Employee Benefits Trends and Issues in Human Resources

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Running Head: ISSUES AND TRENDS IN HUMAN RESOURCES Issues and Trends in Human Resources Vivian Jones Belhaven University MSM 660 Instructor: Rickey Davis October 25, 2010 Abstract This paper will address some of the issues and trends in employee benefits. It will cover employee services, financial services, health care, workplace flexibility and non-financial compensation. “Employee benefits range dramatically between jobs and careers. Some jobs, such as those that pay minimum wage, do not provide employee benefits while others provide several benefits. Great employee benefits include a health insurance plan, dental insurance, vision insurance, life insurance and a retirement fund. Beyond the basic benefits, some careers…show more content…
Among them are the following: * Effective in 2013, a fee will be assessed on employers with self-funded health plans to fund a comparative effectiveness research agency. (For employers with fully insured health plans, the health insurer will be assessed the fee.) In 2013, this fee will be $1 times the average number of lives covered under the plan; for 2014 to 2019, the fee will be $2 times the average number of covered lives. The fee will end on September 30, 2019. * Effective in 2014, if an employer has 50 or more full-time employees, and then the employer may be subject to penalties under the law if it provides either no health coverage to full-time employees, or provides coverage to full-time employees that are not affordable. Penalties vary from $2,000 to $3,000 per employee. * Effective in 2018, a 40 percent excise tax on high-cost plans will be applied to plans costing more than $10,200 for individual coverage, or $27,500 for family coverage. 6. Employer administrative reporting duties The law will require employers to annually report to the IRS a number of pieces of data, including: * Whether the employer offers minimum essential coverage to full-time employees; * Any waiting period for health coverage; * The monthly premium for the lowest cost option in each enrollment category under the plan; *
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