SevenHills named a CEFEX-Certified Advisor
We are pleased to announce that SevenHills Benefit Partners
has recently been designated as a CEFEX-certified advisor by The
Centre for Fiduciary Excellence. We believe that this
designation underscores the commitment we have made to our retirement plan
sponsors; that we consistently act in the best interests of our clients and
A key reason we voluntarily committed to this comprehensive
third party review was to increase the confidence you could place in our
advisory work for you. Additionally, this designation helps fulfill your
plan sponsor fiduciary responsibility to conduct regular due diligence on
your service providers, which includes us as your advisor. Please review
this short two minute video that explains the benefits of working with a
CEFEX-certified advisor: www.youtube.com/embed/xkAJBNZzPR4
Centre for Fiduciary Excellence, LLC (CEFEX) is
an independent certification organization that works closely with industry
experts to conduct comprehensive assessments of investment fiduciaries. The
mission of CEFEX is to promote best practices in the investment management
industry. CEFEX Certification helps determine the trustworthiness of
investment fiduciaries. With this certification, you can be confident that
our investment due diligence process adheres to fiduciary best practices.
Additionally, CEFEX annually assesses our process to ensure we continue to
meet always changing fiduciary standards and requirements. SevenHills is
one of a small number of retirement plan advisors in Minnesota that is
and Local Regulatory Updates
Paid Sick and Safe Leave
Employers with workers who perform their jobs within the
city limits of St. Paul and/or Minneapolis are newly subject to recently
adopted Safe and Sick Time ordinances in the two cities. In addition,
employees who work in Minneapolis will be subject to the newly adopted
minimum wage laws.
here to retrieve a table that lays out both the St. Paul and
Minneapolis ordinances side-by-side. We encourage you to become familiar
with its provisions. We suggest you direct any specific questions about
these new ordinances to your accountant and attorney, as there is a
potential for financial and legal liability for non-compliance.
Minimum Wage Law
As for the Minneapolis minimum wage increase ordinance, we
find the guidance in
this article to be helpful. Again, consult with your own accountant
and attorney to ascertain how you are affected by the new law. Note that St. Paul is also
considering a minimum wage law.
Efforts by the Minnesota legislature to limit the ability of
cities to establish these sorts of ordinances failed during the 2017
legislative session. At least for now, other cities are free to create
their own version of minimum wage and safe and sick time ordinances.
Federal and State Healthcare Reforms
Trying to figure out what Congress is going to do about
healthcare reform is tougher than predicting who will win the Kentucky
Derby in 2018. What we can do is assure you that we are watching this
closely, and as we get more clarity, we will keep you updated.
At the Minnesota level, we are encouraged by the attention
given to state-specific reforms by the State Senate Select Committee on
Consumer Access and Affordability. The select committee, which held its
first meeting on July 12, is Chaired by Sen. Scott Jensen, a physician who
is serving his first term in the State Senate. The committee consists of
three Republicans and three Democrats, including Sen. Matt Klein (DFL) who
is also a physician.
Sen. Jensen explains the select committee's mission in this YouTube
video. Essentially, his committee is looking for ways to reduce
the cost of medical care while maintaining or increasing access. The
committee plans to meet throughout the Fall and early Winter, and then
present a package of reforms during the 2018 legislative session.
We are encouraged that lawmakers are studying this important
issue and looking for ways that we Minnesotans can adopt good public policy
to meet our expectations, regardless of what Congress does.
Elements Available for Review
In case you missed it earlier this month, you can click
here to review the UBA HR Elements newsletter here. It features
information about employee relations, technology, wellness and a summary of
other relevant news.
Handbooks Seminar - Mark Your Calendar
September 14 - 11:30-1:15 PM
Room - Town and Country Club
information will be provided at a later date.