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  • The first day at a new job is always a little nerve-wracking. There is pressure to get to know your surroundings and meet your new colleagues. Then, there’s also the pressure of trying to figure out what’s happening next. Do I need to fill out lots of paperwork? Where are my parking passes? Will I have time to get an apartment before the weekend?

    When you start a new job, it’s also extremely important to learn your medical benefits. Your benefits are the set of terms and conditions surrounding your health insurance and other benefits. These often include employee costs, company contributions, and other factors related to your overall employee package.

    But what are classified as “job benefits?” Let’s take some time to explore exactly what job benefits are, looking at both monetary and non-monetary benefits.

    What Falls Under Job “Benefits?”

    You’ve just accepted a new job, congrats! One of the first things you plan to do is tour your new office and meet your co-workers, but before that can happen — you’ll need to read and understand a variety of documents. Understanding how benefits work will help you get off on the right foot.

    Although your new job is exciting, there are a handful of tasks that you need to take care of. One of the most important aspects beyond starting your task is understanding your new employee benefits and insurance plans. These benefits and plans can get quite complex, so you will have to do research in order to fully understand them.

    Most of us are probably aware of traditional benefits, such as health insurance, vision, dental, and more. But there are several options when it comes to these benefits, as well as ones that fall outside of the scope of your normal job perks.

    Types Of Job Benefits 

    Work benefits are one of the foundational elements of every organization. These benefits sustain and enrich employees by providing them with various types of services for their day-to-day life. A company that invests in its employees’ well-being is a company that will be more successful. In fact, employees are 70% more likely to remain loyal to their employer if they’re satisfied with their benefits. Let’s go over some of the common types:

    • Disability insurance: Disability insurance is a form of coverage that helps you in case you’re unable to work due to an illness or injury. It typically pays out about 60% of your income for up to two years, with some policies offering longer coverage periods and higher payouts.
    • Health insurance: Health insurance covers medical expenses for employees covered under a plan. As an employee at a company with its own health plan, you may pay part of your medical bills yourself (through co-pays) but will also receive reimbursements from your employer for other expenses related to receiving treatment for an illness or injury during work hours, such as prescriptions.
    • 401(k) retirement plans: Retirement plans are offered by some companies so that employees can save for their future after they retire from working there. Or, so that they have a way to support themselves when they quit working altogether because they no longer feel able to do it anymore due to age or health reasons.
    • Dental insurance: Dental insurance is a form of health insurance that covers most or all of the cost of dental care. It’s a type of indemnity coverage where the policyholder pays a fixed amount to receive medical treatment and reimbursement for covered medical expenses. Dental insurance may also include coverage for routine check-ups and cleanings, as well as basic orthodontics and dentures.
    • Vision care insurance: This pays for eye care services such as glasses and contacts. Similar to health insurance, there is usually an office co-pay, but most of the balance is covered through your insurance plan.
    • Life insurance: Life insurance is a contract between you and an insurance company that will pay out a specific amount of money if you die while covered by your policy. The money is paid out to your beneficiaries (usually family members) as a lump sum—it’s not an income stream they’ll receive over time like social security or disability benefits.
    • HSA and FSA plans: A Health Savings Account (HSA) allows you to pay for medical expenses with pre-tax money, so you can save some money on taxes. An FSA stands for Flexible Spending Account, and it lets you set aside money from your paycheck before taxes are taken out so that when the time comes for medical costs, you’ll have extra cash available without being taxed on it (just like an HSA).

    • Paid time off: Paid time off is one of the most common types of job benefits available for employees today. This benefit allows employees to take time off from work without having to worry about losing their position or salary. This benefit also helps employers because it means they don’t have to find replacements for people who are taking time off from work due to illness or vacation plans.

    • Paid family leave: When someone has an illness or injury in their immediate family, they can take time off of work without losing pay or risking their job. This can be used for illnesses such as cancer or mental health issues. if your child gets hurt or sick, you can also use the benefit for them!

    • Tuition reimbursement programs: Tuition reimbursement programs allow employers to pay for courses or classes taken by their employees while they are working at that company. This type of program can help workers advance their careers by learning new skills or taking classes in fields related directly to their current jobs (such as marketing classes if they work in marketing).

    Outside of these traditional benefits are more modern options. These are more consumer-oriented and go above and beyond. Some of these benefits include:

    • Wellness stipends: The wellness stipend is an additional benefit that your company can offer to employees. It’s typically a monthly amount of money that you receive from your employer in order to use on health-related expenses, such as gym memberships or fitness trackers.
    • Mental health days/programs: Mental health days are an important part of any work environment. They allow employees to take time off when they’re feeling overwhelmed or burned out, and they also help employers make sure that their employees are healthy and safe in the long term.
    • Home office stipends: This is a lump sum of money that will go towards furnishing and decorating your office space so that it’s comfortable, efficient, and functional.
    • Flexible work schedule: You can work from home and set your own hours, or you can work remotely on a project that does not require your physical presence. This flexibility allows you to do other things like spend time with family, take care of yourself, or pursue personal interests.
    • Summer Fridays: Some companies allow their employees to take Fridays off during the summer months when most people are just looking to get out of the office and enjoy the sun. It’s a great perk for those who want to spend time with friends or family, or just need to get away from the daily grind for a bit.
    • Stock in the company: Stock in the company is a great benefit to consider. It gives you a stake in the company’s success, and it ensures that you’re working hard to make sure it succeeds. If you want to be an entrepreneur and build your own business, then having stock in the company is a great way to get started.
    • Free lunches: This is an easy way to save money at work, but you don’t want to get stuck eating the same thing every day. Make sure your employer offers a variety of options so you can mix up your lunch routine while still saving money on food costs.

