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 "Working
with Baybenefits, our employees have a renewed confidence in our
benefits program. They know that if they have a problem, they are going
to get an answer quickly - and that it will be the right answer."
Business Manager Independent School, San Francisco*
* Baybenefits
works with a number of independent schools around the Bay Area to
provide them with employee benefits and valued HR assistance. For more on Baybenefits' schools practice, contact Tony Hart at tony@baybenefits.com. |
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Learn what Baybenefits can do for your business
Call us at 415-273-2200
Visit us at
Medical
Dental
Vision
Life
Long-Term Disability
Cobra
Retirement Plans
529 Plans
Employee Assistance Program
HR Advisory Services
Pet Insurance
Long-Term Care
Claims Support & Advocacy
Tax Credits
Key Executive Life
Property & Casualty
Workers Compensation
Directors & Officers Liability
E&O Professional Liability
Fleet Auto Liability
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FEBRUARY 2012
Now Available - 2012 Benefits Compliance Checklist
If you were unable to participate in the recent  Benefits
Compliance webinar hosted by Baybenefits' President John Ryan and led
by NFP Benefits Partners VP for Benefits Compliance Jessica Watts, we
encourage you to contact Baybenefits for a copy of the updated
checklist.
This
checklist is a useful tool for employers to understand and assess
their compliance with the complex rules and regulations affecting their
businesses. They can quickly expose specific areas of need, saving
employers both time and money.
If you have questions about benefits compliance and
regulatory information, please don't hesitate to call your Baybenefits'
advisor at 415-273-2200.
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Changes to Health Care Security Ordinance for SF Employers
The San Francisco Health Care Security Ordinance
(HCSO), which went into effect in 2008, requires Covered Employers -
businesses with 20 or more employees and nonprofit organizations with 50
or more employees - to spend a minimum amount of money
each quarter on their Covered Employees' health care.
Covered Employers should be aware of the changes to the HCSO that took effect on Jan. 1, 2012: - The 2012 Health Care Expenditure Rates for medium-size and large businesses and the 2012 Annual Salary Exemption figure are posted here.
- All Covered Employers must post the 2012 Official OLSE Notice at every job site.
- There are new rules and requirements for employers that impose a surcharge on customers to cover, in whole or in part, the costs of the HCSO spending requirement.
- There are new rules and requirements for employers that utilize reimbursement accounts to satisfy, in whole or in part, the HCSO spending requirement.
Inquiries regarding Health Care Security Ordinance compliance should be emailed to the San Francisco Office of Labor Standards Enforcement (OLSE). If you need help navigating the HCSO, contact your Baybenefits advisor at 415-273-2200. |
Hiring? Do Your Employees Value their Benefits Package?
The economy is showing signs of a hastened  recovery
and businesses are hiring. As a responsible employer, you are investing
considerable resources to provide benefits for your employees, old and
new. But are you aware that research shows that the majority of
employees often do not fully understand or appreciate the value of the
benefits provided by their employer?
When
new hires come on board, it's a perfect time to educate them about how
to access and use their benefits. It may also be a reminder to bring
current employees up to speed on what's available to them.
Baybenefits'
account managers are available to meet one-on-one or in group meetings
to present your benefits package, answer questions and help your
employees get the most out of the benefits you provide.
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Is a Safe Harbor 401(k) Plan Right for Your Business?
It
may be advantageous for a plan sponsor to consider adopting a safe
harbor design for its 401(k) plan. Adopting a safe harbor 401 (k) plan
design permits an
employer to essentially avoid discrimination testing (the testing is
deemed met). Remember, this testing limits highly compensated employees'
contributions based upon non-highly compensated employees'
contributions. By making a safe harbor contribution, highly compensated
employees can defer the maximum amount allowed by their plan and IRS
code limits, without receiving any refunds. General rules for all safe harbor contributions include: - Safe harbor contributions are 100% vested.
- There
may be no allocation requirements imposed on safe harbor contributions,
such as a 1,000-hour service requirement or a last-day employment
rule.
- Safe harbor contributions may be used toward satisfying the top-heavy plan minimum contribution requirement.
- All
eligible participants must receive a written notice describing the
applicable safe harbor provisions between 30 and 90 days before the
beginning of the plan year. This notice must be provided for each year
the plan will be safe harbored.
Generally, there are two types of safe harbor contributions: the
nonelective contribution, which is a 3% contribution to all eligible
participants, or a matching contribution to participants who are
contributing to your plan. There
are two options from which to choose for the matching contribution: the
basic or the enhanced match. The basic safe harbor matching
contribution is defined as a 100% match on the first 3% of compensation
deferred and a 50% match on deferrals
between 3% and 5% of compensation. Alternatively, the employer
may choose an enhanced matching formula equal to at least the amount of
the basic match, e.g., 100% of the first 4% deferred. That
said, employers wishing to explore a safe harbor solution should also
be aware that it may entail more cost if their present contribution
structure is less than the required safe harbor required structure. To learn if a safe harbor feature is appropriate for your plan, contact contact Blair Stientjes, AIF®, CRPS®, at blair@baybenefits.com or 415-273-2204. |
Three Questions to Help You
Evaluate Your Wellness Program
The beginning of the year is a great time to review the effectiveness of your wellness program. To get started, take a moment to ask yourself:
1. Am I offering the type of wellness program my employees want?
2. Has my wellness program become a part of my organization's culture?
3. Is my wellness program considered a valuable benefit by current and prospective employees?
If
your wellness program is a good fit for your organization, you should
be able to answer "yes" to all three questions. When used effectively,
wellness programs engage employees and help them become stronger,
healthier and more productive. Just consider these results from the
latest Principal Financial Well-Being Index:
- 52% of employees say they have more energy to be more productive at work by participating in a wellness program.
- 35% say they have missed fewer days of work by participating in a wellness program.
To learn what motivates employees to participate in wellness programs, and the top four wellness benefits that employees want the most, click here.
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Coming Soon: 2012 Client Satisfaction Survey
At
Baybenefits, our relationship to our clients is paramount. We strive to
continually improve the quality of our customer service so we can
provide our clients with the world class service they expect and
deserve. In the next couple of weeks, clients will receive a short,
online survey that will help us assess our overall service. When you
receive the survey, we ask that you complete the questions and return it promptly. Your business is important to us and we look forward to hearing from you how we are doing.
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BAYBENEFITS, Inc.
311 California St., Ste. 600
San Francisco, CA 94104
415-273-2200
CA License: 0F89886
www.baybenefits.com
Securities
offered through NFP Securities, Inc. (NFPSI), member FINRA/SIPC.
Baybenefits Insurance Services is a member of NFP Benefits Partners, an
affiliate of NFPSI. Baybenefits Insurance Services and
NFPSI are not affiliated.
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