Human Resources

EMPLOYEE BENEFITS NEWSLETTER: August 2018

prescription-drugs.jpg

There are over 42,000 opioid-related deaths in the United States each year, according to the Centers for Disease Control and Prevention (CDC)—a figure that has been rising steadily since the turn of the century. The opioid death rate is now more than five times greater than it was in 1999.

In addition to the skyrocketing opioid-related deaths, there are countless Americans who are still abusing

In addition to the skyrocketing opioid-related deaths, there are countless Americans who are still abusing prescription medications. This means employers must figure out how to best address this crisis with employees. That is where The Plexus Groupe can help.

The purpose of this toolkit is to help employers understand and deal with the opioid epidemic, create a healthier and more productive workforce, and reduce costs. This toolkit is not intended to replace the advice of a medical or legal professional. In many cases, you may need to contact a professional for assistance. However, this information can serve as a starting point for developing a meaningful opioid strategy.

What Are Opioids?

In the most basic terms, the CDC defines opioids as “a class of drugs used to reduce pain.” However, not all opioids are the same. There is a wide range of legal and illegal drugs that are classified as opioids. For example, Vicodin, a legal painkiller commonly prescribed to patients, is an opioid. By comparison, heroin, an illegally manufactured drug that has no medical use, is also an opioid. Both are killing thousands each year.

Opioids vs. Opiates

op6.jpg

These terms are used interchangeably by many who report on the opioid crisis. While this may be fine for a basic understanding, knowing the difference between opioids and opiates could matter to your organization’s plan administrator.

This toolkit uses the term “opioid” exclusively to include both categories of drugs.

Common Types of Opioids

pill.jpg

It should be clear by now that many drugs are considered opioids. Here are the names of some commonly abused opioids, with their brand names listed for recognition. These include prescription medications and illegal offshoots.

What Employers Can Do

The opioid crisis is not going away. Estimates show this epidemic costs the U.S. economy over $95 billion annually, with employers paying $18 billion of that themselves. And, these figures are only expected to rise. Employers need to do everything possible to combat the impact opioids have in the workplace.

op3.jpg

There is no silver bullet for this crisis. However, exploring new initiatives can help you develop your own strategy to best suit the needs of your employees. This section provides examples that may help you.

Understanding the Impact

Employers across the country are working to curb the misuse of prescription opioids. With more employees falling victim to addiction, employers are seeing lower productivity, higher health care costs and fewer qualified job applicants.

When so much of the workforce is at risk of opioid abuse, that can put a strain on benefit programs—especially health care costs. Overprescribing creates ample room for abuse, which can result in employers paying more for their drug plan than they need to be.

It can be hard to identify illegitimate use, especially with prescribed medications. Employers may need to try more unique approaches to curb opioid abuse. Addressing the problem with employees directly can be a good place to start.

Employee Education

Opioid abuse is not happening in a vacuum. Even if employees themselves are not using opioids, their lives may be affected by loved ones who are. This can indirectly affect their job performance and contribute to the overall crisis.

Employers should do their best to provide employees with educational materials to help them understand and take action against the opioid crisis. Lasting reform can only happen if individuals take charge of their situation. Educating employees is the first step.

op5.jpg

Consider the following suggestions when developing your own communication campaign:

Explain the Risks

Reminding people about addiction’s tragic side effects could help motivate them to abstain from or seek treatment. Directly facing the consequences of your actions can be powerful, especially when paired with other resources. Try putting up posters or sending information directly to employees that calls attention to the dangers of opioid misuse.

Encourage Employees to Speak With a Doctor

Sometimes employees do not think to speak to their doctors about opioid abuse. This could be because employees are worried about losing their prescriptions, or perhaps they do not know how their doctor could help. Regardless, a doctor is more qualified than your organization’s HR department to help with medical issues stemming from opioids.

Educate employees on the importance of speaking openly with their doctors. If they are worried about losing a prescription, explain that there are other effective ways to treat chronic pain. Most importantly, reassure employees that their doctors are there to help, not get them in trouble for misusing medication.

Promote Your EAP

Employee assistance programs (EAPs) can be extremely beneficial for your workforce. Traditionally, EAPs help with personal issues, like smoking cessation or stress management. However, they can also help with opioid usage.

Like any other EAP, a program geared specifically toward opioids can help employees deal with this debilitating addiction and put energy back into their job. Read more about EAPs in the following section.

Employee Assistance Programs

Because substance abuse and mental health issues can impact the workplace so significantly, many companies choose to offer EAPs. However, an EAP is only useful if it is tailored to your employees’ needs. In this case, employees need resources to fight their opioid addictions.

An EAP supplies professionals who provide counseling to employees and their families in a safe and private atmosphere. Generally, all the information disclosed will remain confidential, and no disclosure to employers will be made without written permission. Using an EAP will not jeopardize an employee’s job or chance for promotion, which are two repercussions many drug users fear. These factors lower barriers and can encourage more people to seek help.

