Practical HR Tips, News & Advice. Updated Daily.
by Kimberly A. Klimczuk Employers with operations in Massachusetts can finally get a look at proposed regulations concerning the earned sick time law that goes into effect July 1. The new law requires employers with at least 11 employees to provide paid sick leave. Employees will accrue paid sick leave at the rate of one […]
The U.S. Department of Labor on April 14 previewed proposed changes to the 40-year-old definition of “fiduciary” that the agency says will increase consumer protection for those seeking advice on retirement investments and 401(k) rollovers. The long-awaited changes will include a new contract for broker-dealers to sign that pledges they will “formally commit to their […]
IRS on March 27 released a series of changes to its Employee Plans Compliance Resolution System that it said would improve the correction programs. Among the modifications to Revenue Procedure 2013-12 announced are new options for correction methods to recoup participant overpayments and lower compliance fees for participant plan loan errors. The 17-page Rev. Proc. […]
Even if those administering your plan are familiar with the ERISA notice and disclosure requirements, it’s worth remembering the importance of notification during the series of benefits transfers that can occur from corporate takeovers. Not doing so, even if the accrued benefits are shifted to the new company, can leave participants unaware — and possibly […]
Packets being given to retirees and separated, vested employees considering taking an immediate lump-sum distribution from their former employer’s defined benefit retirement plan rather than continuing lifetime income benefits routinely lack some key information needed to make an informed decision, or were unclear, according to the U.S. Government Accountability Office in a recent study. With […]
by Tammy Binford In a ruling that wasn’t a surprise, a federal judge has ruled against Nebraska’s ban on same-sex marriage. But the fate of the state’s constitutional amendment prohibiting same-sex marriage awaits an appeal to the U.S. 8th Circuit Court of Appeals. U.S. District Judge Joseph Bataillon issued the ruling on March 2. It […]
Preparing employer benefit plans’ annual filings to federal agencies can be detailed and time-consuming. A review of recent changes to the 2014 Form 5500 series indicates this process could become even more laborious for some plans, as the government seeks more data disclosure. The Form 5500 is used by multiple government agencies (the U.S. Department […]
Distributing abandoned small accounts in the 401(k) plans of participants who have left the company is a necessary evil for plan sponsors, to keep the plan focused on managing larger, active holdings and controlling costs. Despite the benefits for the plan that this form of housekeeping provides, results from these “forced transfers” may be less […]
In yesterday’s Advisor, we reviewed options for transitioning employees into retirement and how such programs benefit employers; today, how your partial retirement program can benefit employees as well.
by Jane Pfeifle On Monday, a federal judge in Sioux Falls ruled that South Dakota’s constitutional and statutory prohibition on same-sex marriage violated the U.S. Constitution. Six same-sex couples filed a lawsuit against the governor, the attorney general, the secretary of the South Dakota Department of Health, and other public officials seeking to overturn the […]