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Employee Benefits

How Biden’s Student Loan Relief Impacts Employer Plans and Planning

How Biden’s Student Loan Relief Impacts Employer Plans and Planning

Some employers had found a competitive edge in recruiting and retention by offering student loan assistance benefits. Others were considering adding them to their rewards programs. Then, Biden’s student loan relief was passed, leaving employers to ponder their next move. As reported on BenefitsPro.com in September, 4 of 10 employers

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Reporting for Certain DB & DC Benefit Plans Is Changing

Reporting for Certain DB & DC Benefit Plans Is Changing

If you sponsor a defined benefit plan and/or defined contribution multi-employer plan, take note! There are a few updates to Form 5500 effective for 2022 plan year reporting (Source: Mercer.com; “Latest Form 5500 Updates”). Form 5500 is used to report about a plan’s qualification, financial condition, investments, and operation. All

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Are Employee Stock Ownership Plans (ESOPs) Making a Comeback?

Are Employee Stock Ownership Plans (ESOPs) Making a Comeback?

Data doesn’t show a big resurgence in Employee Stock Ownership Plans (ESOPs), yet. Don’t be surprised if that changes, given the Great Resignation and increased competition for a shrinking pool of skilled workers. Today, about 14 million employees participate in 6,500 ESOPs, which means there are fewer plans than in

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DOL Audit Fights Cyberterrorism

DOL Audit Fights Cyberterrorism

Of the many responsibilities Employee Retirement and Income Security Act (ERISA) plan sponsors, fiduciaries, and recordkeepers must uphold, one of the most challenging relates to cybersecurity to protect plan assets and plan participants’ information. The US Department of Labor (DOL) upped the ante associated with cybersecurity last year when it

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The Benefits of Offering a 457 Plan to Government Employees

The Benefits of Offering a 457 Plan to Government Employees

Still feeling the affects of the Great Resignation? With employers still feeling the effects of the Great Resignation, it’s a job seeker’s market and folks who are looking for work can afford to be picky about which employment offer to accept. Even employees who weren’t previously looking for another job

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Limited-Scope Audits Expand Auditor and Plan Sponsor Responsibilities

Limited-Scope Audits Expand Auditor and Plan Sponsor Responsibilities

Effective December 15, 2021, new standards apply to audits of financial statements for employee benefit plans subject to the Employee Retirement Income Security Act (ERISA). While this primarily expands what’s required of an auditor, plan sponsors have some new responsibilities as well. Employee retirement and health plans are legally required

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Cyber Criminals Outsmart Higher Ed Institutions: Beware!

Cyber Criminals Outsmart Higher Ed Institutions: Beware!

$3 million. That was the asking price from cyber criminals to provide a decryption key to release the University of California, San Francisco’s data in 2020. The university paid $1.14 million. Since then, the problem has only gotten worse. In a survey commissioned at the start of 2022 by Sophos,
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College Grads Love New York, But Not for Long

College Grads Love New York, But Not for Long

The State University of New York (SUNY) system does an exceptional job attracting students and helping them get started in their careers. What’s concerning is how the story is changing after these graduates’ careers begin to take off. The Washington Post reports Washington D.C., Colorado and New York have the
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Consider Making Silent Alarms Part of Your School Safety Plan – It’s the Law

Consider Making Silent Alarms Part of Your School Safety Plan – It’s the Law

In June, Governor Kathy Hochul signed Alyssa’s Law, which requires schools in New York to consider the use of silent panic alarm systems as part of their school safety plan reviews/updates. Named after 14-year-old Alyssa Lhadeff, who was killed in a mass shooting at Marjorie Stoneman Douglas High School in
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What NYS 2022 School District Audit Reports Can Teach Us

What NYS 2022 School District Audit Reports Can Teach Us

During the 2020-2021 school year, New York State audited over 105 school districts for compliance with everything from budgeting and claims auditing to procurement and mental health training (plus a whole lot more). Reports summarizing findings and key recommendations are posted on the Office of the State Comptroller website. Since
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New York to Restart Federal School Accountability Standards

New York to Restart Federal School Accountability Standards

New York State is finalizing its federal school accountability system standards, which will apply to its more than 700 school districts in the 2022-2023 school year. Started as part of the Every Student Succeeds Act in 2015, schools were held accountable for collecting and reporting data that showed students’ progress
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Preparing Your District for School Meal Program Changes

Preparing Your District for School Meal Program Changes

On June 25, 2022, President Biden signed the Keep Kids Fed Act to fund summer food programs through September 30 and the Universal School Meals Program through June 30, 2023. However, there are a few changes districts, parents and students need to know going into the 2022-2023 school year. First,
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The State of Charter Schools in New York

The State of Charter Schools in New York

Charter schools are an alternative to public schools. They are paid for with taxpayer dollars, but are privately run and not subject to the rules of the local school district. Advocates assert these schools fill gaps and provide opportunities that would otherwise be unavailable, especially for our most disadvantaged populations.
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More Tech Can Mean More Threats: Keeping Schools Secure

More Tech Can Mean More Threats: Keeping Schools Secure

The pandemic shed light on what many Americans already knew: internet access is a necessity for everyday life. The Digital Divide was perhaps the most pronounced within the country’s outdated education infrastructure. Digital learning proved particularly challenging for rural and lower-income neighborhoods as well as in communities of color. To
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Merger Announcement

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Map of Qualified Census Tracts (QCTs)

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