothing to do with his business.
Follow trends online – Trend-hunting Web (google it-Small Business Trends) can help to keep you in the know by serving up the daily trends. Social networks and chat rooms can also be a good source for discussion. When you see some common themes coming up in discussions, this is a clear indication of a new trend on the verge of breaking.
Trust your gut – When you dabble in an industry long enough, you start to develop an intuition for what to expect next. If you suspect something new might be on the rise, you’re probably right.
How can you spot the latest trends in your industry?
Listen – It might seem like a no-brainer, but listening is something business owners don’t do enough of. Ask your customers for feedback on your products and services and find out from them directly what they’re looking for next.
Pay attention – Read up on trade publications for your industry and any related industries that might impact/benefit your business, i.e. fashion, music, technology. Even makes a habit of reading about the industries that have nothing to do with his business.
Follow trends online – Trend-hunting Web (google it-Small Business Trends) can help to keep you in the know by serving up the daily trends. Social networks and chat rooms can also be a good source for discussion. When you see some common themes coming up in discussions, this is a clear indication of a new trend on the verge of breaking.
Trust your gut – When you dabble in an industry long enough, you start to develop an intuition for what to expect next. If you suspect something new might be on the rise, you’re probably right.
International Trend in Pension Plans
Excerpt: "Unless people prepare for it properly in advance, a perfect storm of demographic and financial trends could derail people's retirement plans, a global survey from HSBC Insurance finds. In its fifth annual Future of Retirement study, HSBC's It's Time to Prepare finds 9% of the 15,000 people it surveyed in 15 countries expect to delay their retirement because of the economic downturn and only 19% intend to retire as they had previously planned. Many are doing the opposite of what they should be doing: 17% are reducing retirement savings or have stopped saving for retirement altogether." (The National Post Company)
What should your strategy be for the long run so you do not allow the market to win, and keep you in the game? Dollar cost averaging has been the saving value for most people since it is simple and it works.
The market historically has highs and lows so that a $1 today buys a share of stock, while a $1 tomorrow can buy 2 shares or ½ a share. If you follow this strategy you gain market momentum which produces an upward trend line the same as when you look at the market over 10, 20 or 50 years.
The other consideration is determining your risk tolerance, changing that tolerance over time as you age to a more conservative position from a more aggressive position when you are younger.
If you study this strategy you will be certain of its success and less tempted to allow the market to dictate your be in or out of the market depending the markets ups and downs.
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