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Benton Oakfield

@bentonoakfield

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Long Island’s employee benefits specialist | We handle the headache so you can run your business | Melville, NY

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California has expanded and delayed the enforcement of repayment exceptions for retention agreements. This change provides more flexibility for employers managing discretionary bonus repayment structures. If you’re a business owner with 5 to 100 employees, this means less risk of fines and a smoother process for handling employee agreements.

Stay informed and adjust your policies accordingly.

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#employeebenefits #retentionstrategies #nyemployers #smallbusiness by @bentonoakfield

In 1954, the UAW contract with General Motors changed the game for employee benefits. Wage controls during WWII forced manufacturers to negotiate health insurance as a primary perk, setting a standard that still influences compensation today. For business owners with 5 to 100 employees, understanding these historical shifts can help you navigate current renewal decisions and rate increases this year. Take the time to review your options and ensure your benefits package meets your team's needs.

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#employeebenefits #healthinsurance #rateincrease #newyorkemployers by @bentonoakfield

Starting January 1, 2027, employers will have an extended compliance window for new retirement rules. This pause means you can take your time updating plan documents and coordinating with recordkeepers, which is vital to avoid the risk of fines down the road. Now’s the time to review your current plans and make any necessary adjustments.

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#employeebenefits #retirementplanning #nyemployers #smallbusiness by @bentonoakfield

The Pension Benefit Guaranty Corporation has restarted its compliance guidance program, issuing its first opinion letter this June. This change allows employers to request official opinions on annuity reporting thresholds, helping to reduce the risk of fines without the wait for new regulations. As renewal season approaches, it's a good time to review your benefits strategy and consider how these updates might impact your plans.

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#employeebenefits #pensionoversight #newyorkemployers #smallbusiness by @bentonoakfield

The 1986 ERISA amendments revealed significant gaps in corporate health coverage, sparking years of discussions that led to the Mental Health Parity Act of 1996. For business owners with 5 to 100 employees, this means understanding your health plans is critical to ensure you meet required standards and support your team’s mental health needs. As we approach renewal season, review your benefits carefully and consider how they align with these standards.

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#mentalhealth #employeebenefits #longislandbusiness by @bentonoakfield

Starting this year, employees aged fifty and older who earn over $150,000 must route their retirement catch-up contributions through Roth accounts. This change means employers with staff in this bracket need to update payroll systems and notify affected workers to avoid fines. Taking action now gives you more flexibility and options before the fall rush hits.

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#employeebenefits #retirementplanning #longislandbusiness by @bentonoakfield

Federal pension regulators now require a minimum 120-day notice for merger approval requests involving pension plans that receive special financial assistance. This change means that if you're an employer contributing to union-sponsored retirement funds, you need to stay on top of timelines and potential withdrawal liabilities to avoid unexpected fines.

Start planning for renewals now and gather employee feedback before the fall rush hits. The sooner you get organized, the more options you'll have.

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#employee benefits #longislandbusiness #nyemployers by @bentonoakfield

The Kerr-Mills Act, enacted in 1960, created the first federal framework for health subsidies, which still shapes our employee benefits today. For business owners with 5 to 100 employees, this means understanding how historical legislation influences your current health plans. As renewal notices come in, take time to evaluate your options and gather employee feedback. Starting early gives you more choices and less stress as we head into the fall.

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#employeehealth #healthbenefits #longislandbusiness by @bentonoakfield

The Civil Rights Act of 1964 set uniform compensation standards, which paved the way for flexible benefits like cafeteria plans. For business owners with 5 to 100 employees, this means you have a solid framework for offering tailored benefits that meet diverse employee needs. As we approach renewal season, gathering feedback from your team now can help shape your options and minimize extra paperwork later.

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#employeeownership #cafeteriaplan #longislandbusiness by @bentonoakfield

Our publishing pipeline is healthy after a recent systems check, ensuring regular benefits coverage continues smoothly. For business owners with 5 to 100 employees, this means less worry about disruptions as we head into renewal season. Now is the perfect time to gather employee feedback and evaluate your options before the fall rush hits. Starting early gives you more choices and flexibility for your team.

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#employeebenefits #healthinsurance #longislandbusiness by @bentonoakfield

The Department of Labor is increasing scrutiny on proxy advisory firms this year. This change could affect how your business manages employee benefits and compliance, which is especially important if you have between 5 and 100 employees. Take a moment to evaluate whether your current benefits strategy is up to par.

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#employeebenefits #smallbusiness #longislandbusiness by @bentonoakfield

Effective January 1, the employee contribution rate for NY Paid Family Leave is now 0.432%, capped at $411.91 annually. This change impacts your payroll processing and what your employees take home, so it's time to assess how benefits are aligning with your team's needs.

Now's a good moment to evaluate if these adjustments are working for your business and your employees.

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#longislandbusiness #paidfamilyleave #nyemployers by @bentonoakfield