    How To Choose The Right Benefits

    Once you’ve got a good idea of what the company offers, start thinking about what kind of plan would work best for you and your family. For example, if you have a spouse or children who are covered under your health insurance policy, it might make sense for both of them to use your policy. Not all benefits require you to make a decision, such as free meal plans and stipends. However, deciding on how to best utilize those perks can help you save money. Some questions you could ask yourself when deciding what benefits to accept are:

    • What kind of coverage do I need? Do I need dental, vision, or life insurance? 
    • How much does it cost?
    • How much will I have to pay out of pocket for each type of benefit? What about prescriptions?
    • How much will my insurance cover?
    • What’s covered under each plan? You should know what’s covered and what isn’t before you sign up for a plan. 

    Ultimately, job benefits matter because they help you to find the right job and also because they can influence your level of satisfaction with the position once you start working there.

    GMS Offers Quality Benefits And Support

    As a business owner, it’s crucial to keep and attract quality employees so you can continue to grow your business. Offering a quality benefits package is one of the best ways to retain and hire top talent. With GMS, our benefits outsourcing services allow your company to offer competitive, cost-effective benefits while you focus on what you do best – running your business. Let’s chat!

  • If you’re a business owner, you know how hard it is to keep up with all aspects of your business. You have to manage your employees, ensure the product is coming in on schedule, and keep track of all the different projects you’re working on. In addition, then there’s the day-to-day work of running your business-managing your employees’ paychecks, paying bills and taxes, and keeping track of inventory. The list goes on and on!

    However, if you’re like most business owners, you don’t have time to take care of your retirement savings on your own. That’s where a 401(k) plan comes in—they make managing these savings easy! Many business owners choose to offer 401(k) plans to their employees without considering the intricacies. Many resources are available to help you understand 401(k) plans, but they aren’t always easy to understand. This guide is designed to help business owners better understand how 401(k) plans operate, including the main benefits offered by this type of retirement account.

    Why Should My Company Offer A 401(k) Plan?

    If you’re a business owner, you may be wondering what a 401(k) is and how it can benefit your company. A 401(k) is an employee benefit plan that allows employees to save money for retirement. When you contribute money to a 401(k), it’s usually taken out of your paycheck before taxes are calculated. This means that the amount of money actually deposited into your account is lower than the amount of money being withheld from your paycheck.

    While there are many different types of 401(k) plans, the most common type is called a defined contribution plan. In this type of plan, you choose how much money you want to contribute to the plan each year—and how much will be deducted from each paycheck. Then, when employees reach the retirement age of roughly 60, they can begin withdrawing funds from their accounts without incurring penalties or taxes on those withdrawals (unless they withdraw more than they’ve contributed).

    How Does A 401(k) Work?

    You set up an employee contribution plan with the financial institution that manages your company’s 401(k) plan, typically called an “investment manager.” The employee contribution plan will tell them how much money to take out of each paycheck and put in their account each month.

    The investment manager will then invest that money for you based on certain parameters set by you and/or your company, such as what kind of investments to make. They’ll then give you periodic reports about how much money has been contributed.

    Types Of 401(k)Plans

    Traditional: This option allows you to deduct contributions from your taxable income, which means that your contributions will lower your overall tax bill at the end of the year. Traditional funds can also be rolled over into an IRA when you retire or leave your job.

    Roth: With this option, you pay taxes now but can withdraw funds tax-free when you retire or leave your job. You cannot roll over Roth funds into an IRA once they’ve been deposited into the account; however, there are some exceptions based on age and other factors.

    Profit sharing plans: These are plans where the employer contributes a set percentage of its profits into each employee’s 401(k) account on an annual basis, usually four or five percent. The employee doesn’t get to choose how much money goes into their own account; instead, they take home whatever amount is left over after all contributions have been made by the employer and employee combined together.

    Defined contribution plan: This is the most common type of 401(k) plan. The employer decides how much money to contribute, and each employee can also choose to make voluntary contributions.

    Defined benefit plan: In this type of plan, the employer agrees to pay a specific amount of money to the employee at retirement based on their number of years of employment, salary level, and other factors. The amount that an employee receives from a defined benefit plan will depend on their age and salary at retirement.

    How Do I Choose The Right Plan?

