Business e-mail compromise scams are now the most common type of cyber attack businesses face, and all types of these attacks are showing no signs of letting up, according to a new report. Nearly three out of every four businesses were targets of these types of attacks and 29% of those firms became victims of…
Sales of voluntary group benefits grew at a record pace in 2023 as more employers expand their offerings and demand continues booming as employees seek out benefits that can defray costs, according to new research. Premiums collected for employer-sponsored voluntary benefits jumped 6.7% during the year to an aggregate $9.3 billion, with all lines of…
Changes are once again coming to Fed-OSHA’s Hazardous Communications Standard, which governs the handling of chemicals and other dangerous substances. OSHA’s final rule, which takes effect July 19, 2024, will bring the standard in line with the latest update to the United Nations’ Globally Harmonized System of Classification and Labelling of Chemicals. The update revises…
The Department of Labor’s new fiduciary rule, which mainly applies to 401(k) plans, will also affect employers who offer their staff health savings accounts. The new rule, which takes effect September 2024, bars employers from providing advice to their workers on how they should invest the funds in the HSA they offer. It should be…
California Insurance Commissioner Ricardo Lara on May 31 approved all of the Workers’ Compensation Insurance Rating Bureau’s recommended changes to class codes for some electronics manufacturing sectors, as well as increases to the wage thresholds for construction industry dual classifications. The following changes will take effect for policies incepting on or after Sept. 1, 2024:…
While the number of U.S. workers choosing high-deductible health plans has leveled off during the last two years, uptake has been growing rapidly among one segment of the working population: Gen Z employees. The 2024 “State of Employee Benefits Report” by benefits administration provider Benefitfocus found that 45% of Gen Z workers and 43% of…
California Governor Gavin Newsom, legislators and business groups have struck an agreement to reform a law that has become a costly thorn in the side of employers operating in the state, the Private Attorneys General Act. The deal averts a showdown over a business-backed initiative slated to be on the November ballot that would repeal…
The IRS has issued a new bulletin, reminding Americans that funds in tax-advantaged medical savings accounts cannot be used to pay for general health and wellness expenses. The bulletin focuses on medical savings accounts that employers will often sponsor, including flexible spending accounts (FSAs), health reimbursement arrangements (HRAs) and health savings accounts (HSAs), which are…
Under California law, auto insurers are required to verify vehicle mileage at least every three years, including current annual mileage and miles driven to and from work and/or school. The state requires insurers to collect this information so that they can price their policies according to a policyholder’s risk and ensure that drivers who spend…
The IRS has announced significantly higher health savings account contribution limits for 2025, with the amount increasing 3.6% for individual HSA plans. The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans. Under its rules, HSAs, which help employees save for medical expenses, are only…