Employee Benefits Overview: Federal
Author: Robbie McKeon
- In managing their organizations' substantial investment in employee benefits, HR professionals face challenges such as rising benefits costs and a complex regulatory environment. See Employee Benefits Today.
- By developing a benefits strategy that is well-aligned with business strategy, HR professionals can give their organizations a significant competitive advantage and demonstrate how HR management contributes to the bottom line. See Aligning Benefits and Business Strategy.
- To combat rising health coverage costs, employers today are implementing cost containment approaches such as cost shifting to employees and Consumer Directed Health Plans (CDHPs). See Balancing Costs and Benefits.
- Employee benefits have long been heavily influenced by government regulation such as the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC). Newer federal legislation, such as the Patient Protection and Affordable Care Act of 2010 (PPACA), currently has a large impact on benefits. See Responding to the Regulatory Environment.
- Benefit communications must comply with all reporting and disclosure requirements, and ensure that employers and employees get the most from the investment in employee benefits. See Communicating Benefits to Employees.