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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

The Evolving Health Insurance Marketplace

2017 was an interesting year for the health insurance marketplace to say the least. Insurers dealing with the continuing financial impacts of the Affordable Care Act (ACA) found themselves positioned as either the hunter or the hunted in the new game of health care mergers and acquisitions. Indeed, some industry heavyweights formed new alliances aimed at strengthening their bottom line while diversifying outside the traditional health care delivery system. Others found more effective and efficient ways to operate via their merger activities.

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Your 4-Step Guide to Open Enrollment

It's that time of the year again, open enrollment. Make sure your employees understand the ins-and-outs of the open enrollment process. Check out our latest blog that can help guide you through the maze of open enrollment and ensuring your employees take advantage of all the benefits you offer.

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Grandfathered Health Plans Now on Life Support

The Affordable Care Act (ACA) allowed certain health plans to remain intact following implementation of the Act on March 2010 provided they have not had specific plan changes made since that time. Since these plans existed before the Act was signed into law, they are not required to comply with some of the ACA provisions. However, if certain changes were made to the plans at any time between 2010 and now, the plans would have to immediately comply with additional ACA requirements.

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The E-Verify Program: Why Your Company Should Participate

In 2012, a popular San Antonio-based restaurant chain with locations throughout Texas was forced to temporarily close its doors after a number of employees quit work when they learned the company was undergoing a routine audit of their Form I-9 conducted by U.S. Immigration and Customs Enforcement (ICE). According to the company’s prepared statement: “Several vital employees have chosen not to report to work …. [t]his has affected our ability to provide our expected level of service to guests.”

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Annual Due Diligence: Regulations and Disclosures

If you offer a retirement plan to your employees, whether you know it or not, you are a retirement plan sponsor and as such, you are required to take certain actions and meet specific responsibilities. As a retirement plan sponsor, there is a tangled web of ongoing responsibilities related to your receipt of annual disclosures and performance of due diligence. Market volatility makes it critical for retirement plan sponsors and covered service providers to develop and maintain investment due diligence procedures and supporting documentation.

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How to Prepare for an Auditor On-Site Visit (Yes, They Really Do Visit)

In my previous article “Preparing for a 401(k) Audit. Yes, they really do exist,” we confirmed that the word “audit” already tends to send chills down the spine and upset the stomach. But if that wasn't bad enough, an auditor will more than likely also schedule an on-site visit to help gather data directly from the Plan contact for the audit. Here are some additional tips that can help you ensure a smooth on-site visit.

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Preparing for a 401(k) Audit: Yes, They Really Do Exist

As a business owner, the word ‘audit’ tends to send chills down the spine and upset the stomach. But did you know that if your company offers a retirement plan to your employees your Plan Sponsor—party designated to administer a retirement plan, usually a company—should be conducting a plan audit?

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Making Corrective Distributions in Your 401(k) Plan

Do you offer a 401(k) or other retirement plan to your employees? If yes, it's wonderful that you assist your employees in planning and saving for their future! Like many other financial areas in your business, though, your 401(k) plan requires some oversight to avoid trouble and Internal Revenue Service (IRS) penalties. Make sure you familiarize yourself with these rules regarding contributions and the possible need for corrective distributions from your plan.

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3 Key Employment Laws That You Need to Know

Operating a business comes with great responsibility to not only your customers but also to your employees. It is important to understand key employment laws to make sure you stay in compliance with the law and don’t jeopardize your business or the safety of your employees.

Here are three key employment laws to keep in mind that will help manage your employees.

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Pres. Trump and the ACA: What Businesses Need to Know

President Trump has been working to possibly repeal and replace The Affordable Care Act (ACA) also known as Obama Care since he was sworn into office in January 2017. His goal to repeal and replace The ACA that insures more than 20 million citizens continues to be top of mind for the Trump administration. But, what does this mean to business owners and when will it happen?

Here are the top 4 things businesses need to know.

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