    401(k) plans are an important option for business owners, but they can also be very confusing. There are many different types of 401(k) plans, and each one has its own set of rules and requirements. If you’re a business owner and you want to start offering a 401(k) plan for your employees, it’s important to choose the right one. Here are some tips on how to do that:

    1. Find out if your state requires a certain type of 401(k) plan. If it does, then you’ll need to make sure that the plan you choose matches those requirements. Otherwise, your employees won’t be able to participate in the plan if it doesn’t meet state standards. You can find out what types of plans are available in your state by contacting your local Department of Labor or Small Business Administration office.
    2. Make sure that any fees associated with managing your 401(k) plan are reasonable compared with other plans offered by other companies in your area (or even across state lines). If not, then look into other options until you find something more affordable for you and your employees!
    3. Make sure that the investment options available through this plan will allow you to grow your money without risking too much—but also without taking too much risk!

    How Do I Start?

    401(k) plans are an important part of ensuring your workers have a secure retirement. They’re also a great way to attract and retain talented employees. Below is a step-by-step guide to getting started:

    • Start by contacting a broker or financial advisor for help setting up the plan. They can help you determine what kind of plan is best for your company, including whether or not you should include matching contributions. You may even choose to work with a professional employer organization (PEO) to handle all of these logistics for you.
    • Next, determine how much money you want to contribute to the plan each year. You can decide on any amount, but it’s recommended that you contribute at least enough so that each employee receives at least three percent of their annual salary as a contribution from their employer.
    • The next step is to determine whether or not you want employees to be able to contribute on their own. If so, make sure they understand the limits that apply and how much they can contribute without penalty (in most cases, it’s $18,500).
    • Finally, decide how much money will be taken out of each paycheck towards paying into the plan each month, quarter, and/or year, depending on what works best for your company’s budgeting cycle.

    During this process, you need to decide whether or not to hire a professional employer organization (PEO). A PEO will take care of many of the administrative tasks involved in setting up and managing a 401(k) plan for you—including payroll processing, tax filing, and benefits administration—so that you can focus on running your company.

    Let’s Talk About Your 401(k) Options

    Introducing 401(k) plans to your employees can be one of the best decisions you make as a business owner. Not only is it a great benefit for your employees, but it’s also an excellent way to attract new talent and keep your existing team happy.

    But if you’re unsure how to get started, we’re here to help!

    GMS offers a variety of 401(k) plans that are customizable and easy to use. We’ve been helping small businesses similar to yours get their feet wet with this exciting new benefit for years, and we’d love to help you, too. Contact us today!

  • If you’re currently running a business, one of the most important aspects to consider is what your rules, policies, and expectations are. You wear many hats, and setting expectations through word-of-mouth or meetings simply doesn’t cut it when managing employees effectively. The likelihood of your employees remembering these various policies is slim and may lead to misunderstandings or confusion. For this to work, you need a solid system in place to deliver such information. That’s where an effective employee handbook steps in.

    You may think you don’t have time to create an employee handbook, however, creating one is essential to the success of your small business. An employee handbook is a set of guidelines for your employees and a great tool to help maintain company culture and keep expectations in check.

    Why Your Small Business Needs An Employee Handbook

    An employee handbook is a living, breathing document and a foundation for your employee relations efforts. It should be a carefully considered compilation of policies and procedures to help managers guide employees in their daily tasks. This handbook serves as a hub of information that your employees can reference at any time, be it allotted time off, your company dress code, or workplace safety policies. It not only protects your business, but it protects your employees, provides valuable resources to your team, and may even serve as a legal document in case of litigation.

    Writing an employee handbook might seem like something that only occurs at large corporations with many employees, but it’s a good place for any business to start. Employee handbooks are beneficial for any company as they establish your company’s core values and culture.

    If you have been operating your small business for a while, chances are you’ve experienced turnover. This could be due to a myriad of reasons, such as budget constraints, family commitments, or simply personal choice. No matter the reason employees may leave, it’s critical that you document your business policies in the event that they will need retraining in the future.

    Elements Of An Effective Small Business Employee Handbook

    Your small business is an extension of yourself, so it makes sense to consider how you would like it to be represented by your employees. When discussing your employee handbook, you’ll want to think about what kind of language you’re comfortable with. What tone will you take? Will deadlines for different tasks be made explicit? The elements of an effective employee handbook include the following:

    Good organization

    You want your document to be easy to read, easy to understand, and laid out for success. A well-organized handbook is going to be key in these areas. A table of contents at the beginning of this document will help with navigation and ensure that you don’t miss any key components. Adding headers, bullet points, and well-defined sections is key when creating a lengthy document.

    Thoroughness

    Another crucial component: covering all your bases. Your handbook shouldn’t leave anything to the imagination. You’ll want to be concise and clear, especially when it comes to policies and legalities.

    A proper representation of your brand or business

    Your handbook should be an accurate representation of who and what your company is. This includes company values, culture, and mission. A handbook is a place to ensure that rules are being followed, sure. But it’s also a place where you can talk about how you reward your employees and include exciting information. For example, if your business offers unique perks such as seasonal sports tickets or a home office stipend, you can mention these more in-depth in your handbook.

