Cybersecurity risks are not new. We’ve been dealing with data breaches for years, and if we’ve learned one thing, it’s that hackers are smart. Hackers can infiltrate even the most complex security systems in the pursuit of personal information. It was only a matter of time until retirement plans, rich with personal information and money, fell victim to data breaches too. And like most companies navigating the aftermath of a data breach, retirement plan sponsors and service providers can easily find themselves in the midst of intense litigation.
Guest Article: Cybersecurity and ERISA: Who is responsible?
Cybersecurity risks are not new. We’ve been dealing with data breaches for years, and if we’ve learned one thing, it’s that hackers are smart. Hackers can infiltrate even the most complex security systems in the pursuit of personal information. It was only a matter of time until retirement plans, rich with personal information and money, fell victim to data breaches too. And like most companies navigating the aftermath of a data breach, retirement plan sponsors and service providers can easily find themselves in the midst of intense litigation.
New Comparability Plan… Is it Right for You?
Pension plans should be an important part of every business’ benefits package. Not only do they let business owners/executives and employees to set aside funds for their retirement, but they provide the added ability for companies to assist in the process and make contributions on behalf of their staff, to help them better position themselves for retirement.
Why Testing is Important for Pensions
As auditors, we are always busy performing different types of testing, especially controls and compliance-based test work. While there is a common stigma about auditors and audits in general, and they have a “gotcha” sort of mentality, there is a tremendous benefit that a company can derive from the work they perform. The truth is, our goal is to ensure that companies and organizations are complying with rules and regulations so that they can avoid costly errors, especially when it comes to defined contribution pension plans.
CARES Act ESSER and GEER funding: What’s in it for Schools?
Many people have already received a check as part of the CARES Act. Now, Local Educational Agencies (LEA) will be applying for their relief funding. It comes in two forms: The Governor’s Emergency Education Relief (GEER) Fund and the Elementary and Secondary School Emergency (ESSER) Funds.
Main Street Lending Launches Nonprofit Organization Loan Programs
On Friday, July 17th the Federal Reserve updated the Main Street Lending program to provide information related to nonprofit organizations ability to participate in the program as mandated by the CARES Act. The facility now includes 2 separate but similar facilities targeted at Nonprofit Organizations – the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).
Guest Article: Rapid Launch to Virtual Visits: Telemedicine During COVID-19 and Beyond
There will never be a time where face-to-face visits will be obsolete, but COVID-19 has changed our world and brought a heightened awareness and acceptance of telemedicine. If your practice or organization has not mobilized virtual visits, I recommend you get on board quickly. Now is the time to evaluate and reset your practice or organization and find ways to expand your services via telemedicine.
The Potential Benefits of Consumer Driven Health Plans
As healthcare costs continue to rise, your company may be seeking alternatives to minimize the financial strain. One effective cost management strategy is to expand your company’s health insurance offerings to include a consumer-driven health plan (CDHP) and to promote education and awareness about the benefits of enrollment in CDHPs to its employees.
“Zero Based” Budgeting for Healthcare Organizations
For many organizations, the budgeting process typically relies on a baseline assumption of a dollar amount, often based on the prior years operating results, a standard increase, and then finally increases based on current year growth expectations. This process very often can be very much on “autopilot” without much critical analysis from department heads, the finance team and executive oversight.
FBI Alert: Unemployment Insurance Fraud Rising due to COVID-19 Claims
The FBI is warning the public to be on the lookout for unemployment benefits fraud. A significant spike has been seen due to COVID-19 related claims filed using stolen identities.
Potential Additional Funding Available for Daycare and Medical Providers
Most people are aware of the PPP loan program and the economic benefit provided through the forgiveness feature. What you may not know is that there are other economic stimulus components of the CARES Act that you could benefit from … but the timelines are short.
New Comparability Plan… Is it Right for You?
Jul 30, 2020
Pension plans should be an important part of every business’ benefits package. Not only do they let business owners/executives and employees to set aside funds for their retirement, but they provide the added ability for companies to assist in the process and make contributions on behalf of their staff, to help them better position themselves for retirement.
Why Testing is Important for Pensions
Jul 30, 2020
As auditors, we are always busy performing different types of testing, especially controls and compliance-based test work. While there is a common stigma about auditors and audits in general, and they have a “gotcha” sort of mentality, there is a tremendous benefit that a company can derive from the work they perform. The truth is, our goal is to ensure that companies and organizations are complying with rules and regulations so that they can avoid costly errors, especially when it comes to defined contribution pension plans.
CARES Act ESSER and GEER funding: What’s in it for Schools?
Jul 30, 2020
Many people have already received a check as part of the CARES Act. Now, Local Educational Agencies (LEA) will be applying for their relief funding. It comes in two forms: The Governor’s Emergency Education Relief (GEER) Fund and the Elementary and Secondary School Emergency (ESSER) Funds.
Main Street Lending Launches Nonprofit Organization Loan Programs
Jul 27, 2020
On Friday, July 17th the Federal Reserve updated the Main Street Lending program to provide information related to nonprofit organizations ability to participate in the program as mandated by the CARES Act. The facility now includes 2 separate but similar facilities targeted at Nonprofit Organizations – the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).
Guest Article: Rapid Launch to Virtual Visits: Telemedicine During COVID-19 and Beyond
Jul 13, 2020
There will never be a time where face-to-face visits will be obsolete, but COVID-19 has changed our world and brought a heightened awareness and acceptance of telemedicine. If your practice or organization has not mobilized virtual visits, I recommend you get on board quickly. Now is the time to evaluate and reset your practice or organization and find ways to expand your services via telemedicine.
The Potential Benefits of Consumer Driven Health Plans
Jul 13, 2020
As healthcare costs continue to rise, your company may be seeking alternatives to minimize the financial strain. One effective cost management strategy is to expand your company’s health insurance offerings to include a consumer-driven health plan (CDHP) and to promote education and awareness about the benefits of enrollment in CDHPs to its employees.
“Zero Based” Budgeting for Healthcare Organizations
Jul 13, 2020
For many organizations, the budgeting process typically relies on a baseline assumption of a dollar amount, often based on the prior years operating results, a standard increase, and then finally increases based on current year growth expectations. This process very often can be very much on “autopilot” without much critical analysis from department heads, the finance team and executive oversight.
FBI Alert: Unemployment Insurance Fraud Rising due to COVID-19 Claims
Jul 10, 2020
The FBI is warning the public to be on the lookout for unemployment benefits fraud. A significant spike has been seen due to COVID-19 related claims filed using stolen identities.