The EAP makes a limited number of counseling sessions available to employees at no cost. Should an employee and his or her counselor decide that a referral to an outside provider is necessary, those costs will then be the employee’s responsibility.

op8.JPG

Consult your EAP vendor to determine what the payment structure looks like so you can advise employees on best usage practices.

Benefits of an EAP

An EAP not only helps employees, it helps the entire business. When employees are in good mental and physical health, the whole organization benefits.

Offering an EAP can put employees in touch with experts who can help start their treatment.

Opioid addiction should be treated like a chronic illness. Simply providing one treatment option will not help create lasting change. It takes time, energy and ongoing treatment to help reverse opioid addiction.

Speak with your EAP vendor to discuss adaptions that can better meet the needs of your workforce.

Have questions regarding opioid addiction in the workplace, this newsletter, or any other employee benefits matters? Contact a client service team representative from The Plexus Groupe in Deer Park, Illinois at 847-307-6100, Chicago at 312-606-4800, Dallas at 972-770-5010 or Oklahoma City at 405-840-3033.

We’re here to help and we’re happy to help.

Content provided by Zywave.

Plexus Points: Insurance stories we're reading

saw-e1523389355175.jpg

We enjoy reading about insurance. Here are seven insurance stories we're sharing, bookmarking, and highlighting as the work week rolls on:

Insurance Stories

The Economist takes a look at how insurance is working to tailor policies for the freelance workforce.

→ Fixing something and need insurance fast? One agency is offering on-demand coverage.

→ Why are major non-insurers like Walmart suddenly looking to get into the business?

→ Dog bite insurance claims totaled close to $690 million in 2017, according to one study.

→ The state of Kansas allows teachers to be armed in schools, but the state schools' insurer has made it clear it won't cover schools with armed teachers.

→ Here's a neat story from the Lansing (Mich.) State Journal on how area insurers and schools are working to attract students to careers in insurance.

→ The deadly Montecito mudslide has led to more than $400 million in insurance claims.

 

San Francisco Employer Annual Report Due April 30

SF-1.png

The San Francisco Office of Labor Standards Enforcement requires their Annual Employer Report to be filed by Monday, April 30, 2018. This Plexus Benefits News Alert answers some FAQs regarding these regulations:

Q: Which firms have to file the Annual Employer Report?

A: Employers covered by San Francisco’s Health Care Security Ordinance or Fair Chance Ordinance are subject to the annual reporting requirement.

Generally, this means that employers of 20+ employees with at least one employee within the city or county of San Francisco are covered.

Additionally, employers who are contractors, subcontractors, or leaseholders of the city of San Francisco are covered.

Q: When is the deadline?

A: Covered employers must file the San Francisco 2017 Employer Annual Report by Monday, April 30.

Q: What penalties are possible for missing the deadline?

A: The penalty for not filing in a timely fashion is up to $500 per quarter.

Q: What other requirements do employers face under San Francisco law?

A: In addition to the annual report, there are several other requirements under San Francisco law for covered employers, including but not limited to:

→ Mandatory paid parental leave.

→ Paid sick leave.

→ Posting employee notifications.

→ Keeping specific records in-house.

Therefore, if your clients have at least one employee within the city or county of San Francisco, please inquire as to whether these laws apply to their businesses.

Let Plexus Lend a Hand

Have questions regarding today's Alert or other employee benefits matters? Contact a Plexus benefits client service team member in Deer Park, Ill. (847.307.6100), Chicago (312.606.4800), Dallas (972.770.5010), or Oklahoma City (405.840.3033). We're here to help, and we're happy to help.

Why checking your homeowners insurance should be a rite of spring

Double-checking your homeowners insurance probably isn’t on many spring to-do lists. But it should be.

That’s the advice from David Miller, Vice President and risk management expert at Plexus Private Client Solutions, a suburban Chicagoland personal insurance agency protecting the life’s work of successful families and individuals with tailored home, auto, and umbrella coverage solutions.

In his recent article, “Eight Things That Might Surprise You About Your Home Insurance Policy,” Miller highlights some hot-button issues for homeowners, including:

Your home may be underinsured. Via Consumer Reports, which cited data from analytics firm CoreLogic, three out of every five homes are 20% underinsured on average. In the case of a total rebuild, this could leave homeowners left to pick up the pieces — while also picking up the check.

Take a look at your deductible, because it may have changed. Miller, who has more than two decades of insurance experience, cautions homeowners to be aware of wind and hail deductibles. These have been on the rise, with an uptick in roof-related claims particularly an issue. An insurance company can only change your coverage at renewal; make sure to read the fine print. Your agent can help.