    Inclusion of your brand tone and voice

    Lastly, your handbook should sound like you. Not sure what we mean? Every business or brand has a tone of voice. For some, that may mean a very professional-sounding document, but for others, casual may be the way to go. Any important document is an extension of your business, and because of that, it should be branded! Even if it will only be used for internal purposes.

    What To Include In Your Employee Handbook

    Creating a clear and concise handbook for your employees, that’s easy to read and understand can keep them motivated, focused, and engaged. The first time many employees will read your handbook is when they are hired — so your handbook may be one of their first impressions of your business as an employee. But what should this document include? Some handbook contents may be optional, while others are non-negotiable.

    Employment at-will

    Employment at-will is a legal understanding that allows an employer to dismiss an employee at any time, for any reason, or for no reason at all. It also means the employee is free to leave at any time as well. Typically, at-will employment exists for a 90-day period. This way, either the employee or employer can part ways if the role isn’t a good fit. Employment laws in some states and countries allow this kind of employment, and your business may be one of them. If that’s the case, this should be included in your employee handbook.

    Harassment and bullying

    If you want a happy and motivated workforce, harassment and bullying will not be tolerated. Many companies think their employees know their behavior is inappropriate, but that isn’t true. In fact, an estimated 48.6 million Americans are bullied at work. Effective organizations should have a clearly defined and communicated employee code of conduct that distinguishes unacceptable from acceptable workplace conduct.

    Equal employment practices

    The Equal Employment Opportunity (EEO) is a federal law that prohibits discrimination in employment based on race, color, religion, sex, and national origin in companies that have at least fifteen employees and work for the Federal government. There are separate laws with similar objectives at the state level. In all countries, there are also laws to prevent discrimination on the basis of sexual orientation in the workplace. A company’s employee handbook can be used to keep track of all rules, regulations, policies, and procedures regarding Equal Employment Opportunities.

    Compensation and benefits

    Your employee handbook is the perfect place to break down how compensation works at your company and what benefits you offer to your team. Even if all your employees are paid different wages, knowing where they can access compensation information or whom they can speak to about these matters is a priority.

    Pay period and payroll

    Every business does payroll differently. You may be on a biweekly schedule, weekly, or even monthly, so it’s important to distinguish these details in your handbook. Here you can also provide information on how employees are paid and whom to contact if there are payroll issues.

    Dress code

    Dress code may not matter for all industries, but for some, it’s a major touchpoint. Being clear about your dress code clears up any confusion and informs your employees on what wardrobe they’ll need to be successful at work.

    Performance evaluations

    Performance evaluations are a key component of a job; however, it can be easy to forget about them amidst the hustle and bustle of work tasks. Be sure to include your evaluation schedules in your handbook, whether they’re twice a year, quarterly, or yearly. This will help your employees be prepared and set reasonable expectations from day one.

    Work hours, breaks, and scheduling

    For some roles, tasks may need to be performed outside regular business hours due to the nature of the job and/or deadlines. In these cases, overtime may be required. In addition, employees are entitled to scheduled break periods in addition to lunch breaks. Breaks will not be unreasonably withheld or delayed and must last at least five minutes under federal law. Meal breaks are typically an hour long, with a 30-minute minimum allowed by law (unless otherwise negotiated with the employee). These details are best presented in your handbook, where employees can access this information at any time.

    Vacation time, sick days, and leaves of absence

    Similar to work hours and breaks, clarifying how much vacation time and sick days your employees are allotted helps with planning purposes. If you have a system where hours are accrued over the course of a pay period, be sure to mention this in your handbook. Leaves of absence can also be a tricky subject with its own set of stipulations, so explaining how to begin this process can aid your employees in the event of health emergencies and life circumstances.

    Workplace safety policies

    The dangers of the workplace, and more specifically, employee safety, are significant issues that help employees, employers, and society as a whole. For any company, it’s important to ensure your employees are properly trained in safety procedures and informed on how to correctly protect themselves from workplace injuries and the policies in place to protect them.

    Employee discipline and termination policies

    There are many reasons why employers need to have policies in place that address employee discipline and termination. However, human resources can be a difficult area to navigate. Making your policies known in your handbook protects you in these cases.

    How To Get Started

    You may have all your policies and work regulations in place but may not know how to get started with making your own employee handbook. Plus, you may not have a dedicated HR department in place, which means that you must take the lead when it comes to setting it up. Appointing who will have a role in the creation process is a major first step. Once that’s settled, here’s a rough outline of what to do next:

    • Meet with your employees and HR: Your employees can be the best way to receive feedback. Ask them questions about what they’d love to see included in your handbook, what’s confusing about your policies, and more. Then meet with your HR department to review ideas and get their input. If you don’t have an HR department, decide who will oversee this project or whether you will contract out this work.
    • Ask yourself what you need to include: By now, you should have a good idea of what to include in your handbook. Asking professionals and researching will also play a big part in this step.
    • Create the handbook outline: Once you’ve decided what to include, it’s time to create an outline. This will serve as a guide for whoever writes your handbook.
    • Write and edit your handbook: This may be something you decide to do on your own or contract out. Regardless of what you decide, this process will take some time, and you will need several revisions to ensure your handbook is written clearly and grammatically.
    • Get the legal stuff handled: Once your handbook looks good, it’s best to have a legal team do a final review. This will help you catch any final policy errors or inconsistencies.
    • Get the handbook to your employees: Now that your handbook is ready, it’s time to get it in front of your employees and add it to your onboarding process.

