What Are the Benefits of Offering an ESOP?
Nearly all of us have at least heard of Employee Stock Ownership Plans—also known as ESOPs—but far fewer are sure exactly how they work and why organizations would want to offer them.
Tag: income
IRS Raises FSA Contribution Limits, Other Thresholds for 2018
Employees will be able to contribute up to $2,650 to a health flexible spending account (FSA) in 2017, a $50 increase from the 2017 amount, the Internal Revenue Service (IRS) announced in Revenue Procedure 2017-58.
Not Sexy, But Important: Look Again at Life Insurance
It isn’t the sexiest benefit on the menu, but life insurance might be the most heroic. Unfortunately, its value is often unappreciated until tragedy strikes.
Update: Social Security Wage Base Limit Raised to $128,400
The maximum wage base for Social Security tax will be $128,400 in 2018, up from $127,200 in 2017, the U.S. Social Security Administration (SSA) announced. (Note: The original 2018 wage base announced on October 13 was $128,700; this amount was revised by the SSA in late November.)
401(k) 101: A Benefit for Employers and Employees Alike
In this article, we’ll look at some of the key benefits 401(k)s provide to both employees and employers, as well as some important practical considerations. Many thanks to Arris Murphy, J.D., Contributing Editor to BLR’s The 401(k) Handbook, from which the material for this piece originated.
‘Saver’s Credit’ Access Could Help Plans Comply with Nondiscrimination Requirements
A retirement research institute suggested several ways to improve the Saver’s Credit for lower-income individuals in a recent paper, steps that also could help employer plan sponsors ensure that their plans remain in compliance with nondiscrimination requirements.
A Different Perspective On Income in Retirement
If you follow the latest retirement news, it seems the sky is falling. The savings picture for Americans looks bleak. We don’t want to minimize the problems; they really do exist. But, the way things play out for individuals can look very different than how they appear based purely on ratios, projections and estimates.
Employee or Independent Contractor? Right to Control Is Key
A continuing point of contention in employment law revolves around who is an employee versus who is an independent contractor. The issue seems to come up often in wage and hour cases and workers’ compensation or unemployment claims.
4 Tips for Your Compensation Planning from the Banking Industry
It’s no secret that the recession of 2007/08 resulted in an array of new regulations, especially in the financial services arena. Banking, especially, became subject to new regulation intended to avoid the circumstances that originally led to the recession. The regulation doesn’t end with your mortgage loan or bank money market account. We spoke with Kathy Smith, President of Bank Compensation Consulting to find out how the industry’s highly regulated environment has led to creative compensation solutions—many of which can apply to any industry.
Ask the Expert: How Should Gift Cards Be Recorded, Handled by Payroll?
Question: We have a point system for our employees in which we award gift cards. These amounts are updated on the payroll for each employee that is a recipient of these awards. Our question is how we need to file these documents for proper recordkeeping. Can we keep one file with a spreadsheet of names […]