Do not assume you have sump pump failure coverage. Most insurance companies will exclude this damage as a cause of loss. However, you can usually buy back a limited amount of coverage. Writes Miller: “Even if you have an unfinished basement, the costs associated with a sump pump/sewer claim might surprise you.”

For more information on the home and personal insurance expertise offered by Plexus Private Client Solutions, contact David Miller at 847-307-6100, or visit plexusgroupe.com. The firm's located at 21805 W. Field Parkway, Suite 300, in Deer Park, Illinois.

About Plexus Private Client Solutions

The personal insurance practice of national insurance brokerage The Plexus Groupe LLC, Plexus Private Client Solutions delivers a superior client experience and comprehensive personal insurance for successful individuals and families, including auto, home, and umbrella coverage. Our experienced, dedicated team takes a consultative approach to your personal risk management needs. For more information on Plexus Private Client Solutions, contact the firm at 847.307.6100 or via the Web.

When it comes to home renovations, don't skip the one phone call you need to make

drill.png

In our latest roundup of personal insurance news, notes, and tips, we begin with a reminder that seeing someone's proof of insurance is one thing -- but hearing an agent verify that coverage is believing.

Hiring contractors? Verify their insurance with an agent, then trust.

Spring is ideal for home improvements, some of which might require a contractor's expertise. But before anyone starts work on your home, make sure they have insurance. Ask your contractor to furnish proof of insurance, with their agents contact information to verify the insurance is active. A reputable contractor will welcome your due diligence, and you will have peace of mind. Have any questions on this topic? Call us at 847.307.6100, and any of our Plexus Private Client Solutions team members will be happy to help.

Florida: the king of uninsured motorists

Ah, Florida. Sunshine. Beaches. And, unfortunately, a higher percentage of uninsured drivers than the rest of the country, according to the most recent available data from the Insurance Research Council (via the Insurance Information Institute). Therefore, there is no guarantee insured Florida drivers are carrying all that much coverage. According to the Insurance Information Institute, Florida drivers are only required to carry $10,000 in liability coverage per person, with a minimum $20,000 per accident in liability insurance. Furthermore, drivers need just $10,000 in property coverage, per state law.

About Plexus Private Client Solutions

The personal insurance practice of national insurance brokerage The Plexus Groupe LLC, Plexus Private Client Solutions delivers a superior client experience and comprehensive personal insurance for successful individuals and families, including auto, home, and umbrella coverage. Our experienced, dedicated team takes a consultative approach to your personal insurance needs, and we transform complexity into simplicity to reduce your exposures and protect your most valued assets. For more information on Plexus Private Client Solutions, contact the firm at 847.307.6100, or reach out via the Web.

Plexus Hires Wes Hornsby as Vice President of Business Development

Plexus-Welcomes-Wes-Hornsby.png

The Plexus Groupe (Plexus), a national insurance brokerage and risk management consultancy with an international network, has hired sales executive Wes Hornsby as a Vice President of Business Development. Hornsby will work out of Plexus's Dallas, Texas office.

Wes Hornsby

Hornsby brings more than 20 years of sales leadership, business operations experience, and strategic planning expertise. He was most recently with Aflac, where he tailored benefit plans for clients via brokers, self-funded groups, and enrollment/software-solution companies. He has also held key sales roles with SurePoint Medical LLC, Rocky Brands, Inc., Allstate, and Bayer/Siemens.

"We are excited to welcome Wes to Plexus," said Brian F. Griffin, Plexus President and Chief Revenue Officer. "His innovative, strategic, client-focused approach, coupled with his vast experience and success in employee benefits and property and casualty, makes him a perfect fit for us. His addition is yet another example of our commitment to bolstering our already strong Dallas market presence."

The Plexus Groupe

Plexus offers expertise in property and casualty, employee benefits, corporate retirement plans, personal lines insurance, human resources administration/consulting, benefits technology services, and mergers and acquisitions. Additionally, the Plexus Global Network gives clients access to insurance placement in 130 countries around the world. Plexus has four offices: Deer Park, Ill. (headquarters), Chicago (Loop), Dallas, and Oklahoma City.

For more information on Plexus's strategic insurance solutions, please contact the firm at 847.307.6100 and ask to speak to a client executive, or contact us via the Web.

The staggering cost and consequences of not taking your medicine

Fotolia_52062692_S.jpg

Study shows that fear of dependence on medication prescriptions is a major reason for patients skipping their recommended doses.

By Integrated Health Concepts, LLC

In the United States, 20 to 30 percent of medication prescriptions are never filled, and approximately 50 percent of medication prescriptions are not taken as prescribed for chronic diseases.1,2  It's estimated this non-adherence causes approximately 125,000 deaths and at least 10 percent of hospitalizations and  estimated to cost the U.S. health care system between $100 and $300 billion annually.1,3

Non-adherence and its consequences are concerning to Employer Plan Sponsors, raised frequently by those offering high-deductible plans. Numerous strategies have examined external barriers, with little long-term impact. These include financial incentives paying patients for taking their medications, social support nudges from apps or family/friends, electronic pill bottles alerting patients when a dose is due, and low or no co-pays.