    Overall, an employee handbook is often a very important aspect of running a successful company. A handbook tells your employees what their basic rights are and what they should expect from their workplace environment. This resource can offer benefits to the entire staff in the form of policies that protect them, educate them, or simply save them time. It’s a crucial document for businesses of any size.

    GMS Can Help You Build A Quality Employee Handbook

    If you’re unsure where to start or have employees who weren’t around when your handbook was last updated, consider partnering with GMS. We can help you design a comprehensive employee handbook that addresses your unique needs and concerns while guiding employees from their first day of work to their last. Contact us today to get started!

  • The Illinois legislature passed the Paid Leave for All Workers (PLFAW) Act on January 10th, 2023. The passing of this law makes Illinois the third state in the U.S. to require private employers to provide earned paid leave to employees to be used for any reason. Maine and Nevada are the other states who have implemented similar laws.

    The act will take effect on January 1st, 2024, and will provide nearly all Illinois employees with a minimum of 40 hours of paid leave or a pro-rata number of hours throughout a 12-month period. Leave accrues at the rate of one hour of paid leave for every forty hours worked. In addition, the law will consider exempt employees to have worked 40 hours in each workweek for purposes of the PLFAW Act accrual unless their regular workweeks are less than 40 hours. It permits employees to use their leave after 90 days on the job unless an employer allows them to utilize leave earlier. Employers can set a minimum increment of no less than two hours per day.

    The PLFAW Act does not require employees to provide a reason to their employer for taking leave. Employers will not be permitted to require documentation or certification of the need to take this leave. However, employers may require their employees to give at least seven days’ notice of foreseeable leave if they have a written policy that outlines the notice requirements and procedures. Foreseeable leave can include the following:

    • Expected birth
    • Placement for adoption or foster care
    • Planned medical treatment for a serious health condition of an employee or family member
    • Planned medical treatment for a serious injury or illness of a covered service member

    Employees must provide notice of leave as soon as possible if leave is foreseeable.

    Additional Considerations You Should Be Aware Of

    Leave under the PLFAW Act will be paid at the employee’s hourly rate of pay for the hours of paid leave they take. If you have employees who make tips and commissions, they must be paid at least the full minimum wage for the jurisdiction, or their hourly rate, whichever is higher. Any unused accrued leave will carry over every year; however, employers will not be required to provide more than 40 hours of paid leave for an employee in the 12-month period. Should you allocate the 40 hours upfront, you will not be required to carry over unused paid leave for the following 12-month period.

    As with many aspects of running a business, you must keep records documenting the following under the PLFAW Act:

    • Hours worked
    • Leave accrued and taken
    • Remaining paid leave balances

    These records should be kept for at least three years and allow the Illinois Department of Labor (IDOL) to have access to these records. If you don’t comply with the recordkeeping requirements, employers can face penalties of $2,500 per offense. Finally, employers must post a notice summarizing the requirements of this act. This should be posted in a common area where other workplace posters are hung. Should you not comply with the posting requirements, employers can face a penalty of $500 for the first violation and $1,000 for any other violations.

    The law does not apply to the following:

    • School districts or park districts
    • Students employed on a part-time or temporary basis by the college or university they attend
    • Short-term employees of higher education institutions who are employed for less than two consecutive calendar quarters during a calendar year without a reasonable expectation that they will be rehired in a subsequent year
    • Employees working in the construction industry are covered by a bona fide collective bargaining agreement
    • Employees covered by a bona fide collective bargaining agreement with an employer that provides national or internal services of delivery, pickup, and transportation of parcels, documents, and freight
    • Employers covered by municipal or county ordinances in effect on January 1st, 2024, that provide for paid leave or paid sick leave

    Start Preparing Now!

    While a year may seem like a long time to get ready to ensure you comply with the new law by January 1st, 2024, it’s essential that you start preparing now. This will be a significant change for most business owners in Illinois. With ever-changing rules and regulations, it’s vital that you remain compliant. When you partner with GMS, we ensure you comply with all federal and state laws and regulations. In addition, when providing your employees with paid time off (PTO), we work with you to create a program that ensures your employees feel heard and valued. Allowing employees to take time away from work is essential to create a productive workplace.

    Lisa Dassani, GMS’ Internal HR Manager, reflected, “Research consistently shows the health benefits of taking time off, such as improved productivity, reduced levels of unscheduled absenteeism, lowered stress levels, and improved mental health. Time off helps employees reset, which in turn, results in fewer errors on the job. We encourage our employees to take time off and even require that they take at least two weeks off per year. GMS offers unlimited PTO to employees that have reached their fifth year anniversary.”

    Contact us today to learn more.

