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Business Wisdom

Tuesday, 18 December 2018

Bringing the best together

Written by The Rehmann Team

I’m sure you’ve heard the famous saying “two heads are better than one.” Collaboration is invaluable — and the truth is, the right people are the greatest asset of any business. We all want to work with those who have a positive attitude, a sharp mind and a common goal. As leaders in the financial and managed IT services industries respectively, Rehmann and Trivalent Group® understand the power of combining forces to cultivate capabilities and reach business objectives...

Wednesday, 12 December 2018

Legalizing Marijuana and the Continuing Impact on Banks

Written by The Rehmann Team

The emerging legalized marijuana industry has an estimated $9 billion in annual sales. Yet, only 30 percent of participating businesses have a bank account, forcing them to conduct most of their business on a cash-only basis. This raises serious security concerns for companies that handle or store large amounts of cash – making them a prime target for armed robbery – and increases the potential for money laundering activities. It’s also a missed opportunity for banks that could service these organizations...

Wednesday, 12 December 2018

TRID Rules For Partial Payment Policies Effective October 1, 2018

Written by The Rehmann Team

Among the Reg Z changes that went into effect on October 1 is a new requirement for disclosing partial payment policies in mortgage transfer notices. If a bank has to provide a mortgage transfer notice under current Reg Z requirements, it must now include information about the partial payment policy when issuing the notice. The rule applies if the transfer is for a closed-end consumer credit transaction secured by a dwelling or real property, including but not limited to a mobile home or co-op unit. The rule does not apply to a transfer of a reverse mortgage...

Wednesday, 12 December 2018

Beware of Fileless Cyber Attacks

Written by The Rehmann Team

Most banks are familiar with cyber attacks that download viruses and other files onto networked computers, spreading their malicious activities throughout an organization. A new type of attack is rapidly emerging – non-malware or fileless attacks. These attacks gain control of computers by accessing trusted, but vulnerable, software applications and web browsers that are already installed on the computer which a typical employee uses every day. They also access operating system tools to gain privileges to carry out commands across a network and get a hold of confidential information...

Monday, 26 November 2018

Can we rescind a participant’s coverage based on a plan error?

Written by Thomson Reuters

Question: Our company sponsors a group health plan that covers employees who work at least 30 hours per week. After reassigning one of our covered full-time employees to a part-time position, we mistakenly continued to provide coverage for two months — collecting premiums and paying claims for that period. After a routine audit, we discovered the error. Can we rescind the employee’s health coverage effective as of the date that his status changed from full-time to part-time?..

Monday, 26 November 2018

Agencies propose regulations to expand use of HRAs

Written by Thomson Reuters

Three federal agencies have proposed changes that could bring significant changes to Health Reimbursement Arrangements (HRAs). The IRS, Department of Labor (DOL) and Department of Health and Human Services (HHS) jointly proposed the regulations in response to President Trump’s executive order directing the agencies to consider regulations or guidance that would expand the availability and permitted use of HRAs. Let’s look at some highlights. HRAs funding individual insurance The proposed regulations would allow HRAs to be integrated with, and to reimburse premiums for, individual health insurance coverage if certain conditions are met...

Monday, 26 November 2018

Future focused: Trending health care plan features

Written by Thomson Reuters

The pace of health care cost inflation has remained moderate over the past year, and employers are trying to keep it that way. Rather than continuing to ask employees to shoulder more of the burden, however, many are aiming at longer-term changes in employee behavior, such as fostering a “culture of health” within their organizations. These insights come from two newly issued reports from a pair of large benefits consulting and insurance brokerage firms, based on surveys conducted earlier this year. Looked at in total, the data indicates that employers are looking less at immediate cost-cutting measures and more at “future-focused” plan features...

Tuesday, 20 November 2018

Market Outlook -- November 2018

Written by The Rehmann Team

Economy Comments from the San Francisco Fed highlighted the current strength of the U.S. economy. After a strong second quarter (GDP annualized growth rate of 4...

Tuesday, 20 November 2018

Reviewing your estate plan

Written by Forefield, Inc.

An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed. When should you review your estate plan? Reviewing your estate plan will alert you to any changes that need to be addressed...

Tuesday, 20 November 2018

What happened to your money?

Written by Forefield, Inc.

If you don't know what happened to your money during the past year, it's time to find out. December and January are the perfect months to look back at what you earned, saved, and spent, as W-2s, account statements, and other year-end financial summaries roll in. How much have you saved? If you resolved last year to save more or you set a specific financial goal (for example, saving 15% of your income for retirement), did you accomplish your objective?..

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