A recent study, however, sheds light on a particularly challenging factor in non-adherence: patient beliefs about medications. 4 The study found 51.9 percent of respondents viewed medications negatively. Fear of dependence came as the most reported negative belief, followed by disbelief that medication works. These negative beliefs were significantly associated with lower medication adherence. This study concluded that “… negative beliefs about medicines were a more significant deterrent to adherence than external barriers to accessing medicines.” 4

Medication non-adherence comes with multifaceted problems, with many barriers and beliefs that must be overcome. Simply targeting one area, such as member cost share, will not be sufficient. It will take the entire health care team (physicians, nurses, pharmacists, insurers, PBMs and plan sponsors) working cohesively with the patient to improve patient adherence.

Let Plexus lend a hand

Have questions regarding this newsletter or or other employee benefits matters? Contact a Plexus client service team representative in Deer Park, Ill. (847.307.6100), Chicago (312.606.4800), Dallas (972.770.5010), or Oklahoma City (405.840.3033). We’re here to help – and we’re happy to help.

Publishing credit: Content provided by Integrated Health Concepts, LLC, a pharmacy consultant for The Plexus Groupe. 

References

1. Peterson AM, Takiya L, Finley R. Meta-analysis of trials of interventions to improve medication adherence. Am J Health Syst Pharm 2003; 60:657-65.

2. Haynes RB, Ackloo E, Sahota N, McDonald HP, Yao X. Interventions for enhancing medication adherence. Cochrane Database Syst Rev. 2008; CD000011.

3. Benjamin RM. Medication adherence: Helping patients take their medicines as directed. Public Health Rep. 2012; 127(1):2–3.

4. Gagnon MD et al. Patient beliefs have a greater impact than barriers on medication adherence in a community health center. J Board Fam Med. 2017 May-Jun; 30(3):331-336.

Plexus Points: Insurance stories we're reading

cars-in-motion-3.png

At Plexus, we enjoy reading about insurance. Here are a half-dozen insurance stories we are sharing, bookmarking, and highlighting as the work week rolls on:

Insurance Stories

-- A major carmarker will begin a program allowing owners to rent their cars out when they are not using them, a la Airbnb and homes.

-- In case you are wondering, Airbnb does provide some free liability coverage to users, and homeowners insurance may also cover some issues, as this Kiplinger's Personal Finance article points out.

-- Here's a look at the type of coverages home-based businesses may want to explore.

-- Will marijuana-related businesses utilize captives for insurance solutions?

-- Dental implants are effective, but will your insurance cover them?

-- On homeowners policies and firearms.

Plexus Benefits Alert: IRS lowers 2018 HSA family contribution limit to $6,850

HSA.jpg

On Monday, the IRS announced a limit change affecting families contributing to Health Savings Accounts (HSAs). For 2018, families are limited to $6,850 in contributions to their HSAs, a $50 decrease from the original 2018 threshold of $6,900.

The self-only HSA deduction limit remains $3,450.

Please note: This change is an IRS regulatory change only applicable to HSAs. Unless another qualified event occurs, the change in the HSA amount is an administrative change to comply with the new rules. Any other change in general elections must be a part of a qualified life event.

Next Steps for HSAs

Firms will want to notify their employees of this HSA limit change. Employees and firms may also need to make some election changes in their payroll systems to comply with the new limit. Furthermore, firms will want to check to ensure their benefits systems have safeguards preventing family contributions of more than $6,850.

Let Plexus Lend a Hand

Have questions regarding today's Alert or other employee benefits matters? Contact a Plexus benefits client service team member in Deer Park, Ill. (847.307.6100), Chicago (312.606.4800), Dallas (972.770.5010), or Oklahoma City (405.840.3033). We're here to help, and we're happy to help.

Insurance stories we're reading

Fotolia_65951836_XS.jpg

At The Plexus Groupe, we enjoy reading about insurance stories. Here are five industry-related stories we're bookmarking, sharing, and thumbing through as the work week rolls on:

Insurance Stories

→ Here's a closer look at the kinds of insurance that major motion pictures might utilize.

→ Will Maryland require individuals to have health insurance?

→ Auto insurance rates are seemingly up everywhere, but they are really going up in Colorado.

→ A fisherman, a boat, and a half-million dollars in liability insurance.

→ Wisconsin recently adjusted the insurance program available to dairy farmers that pays out when the cost of producing milk nears the cost of selling milk.

