Each month on Talking Benefits, I join the International Foundation’s three resident benefits nerdthusiasts Julie Stich, Kelli Kolsrud and Justin Held to discuss the top stories in retirement and health care, the latest benefits hot topics, and take a deeper dive into a trending benefits topic. This month, the team tackles emerging trendy employee perks. But first, a quick news update.
Earlier this month, the Social Security and Medicare Boards of Trustees released their annual reports on the financial status of the programs. The disability insurance program will be depleted in 2032, and the OASI Fund will be depleted in 2034. Social Security Administration’s total cost is projected to exceed its total income in 2018 for the first time since 1982 and to remain higher through the projection period.
States are responding to the 2017 tax law that reduced the Affordable Care Act individual mandate penalty to zero which, in effect, neutralized the mandate. Recently, New Jersey and Vermont enacted legislation to restore the individual mandate.
A couple of weeks ago, the Pension Benefit Guaranty Corporation, or PBGC, released its latest financial projections report. According to the report, the program for multiemployer defined benefit pension plans is showing a very high likelihood of becoming insolvent during fiscal year 2025. In contrast, the PBGC program for single employer pensions is in good shape.
Trendy Employee Perks
The podcast team took a deep dive into emerging employee benefit offerings like identity protection plans, student debt loan replacement, unlimited vacation and perks for pet owners, like pawternity leave. Find out what employers are doing, and get some tips if you are considering offering or expanding any of these trendy employee perks.
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Social Media and Communications Associate at the International Foundation