Q. I understand that Illinois has passed a new law requiring certain employer-provided insurance policies to cover an employee’s dependents who are up to age 26 (or up to age 30 in some instances). Which employers and which policies are affected by the new law?
Employee Benefits Program
A strong employee benefits program – including low-cost employee incentives, employee recognition programs, and employee appreciation programs – can help you improve morale and retention.
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Here's a roundup of timely questions posed by readers of HR Specialist's Compensation & Benefits newsletter. You'll find answers on such hot topics as health insurance opt-out bonuses, differing pay structures for similar work, unemployment benefits for furloughed workers and paying for travel time.
The news that consulting giants TowersPerrin and WatsonWyatt are merging has sent shockwaves through the HR world. How will this alliance affect the consulting environment? Will it be good news or bad for HR pros who need outside help? Now more than ever, it may pay to hire someone to help you choose a consultant.
The U.S. Department of Labor has obtained a $50 million judgment against Chicago investment advisor John Orecchio for using money from six union pensions for his own private business interests. According to the SEC, Orecchio used pension assets to pay for private jet travel, Super Bowl tickets, construction at his Michigan horse farm and renovations to a Detroit strip club he owns.
Don’t depend on comprehensive health care reform to significantly cut the cost of the health insurance benefits you provide to employees. Many of America’s best companies have found that a few best practices do a remarkably good job of improving employee health and controlling health care expenses. Here are some of the best practices in health benefits used by America’s best employers.
“Just take it out of HR’s budget.” If that’s a common refrain among your execs at budget-setting time, it’s time to fight back. "It’s more critical than ever for you to be able to create and defend your budgets,” says Valarie Grubb, VP of Operations and Initiatives at NBC Universal, who spent much of her career building and justifying budgets at large U.S. companies.
Amid layoffs, furloughs, pay cuts and frozen salaries, most organizations are holding onto their work/life benefits during the recession. And some of them are using flextime, telework and other employee favorites as cost-cutting strategies. Here are nine ways your organization can make strategic use of work/life benefits to cut costs, save jobs and pump up employee morale during the recession.
During a recession, every organization seems to face its own unique HR challenges, and that’s leading to creative solutions and new ways of thinking. Here are five best practices that can help comp and benefits pros make changes that contribute to their organizations’ survival.
A new federal law that takes effect Nov. 8 extends eligibility for group health insurance coverage to certain dependent children over the age of 18 who are enrolled in institutions of higher education.
Sometimes, it pays to take the time and spend the money to have legal experts carefully review your proposed actions. That’s especially true if your company is changing the way it does business in a fundamental way and wants employees to sign off on changes that dramatically affect how they are paid or whether they remain employees.