  • As of January 1st, 2023, employees in California whose employers do not offer retirement plans now have access to an optional retirement savings plan. This plan will be a state-facilitated retirement savings program through the Colorado SecureSavings Program. The Colorado SecureSavings provides businesses with a convenient way to help their employees save for their future. If you’re a business owner who:

    • Has been in business for two or more years
    • Has five or more employees
    • Does not have a retirement savings plan in place

    You are now required by law to offer a retirement savings plan. Should you fail to provide your employees with one of these plans, you will face hefty fines levied by the state of Colorado.

    Who Qualifies For This Program?

    Any employee who is at least 18 years of age and has earned wages in Colorado for at least 180 days is eligible and automatically enrolled in the program. Employees will have 30 days following the enrollment date to opt-out or customize their contribution amounts, investment options, and beneficiaries. Suppose your employees choose not to opt out within this 30-day time frame. In that case, they will automatically have five percent of their compensation withheld on an after-tax basis and contributed to a Roth Individual Account (Roth IRA). A Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. In addition, every January, contributions will automatically increase by one percent up to a maximum of eight percent unless the employee adjusts it.

    Should an employee not make an election on how their Roth IRA is to be invested, it will automatically be invested in the Capital Preservation Option. Capital preservation refers to an investment strategy where the main objective is to preserve capital and avoid losses in an investment portfolio. In utilizing this strategy, investments typically comprise the safest short-term investment products, including fixed deposits and bonds. It will then be transferred to the Target Retirement Date Option with a target date closest to the employee’s expected year of retirement.

    What You Should Know As A Business Owner In Colorado

    As with any law, as a business owner, you must know what every law entails and how it affects you, your business, and your employees. With this new law in Colorado, you will face hefty penalties if you don’t comply. It’s essential that you understand the following components of the law:

    • If you don’t sponsor a retirement savings plan for your employees, you must provide your payroll vendor’s name, payroll schedule, company bank information, contact information, and employee roster
    • Employees will then be automatically enrolled in the SecureSavings program
    • Employees hired after the date of registration must be enrolled in the SecureSavings program within 180 days of their hire date
    • You must update participating employees’ contribution rates within your payroll system
    • Contributions must begin with the payroll immediately after the 30-day opt-out period has passed
    • You must keep employee rosters and payroll contribution information updated
    • You are prohibited from setting up or managing employees’ accounts, managing investment options, or answering questions about the program
    • You are not permitted to provide any tax, legal, or other financial advice
    • Your employees will receive a Form 5498 directly from the trustee of the program no later than May 31st every year

    Save Yourself The Headache, Partner With GMS

    We understand that staying on top of, yet another law is a lot to take on. You wear many hats as a business owner and don’t have the time or money to manage every aspect of your business. When you hand off the administrative burdens of your business to GMS, you can finally focus on what you do best – growing your business. GMS helps with profit sharing and 401(k)s for small businesses. In serving as the plan’s co-sponsor, PEOs can leverage group buying power to reduce plan costs for small businesses and take on the fiduciary burden to ensure you remain compliant with your 401(k). We can help you set up fully customizable retirement savings plans that make your company more attractive to quality employees. When you partner with GMS, you can easily establish the following:

    • 401(k) eligibility requirements
    • Vesting schedules
    • Tax-deductible matching
    • Profit-sharing contributions

    Check this off your to-do list for the week. Contact us today to learn more.

  • Lawmakers in New York proposed Senate Bill 1488. This bill would prohibit businesses from retaliating if employees file workers’ compensation claims following work-related injuries. Within this bill, retaliation is defined as “threatening to contact or contacting U.S. immigration authorities over a worker’s suspected citizenship or immigration status as well as that of household members of workers.” If it’s passed into law, any employer found to be violating the law will face fines between $500 and $2,000. The bill currently sits with the Senate Labor Committee.

    Stay Up To Date By Partnering With GMS

    As a business owner, it’s essential that you take every precaution to ensure you remain compliant with state and federal laws. Luckily, if you have a business in the state of New York, GMS has your back. We ensure you are up to date with all laws and regulations. Don’t worry about missing one minor detail that could cost your small business a hefty fine you don’t have the time or money to deal with. Contact GMS to learn more.

  • The National Institute for Occupational Safety and Health (NIOSH) recently released a set of best practices to better protect temporary workers on the job. The mission of NIOSH is to develop new knowledge in the field of occupational safety and health and to transfer that knowledge into practice. Before we dive into the latest best practices, let’s define what a temporary worker is. Temporary workers are paid by a staffing company and assigned to a host employer, which can be short and long-term work. Host employers are responsible for protecting the safety and health of all workers, whether they’re temporary or permanent.

