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Read more about the article  20 Costly Employee Benefits & HR Mistakes

 20 Costly Employee Benefits & HR Mistakes

Mistakes in employee benefits and human resources can be quite costly to employers—in the form of extra benefits, complaints, lawsuits, government-assessed fines and penalties, and attorney fees, to name a few. Don’t learn the hard way what these mistakes are.   Not timely depositing employee contributions into qualified retirement plans. sometimes wait too long to deposit salary deferrals into a qualified retirement plan. According to the Department of Labor (DOL), such deposits should be made as soon as the contributions can be…

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Read more about the article The Professional Employer Organization – The Good, Bad and The Alternative
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The Professional Employer Organization – The Good, Bad and The Alternative

Sometimes companies have trouble meeting their human resources needs, especially while also trying to increase profits. To assist in this area, many companies hire professional employer organizations (PEOs). If you hire a PEO, your employees are no longer fall under your tax ID number; they assumed to be employees of the PEO. You will also delegate  HR responsibilities to the PEO. Though the company officially hires its employees, the PEO handles payroll, benefits administration, workers' compensation, medical insurance, and retirement accounts. Then,…

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Read more about the article Employee Medical Benefits: Self-funded vs. Fully Insured
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Employee Medical Benefits: Self-funded vs. Fully Insured

  All group medical benefit plans fall into one of two categories: self-funded or fully insured. The choice of one over the other should not be made arbitrarily. Each type carries its own set of administrative rules and legal constraints.   What is Self-funding Health Insurance? Under an insured health benefit plan, an insurance company assumes the financial and legal risk of loss in exchange for a fixed premium paid to the carrier by the employer. Employers with self-funded (or self-insured) plans…

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