Earned wage access, also known as on-demand pay, is being leveraged by your peers as a key recruitment and retention tool for workers who may be strapped for cash right now because of the high prices of gas, energy bills and groceries. In a Zoom interview, Scot Parnell, CFO of DailyPay, estimated that 37% of […]
Although Congress isn’t famous for cooperation, there was enough bipartisan support for the Secure 2.0 Act of 2022 (pages 817-946 of the Consolidated Appropriations Act of 2023) to get it signed into law. The intent is to make it more attractive for employers to offer retirement plans and potentially improve retirement outcomes for employees. In […]
Now that you have a feel for what positions at your firm should be hybrid, you might be considering giving employees the ultimate work schedule flexibility – the ability to autonomously choose the days and hours that they work. Many of your peers have discovered that it’s an easy fringe benefit to add, and that […]
There’s no need to panic if you or one of your staffers discover they’ve made mistakes with your company’s 401(k) plan. No one is going to jail, and in almost every case you won’t be paying a penalty, so long as you take steps to rectify the error promptly and correctly. The IRS’ Employee Plans Compliance […]
As the calendar flips to 2023, it’s crucial for your Finance team to be aware of the tax changes going into effect and for you to take steps to ensure compliance. In the ResourcefulFinancePro webinar “Tax Changes Finance Pros Need to Know Going into 2023, Pamela Fagan-Shull, president of Audit Business Services Inc., highlighted seven […]
More than half of employees say they’d like to receive a financial reward of some kind as the Christmas and New Year’s holidays near. The reality is, many won’t be seeing a bonus of any kind as employers tighten their belts and layoffs loom on the horizon. Challenger, Gray & Christmas surveys businesses every year […]
Give your team a heads up: The informational copies of the 2022 Form 5500, Form 5500-SF, IRS Form 5500-EZ and form instructions have been released by IRS, the Dept. of Labor’s (DOL) Employee Benefits Security Administration and the Pension Benefit Guaranty Corporation. They arrive just in time for the year-end financial condition, investments and operations […]
Thanks to a final rule issued November 22 by the U.S. Department of Labor (DOL), ESG retirement investment restrictions put in place back in 2020 by the Trump administration are being lifted. ESG stands for environmental, social and governance. Because a growing number of investors – particularly among Millennial and Gen Z age workers – […]
Heads up to Payroll and everybody in your organization making retirement plan contributions: the maximum amount that can be put toward 401(k)s will rise to $22,500 for 2023, according to IRS Notice 2022-55. It’s a significant 9.8% increase from the current $20,500. IRS is also applying that $22,500 retirement plan contribution limit to employees who […]