Plexus, Hunton & Williams to host Cybersecurity Seminar in Dallas on February 20

2.png

International law firm Hunton & Williams and insurance brokerage / risk management consultancy The Plexus Groupe are excited to host a series of cyber risk management panel discussions tomorrow, Tuesday, February 20, from 1-5 p.m. at Hunton and Williams's offices at 1445 Ross Avenue, Suite 3700, in Dallas. An on-site cocktail hour will follow the panel discussions. Join other local executives for cutting edge, actionable threat mitigation insights and fruitful networking opportunities featuring leading legal, security, insurance, and risk management experts.

To RSVP, contact Michael Iannaccone of Plexus Financial Services at miannaccone@plexusfs.com or 630.347.5939.

Topics to be covered by our panelists include:

Cyber Threats: Fixed and Mobile

The Internet of Things brings great opportunity for businesses. But hackers need just cheap, easily accessible technology to wreak havoc on your firm. We take an in-depth look at this dangerous landscape.

Panelists

Chris Risley, CEO, Bastille Networks Internet Security; has led nine venture-backed startups.

Andrew Hoog, Founder, NowSecure; mobile security expert.

Cyber Risk Management: Direct and Indirect

Every day, your brand and your business are on the line.

Panelists

Paul M. Tiao, Partner, Hunton & Williams; co-chair of firm's cyber and physical security task force and former senior counsel under FBI Director Robert S. Mueller.

Michael Berman, Founder & CEO, Ncontracts; leading risk management software provider for financial institutions.

Cyber Risk Mitigation

So you’ve been hacked. What’s the cost? Get ready for some sticker shock.

Panelists

Erik Tammearu, National Benefits Distribution, Symantec.

Michael Iannaccone, Vice President, Plexus Financial Services; banking and risk management consultant.

Cyber Liability

When cyber-attackers hit, cyber insurance and its many components can save the day.

Panelists

Lorelie S. Masters, Partner, Hunton & Williams; nationally recognized insurance coverage litigator.

Willie T. Lindsey, Vice President, Executive Liability, The Plexus Groupe; Executive Liability underwriting and insurance brokerage leader.

 

 

DOL announces new standard for unpaid interns 

Fotolia_122310882_S-Copy-e1507732617528.jpg

In January, the U.S. Department of Labor (DOL) announced that it would adopt a new standard for determining whether interns and students are “employees” who must receive pay under the Fair Labor Standards Act (FLSA). The DOL clarified it would abandon its six-part test and adopt the “primary beneficiary” test used by federal courts. The six-part test says an intern at a for-profit company is an employee unless six factors are met. By contrast, the primary beneficiary test has a more flexible approach. It focuses on whether the intern or the business benefits more from the relationship.

The Old Six-Part Test

The benefit test is very specific and allows for interns to be unpaid if the following factors are met:

— The internship, even though it includes actual operation of the facilities of the employer, is similar to training given in an educational environment.

— The internship experience is for the benefit of the intern.

— The intern does not displace regular employees, but works under close supervision of existing staff.

— The employer that provides the training derives no immediate advantage from the activities of the intern; and, on occasion, impedes their operations.

— The intern's not necessarily entitled to a job at the conclusion of the internship.

— The employer and the intern understand that the intern's not entitled to wages for the time in the internship.

The Primary Beneficiary Test

The primary beneficiary test looks at the “economic reality” nature of the employment relationship and includes seven factors to consider. However, unlike the six-part test, these factors provide only a reference frame to determine who is benefiting more from the intern-employer relationship.

The seven factors are:

 — The extent to which the intern and the employer clearly understand that there is no expectation of compensation. Any promise of compensation, express or implied, suggests that the intern is an employee — and vice versa.

— The extent to which the internship provides training that would be similar to that given in an educational environment, including the clinical and other hands-on training provided by educational institutions.

— The extent to which the internship's tied to the intern’s formal education program by integrated coursework or the receipt of academic credit.

— The extent to which the internship accommodates the intern’s academic commitments by corresponding to the academic calendar.

— The extent to which the internships duration's limited to the period in which the internship provides the intern with beneficial learning.

— The extent to which the intern’s work complements, rather than displaces, the work of paid employees while providing significant educational benefits to the intern.

— The extent to which the intern and the employer understand that the internship's conducted without entitlement to a paid job at the conclusion of the internship.

Employers don't need to meet every factor, and also different considerations go with different factors. Instead, the courts will consider these seven factors and evaluate whether, in the totality of the circumstances, the employer is benefiting more from the relationship than the intern is.

When an employer is the primary beneficiary of the relationship, the intern is an employee for purposes of the FLSA. When the intern is the primary beneficiary, he or she is not an employee under the FLSA.

Action Steps

— Employers should review how the primary beneficiary test applies to interns at their organizations. The DOL has provided an updated fact sheet for employers to use.

— Employers should also make sure that any unpaid intern programs primarily benefit their interns and not the company.

Let Plexus lend a hand

Have questions regarding this newsletter or or other employee benefits matters? Then, Contact a Plexus client service team representative in Deer Park, Ill. (847.307.6100), Chicago (312.606.4800), Dallas (972.770.5010), or Oklahoma City (405.840.3033). We’re here to help – and we’re happy to help.

