At the end of December 2022, the SECURE Act 2.0 cleared both houses of Congress as part of an omnibus end of year appropriation. The Act is a package of bills focused on retirement that expands on provisions from the original SECURE Act enacted in 2019.
With retirement just around the corner for many, employees are increasingly concerned about their retirement savings for several reasons, including recent economic events, personal financial issues or job changes.
As HR teams re-evaluate their offerings in the coming year, they are focused on providing the best employee benefits in the most efficient ways. To help teams make informed decisions, one benefits firm, Nava Benefits, collected information about choices made by HR teams from over 600 vendors across 28 benefit categories.
Over the last few years, almost every aspect of the workplace has changed, leading to many unforeseen challenges. Unfortunately, many of the challenges that plagued workplaces in 2022 will likely continue in 2023 and beyond.
On October 18, the IRS announced that the annual contribution limit in 2023 for health flexible spending accounts (health FSAs) will be increased to $3,050 — double the $100 increase from 2021 to 2022.
As inflation continues to impact the economy, many employers are trying to help employees with their finances by developing inflation-resistant benefit packages.
Stressors in the workplace can have a profound impact on mental health. The Deloitte Mental Health 2022 Report revealed that more than 80% of respondents experienced at least one adverse mental health symptom.
Burnout is a real issue for many employees today. According to the 2022 Deloitte Mental Health Report, 55% of employees reported experiencing burnout, which is not good news for employers. In addition, Mercer's 2022 Inside Employees' Minds study revealed that burnout due to a demanding workload is one of the top factors for employees considering leaving their job.
According to professional services firm Aon, the average cost of healthcare for their own employees will increase by 6.5% next year. This is a significant increase from the 3.7% uptick seen in 2022.
The RxDC reporting requirement requires employers to submit prescription drug data to the Department of Health and Human Services (HHS), the Department of Treasury, and the Department of Labor (DOL). The deadline is December 27, 2022. Some of the required information includes:
