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 […]
You and your Finance team may want to give your bonus and severance programs a second look. It’s important to make sure they’re aligned with federal standards, if possible. Otherwise, you may have to deal with tricky state wage laws in any legal disputes. Many state laws are more favorable to employees. This makes it […]
Between state and local mandates, and the coronavirus pandemic, more employers must provide workers with paid sick and family leave. These initiatives are meant to be beneficial – but they’re full of red tape and confusion. That’s according to the ERISA Industry Committee’s (ERIC’s) latest survey of large employers. For many employers that offer these […]
Employers with 2021 dependent care flexible spending accounts have several changes to contend with. The American Rescue Plan Act just raised the annual limits for pretax contributions for 2021. (Note: This applies to the calendar year.) The 2021 dependent care limits: $10,500 for single taxpayers (up from $5,000), and $5,250 for married individuals filing separately […]
Your company’s retirement plan poses serious cybersecurity risks. So says the Government Accountability Office (GAO). It just released a new report on defined contribution plans. First, think of all the sensitive info needed for a 401(k). Then that data travels between the employee, your company, the plan itself. And often a third party gets involved. […]