Disclaimer and publishing credit: This Compliance Bulletin is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. © 2018 Zywave, Inc. All rights reserved.

Dr. Rick Rigsby to Plexus associates: Selfishness is dangerous, growth is essential, change is up to you

Selflessness is a virtue -- and a necessity for a business to move foward. And if a business isn't growing, forget about it.

These were among the lessons from Dr. Rick Rigsby during Thursday's keynote address at the 2018 Plexus Team Building Event.

The best-selling author of "Lessons From a Third Grade Dropout," Rigsby imparted wisdom learned from his late father, whose formal schooling ended not long after kindergarden but whose committment to education never stopped. Among his father's lessons: Be a servant to others.

"Ego is the anesthesia that deadens the pain of stupidity," said Rigsby, a former professor and TV sports anchor turned motivational speaker.

To begin his talk, Rigsby spoke of the risks people and businesses face when they do not keep evolving.

"I want to talk about forward momentum, because without forward momentum, entropy sets in," he said.

Rigsby also drew a link between entropy and the pursuit of adulation.

"We love hearing the accolades from others. Guess that that invites?" Rigsby said.

Rigsby also called on Plexus staff and other assembled guests at the American Society of Anesthesiologists to think and act strategically.

"Great people are thinking in muitiple dimentions," he said. "They’re not just showing up for a paycheck and some benefits."

Rigsby also took aim at the idea that businesspeople are just too busy to change their habits.

"The issue is not time. The issue is our management, or lack thereof, of time," Rigsby said.

Then, in his closing remarks, Rigsby told Plexus associates to look inside themselves. Company management, he said, shouldn't be expected to "raise your expectations for you."

Said Rigsby: "You raise them yourself."


For more information on Dr. Rick Rigsby, including booking information, please visit his website, RickRigsby.com. And be sure to check out the 2017 speech he delivered to California State University Maritime University, which has been viewed more than 130 million times. 

https://www.youtube.com/watch?v=Bg_Q7KYWG1g

 

The 2018 Plexus Team Building Event kicks off Wednesday. Here's what to look for.

It's time again for one of the biggest events on The Plexus Groupe's calendar, a foundational piece for our corporate culture. On Wednesday and Thursday, all Plexus associates will gather in suburban Chicago for our 2018 Team Building Event. It's a chance for our 100-plus team members to connect, learn, and grow, and it's an opportunity for our firm to look ahead to what's in store for the coming year. We also get a wonderful chance to connect with our insurance carrier partners, who will be attending a number of the events over the next two days.

Once again, we have lined up an outstanding and impactful keynote speaker to cap off the event: Dr. Rick Rigsby, author of the best-selling book, "Lessons from a Third Grade Dropout." We are thrilled to have him speak to us on Thursday.

We’ll be posting here all week, as well as on our social media accounts, so you’ll want to be sure to follow us on TwitterLinkedInFacebook and Instagram for the latest.

It is hard to put into words what Team Building means to Plexus. It is a jumping-off point for the rest of the year, a catalyst for growth. And on Day One, it feels a lot like the first day of school, when seeing friends after the summer break. There are smiles and handshakes and greetings with our colleagues from other offices.

Frankly, we can't wait to get started.

Cadillac Tax delayed until 2022

79885391_thumbnail.jpg

On Monday, President Trump signed a stopgap funding bill delaying the implementation of the Cadillac Tax until 2022. A provision of the Affordable Care Act, the Cadillac Tax is a 40 percent excise tax  imposed on high-cost employer-sponsored group health plans. The tax will expect to impact at least 1-in-4 employers. Self-insured employers are expected to pay the tax directly, while insurance carriers will be responsible for the tax on fully insured plans.

In short, the Affordable Care Act imposes a 40 percent excise tax on any “excess benefit” provided to an employee over the applicable dollar limit for the employee for the month. To date, the annual threshold dollar-limit amounts have been set at $10,200 for individual coverage and $27,500 for family coverage.

Under the new law, the Cadillac Tax, in its entirety, will not take effect until at least 2022.

Let Plexus lend a hand

Have questions regarding today's Alert or other employee benefits matters? We can help. Contact a Plexus benefits client service team member in Deer Park, Ill. (847.307.6100), Chicago (312.606.4800), Dallas (972.770.5010), or Oklahoma City (405.840.3033).

Want to join a growing Best Places to Work in Insurance honoree? Try Plexus.

100-e1515623948983.jpg

The new year brings new resolutions, such as a focus on eating healthier, or exercising more, or telling the people closest to us that we love them. For many, this list of resolutions also includes a vow to change jobs, to move up in their careers, to take the next step. Maybe this can be done at a current place of employment, but maybe not. Maybe it will take a fresh start at a new company to get to where you want to be.

