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Qualified Retirement Plans: Know the Rules 1200 628 Mackmedia-Team

Qualified Retirement Plans: Know the Rules

The IRS annually releases its Required Amendments (RA) list, which includes changes that individually designed retirement plans may need to make in order to remain qualified under the Internal Revenue Code. The most recent RA list was released via Notice 2017-72, which contains changes not only to the qualification requirements for individually designed plans but…

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Federal Payroll Laws for Nonprofit Organizations 1200 628 Mackmedia-Team

Federal Payroll Laws for Nonprofit Organizations

Payroll for nonprofit organizations can be challenging, as it requires dealing with special provisions of the Fair Labor Standards Act (FLSA), which is administered by the DOL, and by the federal tax code, which is governed by the IRS. FLSA Coverage for Nonprofits The FLSA’s minimum wage, overtime, record-keeping and child labor laws cover employees…

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New Law Makes 401(k) Hardship Withdrawals Easier 1200 628 Mackmedia-Team

New Law Makes 401(k) Hardship Withdrawals Easier

Currently, 401(k) hardship withdrawals are limited to elective deferrals made by the participant; other types of funds cannot be withdrawn. After making a hardship withdrawal, participants must wait six months before they can make new contributions. Also, participants must take available loans before making hardship withdrawals. The Bipartisan Budget Act, which takes effect in 2019,…

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How to Manage a Cafeteria Plan 1200 630 Mackmedia-Team

How to Manage a Cafeteria Plan

A cafeteria plan is a written employee benefits plan that meets the requirements of Section 125 of the Internal Revenue Code. Most commonly, cafeteria plans come in the form of premium-only plans and flexible spending arrangements. Cafeteria Plan Provisions With a premium-only plan, employees pay their premiums—such as for health, life, and disability insurance—with pretax…

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Establishing Accurate Timekeeping Practices 864 454 Mackmedia-Team

Establishing Accurate Timekeeping Practices

The Fair Labor Standards Act (FLSA) requires that employers track hours worked by nonexempt employees, who typically are paid by the hour. Although you can choose your own timekeeping system, it’s essential that the records you keep are accurate and complete. System Options The evolution of technology has yielded an increased selection of timekeeping systems,…

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Make Your Next Open Enrollment Season the Best One Yet 864 454 Mackmedia-Team

Make Your Next Open Enrollment Season the Best One Yet

Open enrollment allows employees to elect or change their benefit options during a certain period of time each year. It is typically a hectic period, as employees tend to have many questions about benefits during this time. The human resources (HR) team has the monumental burden of ensuring a smooth open enrollment for employees throughout…

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Traditional Leave Plans versus Paid Time Off 1200 630 Mackmedia-Team

Traditional Leave Plans versus Paid Time Off

Traditional leave plans separate time off into different categories, such as vacation, sick, and personal time. Employees are allotted a specific number of days or hours for each category. The time off, which is usually based on length of service, may only be taken for the allotted purpose. According to a 2016 report by WorldatWork,…

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When to Dock an Exempt Employee’s Salary 1200 628 Mackmedia-Team

When to Dock an Exempt Employee’s Salary

Employers can pay executive, administrative, and professional employees who are exempt from the Fair Labor Standards Act (FLSA’s) minimum wage and overtime requirements on a salary basis. These salaried employees must receive a predetermined amount of pay amounting to no less than $455 per week each pay period. Salaried exempt employees are not paid according…

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Payroll Procedures for Commissioned Employees 1200 628 Mackmedia-Team

Payroll Procedures for Commissioned Employees

Commission is a sum of money an employee receives for performing a certain task. This sum is typically a percentage of sales made. While some employees receive only commission, others are paid a commission plus a salary or hourly wage. In some cases, a commissioned employee is exempt from overtime. There’s also withholding, paid sick…

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How to Prevent Employee Benefits Security Administration Audits 1200 628 Mackmedia-Team

How to Prevent Employee Benefits Security Administration Audits

The Employee Benefits Security Administration (EBSA) has the authority to conduct an investigation, or audit, of a company’s health and welfare plan at any time to ensure that the plan is in compliance with federal laws, including the Employee Retirement Income Security Act (ERISA), Patient Protection and Affordable Care Act (ACA), and Health Insurance Portability…

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