Benefits Snapshot - 7/13

Written by Allison Loehman | December 2, 2017

Total Compensation Statements | Work Opportunity Tax Credit | IRS Determination Letters

Every day on our LinkedIn, Twitter, and Facebook pages, we share need-to-know industry information for benefits pros. If you haven't joined the experts who follow us, here are the top stories from around the web:

Benefits are a part of your employees' total compensation, but they may not understand everything you offer. Smart employers are using their benefits package as a recruiting tool. Total compensation statements can help with recruiting efforts.

We've been talking a lot about the importance of the Work Opportunity Tax Credit. Applying is important, and automating the application process is crucial for an effective strategy, for three major reasons. If you're not convinced yet, you can calculate your potential credit per employee.

The IRS is ending their determination letter program. This will limit how and when plan sponsors are able to request documentation. Chris Collins, a benefits attorney, shared some perspectives on how this will affect employers and others in the industry.

BenefitsPRO released their 2017 Health Care Survey. Among the major takeaways:

  • 56% of brokers expect to grow their commissions in 2018
  • Small groups (under 100 lives) are most likely to have dropped coverage this year
  • 53% of brokers are using on-site meetings as their primary enrollment technique

 

Over 55% of Americans leave vacation days unused each year. We know the immense benefits to productivity an employer receives when their employees take vacation, so savvy HR pros have been on the lookout for products that encourage their employees to take a break. A new service allows employees to put money directly from their paycheck directly into a savings account to pay for a vacation.

Topics: For Employers