financial-planning

Health Insurance Benchmarking: How to Benchmark Your Health Plan

Benefits, Benefits Plans, Contribution Limits, Employee Benefits, Employees, Employers, Employment, Financial Planning, Insurance

Many employees have said that they would choose to accept a lower-paying salary for better benefits, especially when considering health care and financial (e.g., 401(k)) benefits. As a result, having a competitive benefits program can make a huge difference when it comes to attracting and retaining top talent. Unfortunately, many employers aren’t sure where their benefits align when compared to their competitors or the industry as a whole.

by Chris Freitas

Directors and Officers Insurance: An Overview of D&O Insurance

Benefits, Benefits Plans, Contribution Limits, Employee Benefits, Employees, Employers, Employment, Financial Planning, Insurance

Your board of directors and officers are an important aspect of your organization. So, what happens when they face lawsuits related to things like breach of fiduciary duty, misrepresentations of company assets, or misuse of business funds?

It can cause a big dent in their financial stability and possibly the financial stability of the company. Directors and officers insurance is coverage that helps to protect your company and board of directors and officers if such lawsuits occur.

by Chris Freitas

Employer Matching Contributions

Benefits, Benefits Plans, Contribution Limits, Employee Benefits, Employees, Employers, Employment, Financial Planning, Insurance, Retirement, Workplace Wellness

Retirement planning is an essential part of our sense of stability and safety for the future. Employees across all generations consider retirement saving benefits from their employer important.

According to the 19th Annual TransAmerica Center for Retirement Study report, 78% of Baby Boomers and 77% of Gen X workers participate in a company-sponsored 401(k) or similar plan, and 21% of millennials are engaged in the retirement savings topic. Gen Z also ranked 401(k) benefits as one of the top five employer benefits in the What the Class of 2019 Wants. And nearly 68% of surveyed students thought 401(k) employer matching contributions were important in the NACE Class of 2017 Student Survey. Also, in the 2018 American Institute of CPAs survey of 547 recent college grads and college seniors, 36% ranked 401(k) with a company match in the top three workplace benefits.

by Chris Freitas

International Travel Insurance 101

Benefits, Benefits Plans, Compliance, Employee Benefits, Employees, Family, Financial Planning, HR, Human Resources, Insurance

Travel insurance protects individuals and businesses against loss that occurs while traveling. Travel insurance mitigates losses caused by missed flights, natural disasters, acts of terrorism, personal injury or sickness while abroad, lost or stolen personal items and baggage, and unforeseen personal events that prevent traveling. While some might consider travel insurance unnecessary, for many, it provides peace of mind. With the right level of protection, travel insurance allows individuals to focus on the purpose of their trip, whether for business or personal reasons, without wondering what might happen if they find themselves in an emergency situation.

by Chris Freitas

401(k) Discrimination Testing: What Is It and How Does It Help Your Business?

Benefits, Benefits Plans, Compliance, Employee Benefits, Employees, Equality, Family, Financial Planning, HR, Human Resources, Inclusion, job satisfaction, Retirement

Offering retirement savings benefits as part of a company’s employer value proposition is essential to attracting, hiring, and retaining top talent. To help employees plan for their financial future, the most common retirement savings plan that employers offer for today’s workforce is a 401(k) defined contribution plan. A 401(k) plan allows employees to contribute pre-tax dollars to tax-deferred investments based on IRS annual contribution limits. Many employers offer a company match to employee contributions, with standard practices being a 50-cents-for-every-dollar match or a dollar-for-dollar match up to 6% of the employee’s contribution.

by Chris Freitas

Life Insurance 101: 10 Things You Didn't Know

Financial Planning, Life Insurance

Life insurance 101, blah, blah, blah. Is that what you hear when someone mentions it as part of your new job’s employee benefits round-up or when you see something about it on TV or social media? Not to worry: we’ve got the low-down on what you need to know. And it’s really not as overwhelming (or underwhelming) as you might think.

by Mike Radakovich

Retirement Health Care Costs: Choosing the Right Benefits

Benefits, Employees, Employers, Financial Planning, Retirement

High health care costs during working years and in retirement can easily derail a financial plan. Employees need a long-term strategy. Fortunately, more and more employers are bolstering their benefits programs to help their employees build a stable financial future.

by Chris Freitas

Wealthy vs Financial Fit: Here’s the Difference and Why it Matters

Family, Financial Planning, Insurance, Life Insurance, motivation

People can be wealthy without being financially fit, meaning they can have a lot of assets or money tied up in assets, but those assets aren’t “liquid.” Let me explain. Say you have a house that has escalated in value in the real estate market. You may have this large asset, but that doesn’t necessarily mean you’re financially comfortable from an income standpoint. You aren’t able to tap into that “wealth” to pay for your day-to-day expenses.

by Mike Radakovich