Need to fix issues with your employee retirement plan? IRS just updated its procedures on retirement plan corrections. The changes to the Employee Plans Compliance Resolution System (EPCRS) get spelled out in Revenue Procedure 2021-30. Staying in compliance So your company remains in compliance when making retirement plan corrections, check out some of the key […]
Time to take a new step to ensure employees remain retirement ready, courtesy of a new federal 401(k) disclosure rule. And to help, the Department of Labor (DOL) just released new FAQs that spell out the timing of its execution, effective Sept. 18. 2 new disclosures Under the new 401(k) disclosure rule, your company has […]
Employer retirement plans have been in the spotlight lately. Many employers are ahead of the game, offering workers a variety of options for saving and matching contributions. So how does your company measure up against your peers? Most are opting for traditional 401(k) plans, according to XpertHR’s 2021 Employee Benefits Survey. Sixty percent of employers […]
Lately, lawmakers have been focusing more on boosting participation in retirement plans. And many of their solutions involve your Payroll team. Legislators have already made several changes. More could be coming soon, according to a statement from the ERISA Industry Committee (ERIC). In the statement, the committee praised recent efforts to boost workers’ retirement savings […]
It’s important for your Finance team to know all the regs when it comes to pay deductions and 401(k) plans, especially when employees are repaying loans they’ve received from the company plan. One employer wasn’t diligent with following the rules and guidelines for administering a 401(k). Now, it’s facing a long, expensive legal battle with […]
The Department of Labor (DOL) just issued several COBRA notices you may need to give employees under the American Rescue Plan Act (ARPA). The ARPA created COBRA premium assistance to help certain individuals continue their health benefits. The premium assistance is available from April 1, 2021, through Sept. 30, 2021. Check out the two notices […]
If employees roll over money for dependent care expenses, Payroll won’t have to withhold taxes on it. That comes straight from the source in IRS Notice 2021-26. Dependent care benefits that would’ve been excluded from income if used during taxable year 2020 (or 2021)? They will remain excludable from gross income and don’t count as […]
Employers looking to get a jumpstart on 2022 will want to take a look at the 2022 HSA limits just released by IRS. IRS Revenue Procedure 2021-25 sets the limits for high deductible health plans (HDHPs) and health savings accounts (HSAs). The numbers your team needs Take a look at your new thresholds for these […]
Unfortunately, many employees experience financial stress. So, more employers are stepping up to help by offering their workers emergency savings accounts funded by payroll deductions. As the COVID-19 pandemic continues, workers have had trouble saving money for a rainy day. Recent research shows that 37% of U.S. households couldn’t come up with $400 for an […]
