News/Blog

Mental Health Minute- February 2024

Breathing 101 Breathing is something you do all the time, often with little or no thought. Even during times of stress, your breathing will typically unconsciously shorten. Learning to control your breathing can be an essential tool for improving your mental and physical health. Breathwork, which is known as the combination of breathing exercises and…

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4 Ways AI Will Impact the Workplace in 2024

Artificial intelligence (AI) garnered attention from every industry in 2023, revolutionizing the way organizations operate and make decisions. Many employers adopted this technology to streamline operations, enhance workflows and improve customer experience. Looking ahead, organizations are expected to adopt AI at an even more rapid pace. According to Grand View Research, AI has an expected…

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January Mental Health Minute

Mental Health Benefits of a Clean, Organized Space If you’re struggling with seasonal affective disorder, anxiety, depression or other mental health issues, keeping your home tidy and organized may be challenging. However, research shows that disorganization can worsen your mental health, creating a snowball effect. January is Get Organized Month, so it’s the perfect time…

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7 Key Employee Benefits Trends in 2024

Attracting and retaining employees has challenged employers since the onset of the COVID-19 pandemic. In 2024, the labor market is expected to cool slightly; however, competition for talent will remain. As such, employers must remain agile and adapt to developing labor and market trends that will shape the market in 2024. In particular, current labor…

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December Mental Health Minutes

Healthy Habits That Can Lower Your Risk of Depression A recent international study published in the Nature Mental Health journal found that certain lifestyle factors can reduce the risk of depression by 57%. This study, which examined data from nearly 290,000 people over a nine-year period, found that there are seven lifestyle factors associated with…

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New Chicago Paid Leave Ordinance to Take Effect Dec. 31

Chicago has expanded its paid leave mandate with an ordinance that requires 40 hours of paid leave (PL) plus 40 hours of paid sick leave (PSL) as of Dec. 31, 2023. The new ordinance replaces the city’s current paid sick leave law. Covered Employers and Employees The new law covers all employers that employ at…

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Key Trends Driving Employer Health Care Costs in 2024

Amid ongoing inflation pressures, employees and employers alike can expect their health care costs to increase in 2024. Global professional services firm Aon reported that health care costs for employers will grow by 8.5% in 2024 (to more than $15,000 per employee), nearly double 2023’s figure. In line with those findings, the Business Group on…

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Health FSA Limit Increases for 2024

On Nov. 9, 2023, the IRS released Revenue Procedure 2023-34 (Rev. Proc. 23-34), which includes the inflation-adjusted limit for 2024 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2024, the adjusted dollar limit on employees’ pre-tax contributions to health FSAs increases to $3,200. This is a $150…

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IRS Announces 2024 Retirement Plan Limits

The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost-of-living adjustments for 2024 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2024 Increases The employee contribution limit for 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. Other key limit increases include the following:…

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Employee Family Coverage Benefits

Employer-sponsored Health Insurance Premiums Rose

Family Coverage Costs Nearly $24,000 in 2023 The Kaiser Family Foundation’s (KFF’s) 2023 Employer Health Benefits Survey revealed that workers and employers alike are paying more for job-based health insurance this year. In 2023, the average premiums for employer-sponsored health insurance were $8,435 for single coverage and $23,968 for family coverage. The average single and…

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