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The August webinar hosted by the Nonprofit Risk Management Center highlighted both the risks and rewards of fringe benefits offered by nonprofit employers. Did you know that numerous studies have shown that employees value flexible work hours and telecommuting on a par with health insurance and other more traditional benefits, such as tuition reimbursement and performance bonuses?
Guest presenters from Richard J. Princinsky & Associates, (Hunt Valley, MD) provided an overview of “what’s new” in employee benefits as well as some cautionary notes on the risks for any nonprofit employer offering traditional and non-traditional benefits to employees.
As with any policy, equity and clarity are key. When administering any benefit policy a nonprofit employer needs to ensure fairness. Retaliating against an employee for filing insurance claims or taking advantage of health insurance benefits is illegal. Some benefits, such as COBRA and retirement plans, require employers to be extra-vigilant in notifying employees about their benefits accurately and in a timely fashion – recent cases in several jurisdictions underscore that misleading descriptions of any benefit can land the employer in very hot water.
This and several other cases demonstrate how important it is to carefully and accurately describe the benefits provided to employees.
The Nonprofit Risk Management Center welcomes questions and comments at 703.777.3504 or info@nonprofitrisk.org.
“First let me congratulate you on a conference well done. I had a great time at the Nonprofit Employee Benefits Conference and walked away with some valuable tools and questions that we’ll need to be addressing in both the short and long term. Thanks to you and your staff for all you do to provide us with quality resources in support of our missions.”
“BBYO’s engagement of the Center to conduct a risk assessment was one of the most valuable processes undertaken over the past five years. Numerous programmatic and procedural changes were recommended and have since been implemented. Additionally, dozens (literally) of insurance coverage gaps were identified that would never have been without the work of the Center. This assessment led to a broker bidding process that resulted in BBYO’s selection of a new broker that we have been extremely satisfied with. I unconditionally recommend the Center for their consultative services.
“Melanie Herman has provided expert, insightful, timely and well resourced information to our Executive Team and Board of Directors. Our corporation recently experienced massive growth through merger and the Board has been working to better integrate their expanded set of roles and responsibilities. Melanie presented at our Annual Board of Director’s Retreat and captured the interest of our Board members. As a result of her excellent presentation the Board has engaged in focused review which is having immediate effects on governance.”
“The Nonprofit Risk Management Center has been an outstanding partner for us. They are attentive to our needs, and work hard to successfully meet our requests for information. Being an Affiliate member gave us access to so many time- and money-saving resources that it easily paid for itself! Nonprofit Risk Management Center is truly a valued partner of The Community Foundation of Elkhart County and we are continuously able to optimize staff time with the support given by their team.”
“The board and staff of the Prince George’s Child Resource Center are extremely pleased with the results of the risk assessment conducted by the Nonprofit Risk Management Center. A thorough scan revealed that while we are a well run organization, we had risks that we never imagined. We are grateful to know that we have now minimized our organizational risks and we recommend the Center to other nonprofits.”
Great American Insurance Group’s Specialty Human Services is committed to protecting those who improve your communities. The Center team has committed to delivering dynamic risk management solutions tailored to nonprofit organizations. These organizations have many and varied risk issues, hence the need for specialized coverage and expert knowledge for their protection. We’ve had Melanie speak on several occasions to employees and our agents. She is always on point and delivers such great value. Thank you for the terrific partnership and allowing our nonprofits to focus on their mission!