The Employer newsletter offers information on employee benefit plans, payroll, management, and human resources that business owners, CFOs and HR professionals might find helpful.
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Until a decade ago, employees had to affirmatively choose to participate in a company’s 401(k) plan, and the onus was on employees to understand the plan and determine an effective saving strategy based on their individual goals. However, the Pension Protection Act of 2006 gave employers the ability to jumpstart their employees’ retirement savings through […]
Beginning in January 2017, the IRS is abolishing the staggered five-year amendment cycle for individually designed plans and will not accept determination letter applications based on the five-year cycle. If your organization offers an individually designed plan, this means you’ll face significantly higher burdens in order to stay in compliance. In light of this change, […]
As we shared with you last year, the Department of Labor proposed new rules in July 2015 that would raise the minimum salary level for exempt employees. The proposal was subject to a public comment period and is now undergoing a final review. While we do not know the content of the final rules, we […]
On February 26, 2016, the Financial Accounting Standards Board (FASB) finalized the highly anticipated reconstruction of the lease accounting standard referred to as Topic 842 in the FASB Accounting Standards Codification. Whether you are a cheering advocate or reluctant opponent, the time has come for you to take a hard look at your current leases […]
By federal law, employers have a responsibility to ensure their employees are eligible to work in the United States, and the government provides two tools for doing so: the Form I-9, which all employers are required to complete, and the E-Verify system, which is optional for some employers and required for others.
The Department of Labor’s 408(b)(2) fee disclosure regulations require service providers to disclose how much employee benefit plan sponsors are paying in fees. As a result, plan sponsors now have more information at their fingertips than ever before about the fees being charged to administer their plans. However, sponsors may find the amount of fee […]