Are you an employer that offers or provides group health coverage to your workers? Does your health plan cover outpatient prescription drugs — either as a medical claim or through a card system? If so, be sure to distribute your plan’s Medicare Part D notice before October 15. Purpose Medicare began offering “Part D” plans … Continued
Question: How do we handle overtime pay calculations for hourly employees when they receive nondiscretionary bonuses? Answer: A nondiscretionary bonus is a bonus based on an employee meeting criteria such as production, sales, quality, efficiency, or other performance standards. The federal Fair Labor Standards Act (FLSA) requires that overtime pay be calculated based on an hourly employee’s … Continued
On August 31, 2018, President Trump signed an executive order directing the Departments of Labor and Treasury to make it easier for employers to offer retirement and savings programs. The majority of workers are employed at small businesses where they are less likely to have access to 401(k) plans and other retirement plans than workers … Continued
IRS Permits Student Loan Repayment Benefit as Part of Employer’s 401(K) On August 17, 2018, the federal Internal Revenue Service released a private ruling letter (Number 201833012) concluding that an employer may amend its 401(k) plan to provide student loan repayments (SLR) nonelective contributions under the program without violating the “contingent benefit” prohibitions of 26 … Continued
Recently, the President signed a bill repealing the Affordable Care Act’s Individual Mandate (the tax penalty imposed on individuals who are not enrolled in health insurance). While some are praising this action, there are others who are concerned with its aftermath. So how does this affect you and why should you pay attention to this … Continued