    As an employer or, in this case, a host employer, you must find every way possible to ensure the safety of your employees. Luckily, NIOSH came up with a list of best practices. They broke the best practices into four sections which include:

    • Evaluation
    • Contracting
    • Training
    • Injury

    Evaluation

    Host employers (HEs) and staffing companies (SCs) must evaluate all aspects of safety and health related to each organization and the jobs temporary workers are being hired to execute. To accomplish this, host employers should take the following steps:

    • Conduct a joint risk assessment
    • Provide information
    • Allow site visits
    • Ensure commitment to safety and health

    Contracting

    The joint structure requires effective communication and a common understanding of the division of responsibilities for safety and health at all required levels within each organization. The responsibilities must be reviewed often and set forth in a written contract between HEs and SCs. The following information needs to be specified clearly in the written contract:

    • Job details
    • Communication/documentation responsibilities
    • Injury and illness reporting, response, and record-keeping responsibilities
    • Other aspects of workplace safety and health

    Training

    The Occupational Safety and Health Administration (OSHA) states that in most cases, the HE is responsible for providing site – and task–specific safety and health training, and the SC is responsible for providing general safety and health awareness training. Safety and health training must be provided for all temporary workers before starting new projects or new jobs/tasks on existing assignments. In addition, these trainings must be in a language your temporary workers understand while also including the following information:

    • Approved tasks
    • Hazard identification and control 
    • Personal protective equipment
    • OSHA laws
    • First aid
    • Emergency procedures
    • Reporting safety and health incidents and concerns
    • Secure site
    • Safety and health program participation

    Injury And Illness Reporting, Response, And Recordkeeping

    Finally, to prevent future incidents from occurring, effective injury and illness reporting, response, and recordkeeping are vital. It’s essential that HEs implement the following:

    • Promote injury and illness reporting
    • Inform the staffing company 
    • Report to OSHA
    • Conduct joint incident investigations 
    • Coordinate medical treatment and return to work
    • Record on OSHA 300 Log
    • Complete staffing company documentation 
    • Fulfill records request

    Partner With GMS To Keep Your Employees Safe

    The outlined best practices announced by the NIOSH are just the beginning. You have the information in front of you, but how will you begin to implement them within your business? That’s where GMS comes into play. At GMS, we understand that business owners cannot keep operations running and thriving without a healthy and efficient workforce. Therefore, it’s essential to ensure your employees are given the tools to succeed while also ensuring you have created a culture of safety to minimize any risk their daily activities may carry. We help you take a proactive approach to workplace safety through various services, including:

    • Onsite consulting 
    • Jobsite inspections
    • Accident and injury investigations
    • Training
    • OSHA inspection and citation assistance 

    Contact our safety experts today to learn more. 

  • As we all began to have high hopes that COVID-19 could be over, a new variant has become prominent in the United States. XBB. 1.5. variant, or the so-called “Kraken” variant, has been circulating in many countries and has quickly become the newest dominant COVID-19 strain in the U.S. Experts have reported that this variant is more contagious than many of its predecessors, going from 4% of sequences to 40% in just a few weeks. Similar to every other variant we’ve experienced, employers must take steps to ensure that their employees are protected and feel safe coming to work.

    Steps To Take As A Small Business Owner

    Luckily, we’ve all been taking steps to prevent the spread of COVID-19 in the workforce. Business owners need to re-evaluate their current pandemic plans to ensure they’re taking the necessary steps to prevent the spread. The following are additional steps you can take:

    • Ensure employees are washing their hands frequently
    • Place hand sanitizer in easy-to-find places for your employees
    • Offer your employees a remote option if they feel uncomfortable coming to work
    • Be mask friendly
    • Offer paid time off to allow those who aren’t feeling well to stay home and prevent infecting other employees

    Unfortunately, COVID-19 doesn’t seem to be going away. While there are many ways to prevent the spread within your workplace, you can’t necessarily keep it from coming in. As a business owner, you need to stay up to speed with the latest news and different procedures other businesses are implementing to protect their employees.

    For more information on how you can protect your employees, click here.

    Partner With GMS

    When you partner with GMS, we help you update your employee handbook to ensure everyone’s on the same page. Whether there’s a new COVID variant or not, you should be updating your handbook at least once per year. Our HR experts work with you to ensure your procedures and processes are up to date and are exactly what you want for your business. Contact us today to learn more.

  • Recently, pay transparency has become one of the hottest topics for businesses. Before we jump into the reasoning behind it, let’s discuss what pay transparency is. Pay transparency is the practice of openly and proactively sharing information on organizational compensation practices, including the following:

    • Pay rates for specific positions 
    • Pay increases
    • Bonuses or commission structures 
    • Benefits 
    • Retirement plans
    • Or any other specifics about pay

    It’s essentially viewed as a way for employers to build trust with employees and ultimately boost engagement and productivity. Companies have different degrees of pay transparency ranging from providing pay grades for job titles to offering a full list of salaries for everyone at the company. While this topic can be controversial to some individuals, many desire transparency within their organizations.

    Benefits Of Pay Transparency

    Typically, many employees and employers believe that sharing how much you make is off-limits. However, with the current labor market, pay transparency could be your best friend. Pay transparency and listing salaries on job postings have become increasingly popular amongst businesses that are struggling to find and retain top talent. Glassdoor found that 63% of employees prefer to work at a company that discloses pay information over a business that does not. The following are the benefits of pay transparency:

    • Closes pay gaps
    • Creates happier and healthier employees
    • Increases employee retention
    • Vets out those with different salary expectations immediately from the recruiting process
    • Fewer salary negotiations will be needed
    • Access a wider pool of quality talent
    • Higher productivity 
    • Streamlines your hiring process

    The Disadvantages

    While there are many benefits of pay transparency, this topic can be quite controversial by raising unnecessary concerns and creating problems among team members. However, there is something to be said about the transparency of employees who perform the same job, and they should be compensated equally. In addition, you must consider the length of employment, levels of training, and overall experience. Ultimately, it’s challenging to apply a standard pay rate and maintain fairness while attempting to showcase equality.

