Prepare for the Changes Ahead for Employee Benefit Plan Audits
If your organization offers an employee retirement plan, chances are that it may be subject to annual reporting requirements that includes an audit of the plan’s financial statements. That audit will also be subject to a number of changes in the years ahead for compliance with the newly released Statement on Auditing Standards (SAS), Forming…
If Adopted, Overtime Pay Rules May Expand to More Employees
Today (and since 2004) salaried employees who earn at least $455 per week aren’t eligible for overtime pay under the Fair Labor Standards Act, if their job duties are executive, administrative or professional (EAP) in nature. That’s true no matter how many hours these employees work in a week. Under proposed regulations, the limit would…
Cut Workers’ Comp Costs: 9 Tips
Workers’ Compensation: It’s always a potential threat for large losses. And when Workers’ Comp costs get out of control, it can become a challenge to reduce them. Accept the challenge to reduce Workers’ Comp costs, or to hold down already low Workers’ Comp costs. How? Here are some strategies to help you and your business…
Is an HSA Right for You?
Health care costs have skyrocketed over the last few decades. Fortunately, health savings accounts (HSAs) allow qualifying individuals to pay for certain medical expenses with pretax dollars. Here is what you need to know to put an HSA to work for you. Healthy Growth Over the last decade, many people have jumped on the HSA…
Giving Information Can Lead to Lawsuits
Legal hassles can arise when you give references for former employees. These former employees might turn around and sue your organization for defamation. Here’s a quick review of the ins and outs of giving references for former employees. First the facts: Defamation involves communicating false information. Defamation with malice involves communicating information — even true information when…
Tread Carefully If Firing an Employee on FMLA Leave
Deciding to terminate an employee is generally risky. But the risk level associated with terminating an individual who has requested leave under the Family and Medical Leave Act (FMLA) is markedly greater, as illustrated in one court case. Plaintiff Terminated The employer was a not-for-profit organization that provided programs and services to people with developmental disabilities….
Gain Employee Loyalty with Commuting Tax Breaks
Commuting can be a nightmare for employees. Your company can help by offering your staff members some financial relief from their commuting hassles. Employees appreciate this benefit and there’s a bonus for your company: You can save money on payroll taxes. Similar to a cafeteria plan election, staff members can have money deducted on a pre-tax…