This can be a tough decision to make. There is comfort in familiarity. Maybe your current role isn't so bad, and if you stick around, it might get better. That is possible.

So if you're going to look for another job in 2018, it better be worth your time. It better deliver a superior experience to what you already have.

That's why career seekers do their due diligence on prospective new companies.

And if you do your due diligence on The Plexus Groupe, you will find the following:

-- We're a Best Places to Work in Insurance honoree in each of the last eight years.

-- Our associates are proud of the workplace culture they have created, and a strong commitment to philanthropy and service is found throughout our organization.

-- We are a growing firm, with more than 100 employees across four offices in Deer Park, Illinois (corporate headquarters), Chicago (Loop), Dallas, and Oklahoma City.  The firm has more than 100 employees across offices in Deer Park, Illinois (corporate headquarters), Chicago (Loop), Dallas, and Oklahoma City.

-- We deliver advisory services and a superior client experience in the areas of property and casualty, employee benefits, retirement plans, personal lines insurance, HR consulting, and technology services.

-- A number of our team members have received recognition for excellence in their field. Furthermore, our associates are routinely interviewed by media, and asked to speak at conferences. We also jump at the opportunity to talk to students about our industry.

-- We offer our employees a wide variety of employee benefits, including medical, dental, life, short- and long-term disability, 401(k) retirement savings (with a generous employer match), wellness programs, Flexible Spending Accounts (FSAs), and Health Savings Accounts (HSAs). Additionally, we offer many other workday benefits, including walking workstations and complementary fruits, vegetables, waters, iced teas, and other healthy drinks.

-- Each year, we set aside two days for an all-company Team Building Event to plan ahead for the coming year, and we invite a keynote speaker to deliver an address to inspire and inform our team.

Next Steps 

Interested in career opportunities at Plexus? Click here to be directed to our Careers page for our updated list of openings.

We get it: a career search can be intimidating. It takes work. You need a reason to go on with it. And if you are going to change jobs, it better be for something rewarding, fun, legit.

To this we say: welcome. You have come to the right place.

Insurance stories we're reading

drone-e1515108086669.jpg

We enjoy reading about insurance at Plexus. Here are a half-dozen industry stories we are bookmarking, sharing, and perusing as the work week rolls on: -- Wildfires are leading to soaring insurance costs in some areas of California.

-- On Netflix, HBO, and the future of insurance.

-- One of college football's top programs took insurance to cover incentive payouts related to team performance in 2016. It did not take out the coverage in 2017. Read on for the rest of this interesting story.

-- How much does $1 million in drone liability insurance cost?

-- Receiving an insurance payout after Hurricane Irma? Better read the fine print.

-- Iowa's Insurance Division is warning that bitcoin is not insurable.

The new tax law repeals ACA's Individual Mandate. Here's what it means for employers.

On Wednesday, Congress passed the Tax Cuts and Jobs Act, which effectively eliminates the Affordable Care Act’s Individual Mandate. However, this sweeping tax reform did not make any changes to the so-called Employer Mandate. Employers must still comply with reporting obligations under ACA, as well as continuing to offer affordable health insurance coverage, as outlined below.

Employer Responsibilities Remain the Same

The Employer Mandate, which requires Applicable Large Employers with 50 or more full-time equivalent employees (FTEs) to offer affordable health insurance to full-time employees, is still in effect. Also, Employer Mandate reporting requirements remain in place, including the filing of IRS Forms 1094-1095.

As a reminder, self-insured employers of any size, as well as all employers with 50 or more FTEs, have to report offers of coverage to the IRS in early 2018 by filing Forms 1094-1095.

Could Employer Requirements Change in the Future?

Beginning in 2019, the ACA's Individual Mandate will effectively be repealed, and the requirement that individuals maintain health insurance coverage will no longer carry a penalty.

Some experts have predicted that employer requirements, such as the PCORI fee or even the Employer Mandate itself, could change in the future as a result. However, at present, employers should continue complying with the ACA Employer Mandate.

Contact us

Again, no changes were made to the ACA Employer Mandate, and the law requires offers of coverage and corresponding reporting requirements.

If you have questions or need help complying with ACA, please contact a Plexus client service team member in Deer Park, Ill. (847.307.6100), Chicago (312.606.4800), Dallas (972.770.5010), or Oklahoma City (405.840.3033). We're here to help, and we're happy to help.

Two Plexus Financial Services associates honored as Top Women Advisors by NAPA

DEER PARK, Ill. – Chicagoland-based Plexus Financial Services, LLC (PFS), a firm specializing in corporate retirement plan advisory services, has had two exemplary associates honored by a leading industry lobbying group. PFS Executive Vice President and Practice Leader Allison Winge and Vice President of Client Relations Pamela Appell have been named Top Women Advisors for 2017 by the National Association of Plan Advisors (NAPA). Top Women Advisor honorees were selected by a panel of judges, with nearly 600 retirement advisors receiving nominations.

