The recent cyberattack on the Milwaukee Bucks has garnered quite a bit of media attention. Players and staff of the team had their 2015 W-2 records compromised after a team employee sent the records to an email address that appeared to come from the team President, Peter Feigin. This is yet another example that no company is immune to the threat of hackers, but certain plays can be practiced to guarantee you don't lose the cyber liability game.
For years, small businesses who did not offer health insurance would often reimburse employees for individual plan premiums, which were often known as non-taxable benefits. Any small business under 50 employees may no longer reimburse employees for medical costs or individual insurance plan premiums. For those who continue to do so, a hefty fine awaits you.
On May 18, 2016 the U.S. Department of Labor (DOL) announced its final rule on the minimum salary threshold that white-collar employees must be paid to qualify as "exempt" from the overtime requirements under the Fair Labor Standards Act (FLSA). The new salary level has now increased to $47,476 ($913 per week) from $23,660 ($455 per week) annually and takes effect December 1, 2016. According to the DOL, these new rules will extend new overtime protections to 4.2 million workers in the U.S.
On May 11, 2016, OSHA issued its final ruling to expand electronic recordkeeping requirements for workplace injuries and illnesses and make such records publicly available. More than three million workers suffer a workplace injury or illness each year causing OSHA to implement this new ruling and encourage employers to improve their safety practices.
Employee stock ownership plans (ESOPs) can be an attractive way for an owner to sell a company and for employees to gain an ownership stake. ESOPs are qualified retirement plans that buy, hold, and sell company stock for the benefit of employees. One of the main reasons ESOPs are often dismissed by business owners (and their advisors) as a legitimate succession planning option is due to the many unfounded misperceptions about them. In reality, many businesses are a perfect fit for ESOPs.Read More
Did you know that fatalities caused by falls from elevation continue to be the leading cause of death for construction workers? In 2014, over 337 of the 874 construction deaths were attributed to falls, all of which were preventable. Employers, I invite you to join in Safety Stand-Down by discussing with your employees how proper safety standards can help eliminate preventable work injuries and fatalities.
The Department of Labor (DOL), Department of Health and Human Services (HHS), and Internal Revenue Service (IRS) have issued the final revised template and related materials for the Summary of Benefits and Coverage (SBC). Use of the new materials will be required starting on the first day of the first open enrollment period that begins on or after April 1, 2017 with respect to coverage for plan years beginning on or after that date. Here is a summary of the SBC along with what employers need to know to remain compliant.
Workplace illnesses tragically take the lives of thousands of workers each year. OSHA recently took steps to fight back against the many diseases impacting America's workforce with its final ruling on crystalline silica. This ruling targets the deadly exposure of crystalline silica and estimates saving over 600 lives and preventing more than 900 new cases of silicosis each year. Since the final ruling, many legal challenges have come forth.
In with the old, out with the new. During the 1980s and 1990s many health care systems around the country decided to test their luck in the health insurance business. Most of these organizations did not fully understand the risks and challenges of being in the insurance industry. In the end, most of these health care systems ended up selling their plans to insurance companies or simply shutting them down. As of April 20th, 2016, Anthem Blue Cross and Blue Shield and Aurora Health Care embark on a new joint venture health insurance company. This tried approach is making a comeback with a modern, employer friendly twist.
Effective April 20, 2016, all Certified Medical Examiners will be required to use new medical certification forms for commercial motor vehicle drivers. If your drivers are preparing to take a DOT physical, here are a few tips to ensure compliance in this area.