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Alpha e-News Update
February 2015
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The Alpha Group Agency
4200 Rockside Road, Suite 300
Independence, Ohio 44131
216-520-3300 |
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Employee Benefits Compliance Checklist for Small Employers
Many employee benefits laws apply to all group health plans, regardless of the size of the sponsoring employer. However, there are some compliance exceptions for group health coverage provided by small employers. For this purpose, a small employer is one with 50 or fewer employees. This Legislative Brief provides an employee benefits compliance checklist for small employers. Download checklist
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Know Your Benefits
Moving from a standard plan to an HDHP
This Know Your Benefits article explains what you should know if you're considering moving from a standard plan to a High Deductible Health Plan. View ArticleDownload our KNOW YOUR BENEFITS handouts for employee distribution or include the link on your benefits webiste
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Live Well, Work Well
Please download and print or email this month's LIVE WELL, WORK WELL Newsletter for your employees! The Live Well, Work Well Newsletter is an employee newsletter that is produced monthly and covers topics like health, wellness, fitness, nutrition and personal finances. In this month's issue:
- Avoiding the Flu
- Take Care of Your Eyes
- 10-minute Workouts
- Going Gluten-free
- Apple and Celery Salad
Download Live Well, Work Well - February Issue
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DOL Audit Warning Signs
The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) has the authority to conduct audits on benefit plans that are governed by the Employee Retirement Income Security Act (ERISA).
Common triggers for a DOL audit include these preventable causes:
- Participant complaints. If any participants complain to the DOL about potential ERISA violations, their company's plan will likely be subjected to an audit.
- Incomplete or inconsistent information. Audits are more likely if Form 5500 is not filled out in its entirety, or if information is inconsistent from year to year.
Additionally, the DOL is prioritizing audits in specific areas, including major case enforcements and delinquent employee contributions.
For information on avoiding or surviving a DOL audit, contact Sean Nehlsen at The Alpha Group today.
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HR Brief: Human Resources Tips
This month's HR Brief gives an overview of the DOJ's decision to allow discrimination claims based on gender identity, a Supreme Court ruling addressing time spent undergoing security screenings and employer-initiated payroll deductions.
View HR Brief February Issue
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Are Your Beneficiaries Up-to-Date?
Beneficiary Forms Generally Trump Your Will
This is especially important if there have been changes in your life, such as the birth of a child or grandchild, a death in the family, a divorce, or a remarriage. But even if your family situation remains the same, it's a good idea to review your beneficiary designations to be sure they are complete and reflect your current wishes. View Article
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Final regulations for the "myRA" (my retirement account) became effective in December 2014. First unveiled by President Obama in his 2014 State of the Union address, the myRA is a new, employer-sponsored retirement savings plan.
Under the new details, the Department of the Treasury will provide myRA participants with a new nonmarketable, electronic savings bond. A myRA can never depreciate, and it has a maximum balance limitation of $15,000 or 30 years of participation.
By providing a principal-protected investment, myRAs can be a great way to promote retirement savings with no employer contributions and minimal administration, particularly to employees who don't qualify for a standard employer-sponsored plan.
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Healthy Office Snacks: Making a Change
With the vast majority of adults being overweight, and the fact that the number of overweight people is increasing, it is important to examine food at the workplace. Although a plethora of reasons are responsible for why the weight scale keeps rising, our current food environment - consisting of chronic exposure to high-fat, highly refined foods - is partly to blame. The following suggestions encourage the use of healthier foods: primarily whole grains instead of white ones, fruits, vegetables, and some of the better fats instead of saturated ones.
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2015 Labor Law Posters Now Available
AlphaHR in conjunction with The OSHA Compliance Store offers Alpha customers the opportunity to get compliant for less. The OSHA Compliance Store specializes in providing industry specific compliance products to businesses. Click here or icon below to shop.
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Individual Health Insurance: Reporting Coverage & Paying Penalties
Starting in 2015, individuals will have to report on their federal tax return whether they had health insurance coverage for 2014 or were exempt from the individual mandate. This Know Your Insurance article provides a summary of individual mandate reporting requirements for tax returns, and lists applicable penalties for lack of coverage. View Article
Alpha can provide you with a quote, review plan options, calculate subsidy dollars and assist with the enrollment process.
Request a Quote
Shop for Rates/Plans on my own
More information on Individual Insurance
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Alpha Property & Casualty
Alpha Property & Casualty's main office is located in Westlake Ohio, with agents available at both the Westlake and Independence locations. Alpha P&C offers solutions for Business Insurance as well as personal lines. Get a quote
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Alpha Benefits, Inc. / Alpha Financial Services, Inc. / Alpha Property & Casualty, Inc. / AlphaHR, LLC.
Stability in an ever-changing environment.
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