Winge (pictured at left) was selected as a “Captain,” a designation given to leaders of retirement plan advisory firms. Appell (right) was selected as an “All-Star,” an honor reserved for top producers. Winge and Appell each have close to two decades of experience in corporate retirement plan advisory.

A wholly owned subsidiary of The Plexus Groupe LLC, Plexus Financial Services offers fiduciary assistance, participant education, investment consulting, plan design, and provider management for corporate retirement plans.

“We are extremely proud of the recognition Allison and Pamela have received,” said Brian F. Griffin, Plexus Groupe President and Chief Operating Officer. “Their tireless advocacy on behalf of retirement plan sponsors and participants is to be commended, and we cannot thank them enough for the impact they have had on Plexus Financial Services and our clients. The entire Plexus family salutes Allison and Pam for their excellent work.”

An affiliate of the American Retirement Association, NAPA is a leading industry advocacy group for the retirement plan advisory industry. Plexus Financial Services is a member of NAPA.

Disclosure regarding NAPA’s Top Women Advisors

The list is formed through an advisor application process supporting a potential nomination from the National Association of Plan Advisors, an affiliate organization of the American Retirement Association, a non-profit association.  The nomination acknowledges excellence and contributions within the profession.  No fee is charged for application, nomination, or selection; however, only NAPA Firm Partners are allowed to participate.  Among various selection criteria, annual dues are required to obtain NAPA Firm Partner Membership.

Disclosure regarding NAPA/ARA

The National Association of Plan Advisors is a non-profit professional society backed by the American Retirement Association (ARA). The materials provided are intended for instruction only and are not a substitute for professional advice.

The American Retirement Association is a non-profit professional organization with two major goals: to educate all retirement plan and benefits professionals, and to create a framework of policy that gives every working American the ability to have a comfortable retirement. The American Retirement Association is comprised of four premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the ASPPA College of Pension Actuaries (ACOPA), the National Association of Plan Advisors (NAPA), and the National Tax-deferred Savings Association (NTSA).

For additional information please contact NAPA (napa-net.org) and the American Retirement Association (usaretirement.org) at 4245 N. Fairfax Drive, Suite 750, Arlington, Va., 22203. Both organizations can be reached by telephone at 703-516-9300.

Disclosure regarding Plexus Financial Services

Plexus Financial Services, LLC (“PFS”) does not provide specific investment, tax, and/or legal advice and the information referenced/provided is not specific to any company’s or individual’s circumstances. The materials referenced/provided are general in nature and provided for educational purposes based upon publicly available information from sources believed to be reputable and reliable; we cannot assure the accuracy or completeness of these materials and caution you to use personal diligence in review before relying or acting upon any information presented. Any general information referenced/provided is not be construed as personalized investment, tax, and/or legal advice. Always consult an advisor, attorney and/or tax professional regarding your specific situation.

This communication is strictly intended for individuals residing in the states of Alabama, Colorado, Georgia, Illinois, Indiana, Louisiana, North Carolina, Ohio, Oklahoma, Texas, Washington, and Wisconsin and does not provide any information regarding any offers or services directly provided by PFS. The information referenced/provided is not to be considered an offer to buy or sell, or a solicitation of any offer.

PFS is a wholly owned subsidiary of The Plexus Groupe LLC. Advisory services are offered through Plexus Financial Services LLC, a registered investment advisor with the SEC which transacts business in states where it is properly registered, or is excluded or exempted from registration requirements, member FINRA (www.finra.org) and the SIPC (www.sipc.com). SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

You may request receipt of PFS’s Form ADV, Privacy Policy Statement, Code of Ethical Behavior, and Conflict of interest Policy at any time by written request to info@plexusfs.com. For additional details or questions regarding this or any information provided by or related to PFS, please visit our website at www.plexusfs.com. Plexus Financial Services is located at 21805 Field Parkway, Suite 300, Deer Park, Illinois 60010. To contact us by phone, please call (847) 307-6222.

 

Insurance stories we're reading

The Plexus Groupe is releasing this week's insurance reading list. Here are a half-dozen industry stories we are sharing, thumbing through, and bookmarking as the work week rolls on: -- An NFL quarterback who could garner a nine-figure contract in 2018 made sure to take out an insurance policy on himself before the season. (Among those suggesting he have insurance: former GM CEO Jack Welch.)

-- Is a global e-commerce giant thinking about getting into the insurance business?

-- Are frozen pipes covered by your homeowners insurance? It depends.

-- If you take a self-driving taxi in Phoenix next year, you will automatically have insurance coverage.

-- Estimated insured losses from Hurricane Irma have reached $6.55 billion.

-- A leading insurer has made a big investment in a company that's bringing microinsurance via mobile phones to emerging markets.