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Compliance Recap | Sept. 2024
SUMMARY ANNUAL REPORT DUE The Summary Annual Report (SAR) is a disclosure requirement under ERISA. The SAR acts as a narrative of the Form 5500 for employee benefit plans. It includes financial statements, funding requirements, and participants’ rights. The SAR must be provided to participants and enrolled beneficiaries within nine months after the end of the plan…
Bridging the Generational Divide: Leveraging Technology for Effective Communication
In today’s diverse workplaces, effective communication across generations is essential for fostering collaboration, productivity, and a positive work environment. Understanding the unique communication preferences of each generation can help bridge the gap and create a more inclusive and harmonious workplace. Technology can play a crucial role in bridging the generational gap and facilitating seamless communication.…
Benefits 101: What Is a FSA?
When it comes to health insurance, there is a lot of jargon and plenty of acronyms. Many people have heard of FSAs, but may not actually know — what is a flexible spending account, exactly? If you have an employer-sponsored health plan, a flexible spending account (FSA) is often available as part of the benefits…
Medical Loss Ratio (MLR) Rebates: A Timely Reminder
The Affordable Care Act (ACA) introduced the Medical Loss Ratio (MLR) to ensure that health insurance companies spend a significant portion of premiums on medical care and quality improvement activities rather than administrative costs and profits. When insurers fail to meet the MLR threshold, they are required to issue rebates to plan sponsors. Understanding MLR…
Compliance Recap August 2024
FEDERAL COURT BLOCKS FTC NON-COMPETE BAN NATIONWIDE: IMPORTANT INSIGHTS FOR EMPLOYERS On August 20, 2024, the U.S. District Court for the Northern District of Texas delivered a crucial ruling, effectively halting the Federal Trade Commission’s (FTC) Rule prohibiting most non-compete agreements. The Rule, which was set to go into effect on September 4, 2024, was…
Open Enrollment: Your Annual Check-Up for Benefits
Navigating health insurance can feel like planning a vacation. You wouldn’t pack for a beach trip if you’re headed to the mountains, right? Similarly, choosing a health plan requires careful consideration. Open enrollment is your chance to design a plan tailored to you; it is your yearly opportunity to review and adjust your employee benefits…
Empowering Gen Z: Building a Competitive Benefits Package
Get ready for a new wave of talent! Gen Z (born between 1997 and 2012), or Zoomers, is the youngest generation entering the workforce, and they’re bringing fresh perspectives and priorities. Unlike previous generations, Gen Z isn’t just punching a clock. They crave opportunities for personal and professional growth, a workplace that prioritizes mental well-being,…
Empowering Millennials: Building a Competitive Benefits Package
Today’s workforce is a mix of generations, but you can’t afford to overlook Millennials, the largest generation in the workforce. Known for their flexibility and problem-solving skills, Millennials bring a powerful combination of experience and value to any company. Millennials, also known as Generation Y, are a driving force in today’s job market. This generation…
RAM Benefits Partners with Schoenfelder Renovations
We’re excited to announce that Schoenfelder Renovations, a leading name in commercial renovations, chose RAM Benefits as their trusted partner for employee benefits. Founded in 1991, Schoenfelder built a strong reputation for delivering top-notch renovations across the nation. Their commitment to quality craftsmanship and their “Renovations done right” philosophy perfectly aligned with RAM Benefits’ dedication…
Understand Your Spending Power: What You Can Buy with Your FSA, HSA, or HRA
Medical expense accounts can help you save on all kinds of healthcare costs. Here are some you may not know about yet. HSA, FSA, and HRA can typically be used for: Medical expenses: Doctor visits, surgeries, prescriptions, dental and vision care, and mental health services. Over-the-counter (OTC) medications: Many OTC medications, including pain relievers, allergy…