    The following are disadvantages/challenges business owners could face when implementing pay transparency:

    • Comparing pay to other employees
    • Pay difference could be taken out of context
    • You may end up paying unnecessarily higher salaries
    • The potential loss of qualified job candidates whose salary requirements differed from yours
    • Employees may have privacy concerns
    • The work environment could suffer
    • This could make the pay gaps even more obvious since it will be open to the public

    Current Pay Transparency Laws

    Equal pay laws exist in nearly every state; however, laws requiring businesses to provide pay transparency are still a trending topic. The following states/cities have pay transparency laws:

    • California
    • Colorado
    • Maryland
    • Nevada
    • Jersey City, NJ
    • Ithaca, NY
    • New York City
    • Westchester County, NY
    • Cincinnati, OH
    • Toledo, OH
    • Rhode Island
    • Washington

    In addition, each state has different laws that employers must comply with. The following states require employers to provide salary ranges:

    • California
    • Colorado
    • Connecticut
    • Maryland
    • Nevada
    • Rhode Island
    • Washington

    Additional information can be found for each state here. 

    Is It Worth It?

    When you weigh the advantages and disadvantages of pay transparency, you’ll see that both are significant. There are still many questions that need to be answered about whether this is the right way to handle pay transparency or not. We understand how complex it can be. As more and more states begin implementing pay transparency laws, it’s essential that you stay up-to-date on the latest laws and regulations. When you partner with GMS, we make it easy for you. If you choose to list salaries on your job postings, our HR experts work with you to ensure they’re accurate and gaining attention from top talent. 

    Angelina Santiago, GMS’ Recruitment Specialist, explained, “There are a handful of reasons why companies should implement pay transparency. It exhibits pay equality and closes pay gaps, ensuring that employees are being paid appropriately. In addition, it creates happier employees that are being compensated fairly, which makes them feel appreciated. It also increases employee retention while creating a high-trust organization. Finally, it creates a better recruitment process for the company to attract high-level candidates.” 

    Contact us today to learn more.

  • Among many things, the COVID-19 pandemic changed how providers connected with patients worldwide. To stop the spread of COVID-19 early on, many providers postponed or canceled patients’ appointments. As a result, telehealth became a prominent source of patient care and monitoring. Telehealth provides individuals with easy access to providers while decreasing in-person contact with health care facilities and staff. Patients receive real-time interactions monitored through a smartphone, tablet, or computer. Pre-deductible telehealth coverage was included in the 2023 omnibus spending bill. The bill proposed that the telehealth pre-deductible coverage would remain available for an additional two years. On December 29th, 2022, President Joe Biden signed the $1.7 trillion spending bill into law. The bill included extending telehealth relief provision, which supported the 2020 Coronavirus Aid Relief and Economic Security Act (CARES). The CARES Act pushed payments to eligible adults, expanded unemployment insurance, and gave loan borrowers additional time to make payments.

    Understanding Pre-Deductible Coverage 

    Understanding how your deductible works is an integral part of getting the most out of your policy. It’s imperative to understand how pre-deductibles work within your business. Pre-deductible benefits are implemented when your plan starts – giving access to you and your employees before reaching the set deductible. This allows you and your employees to receive coverage while removing the financial barrier – allowing the use of essential medicines, medical devices, and diagnostic tests.

    Good news for employers: the bill’s provision allows health savings account (HSA) -qualifying high-deductible health plans (HDHPs) to cover telehealth and other remote-care service options on a pre-deductible basis. Additionally, an otherwise HSA-eligible individual can receive pre-deductible coverage for such remote-care services from a stand-alone vendor outside of the HDHP. In both cases, the pre-deductible telehealth coverage won’t affect an individual’s eligibility to make or receive HSA contributions. In short, this pre-deductible coverage has improved access to health care options, in a convenient and accessible way.

    Following the HSA contribution rules, employees remain eligible for telehealth without affecting their contributions. Individuals within your organization could receive remote care from vendors in and outside of one’s network.

    Remain Protected With GMS 

    When the world shut down amidst the COVID-19 pandemic, telehealth services reached an all-time high. As we transition out of that period, there are certain benefits employees want to stay – pre-deductible telehealth coverage being one of them. Luckily, it has been extended another two years, but still leaves uncertainty for the future thereafter. As a partner of GMS, you can receive affordable and convenient health consultations with licensed physicians. Additionally, Teladoc saves you and your employees time from sitting in waiting rooms, minimizing the need to take time off work. Through our partner, Teladoc, your employees can stay healthy and productive. Contact GMS today to learn more.