Recent News2019-11-18T16:05:13+00:00

New and Newsworthy

Has Your Company 401(k) Plan Made These 11 Mistakes?

It is critical to keep your company's 401(k) plan in compliance with numerous federal laws and regulations. Plans that are found to be in violation risk expensive penalties and disqualification. The IRS recently issued this list of 11 potential errors: 1. Has your 401(k) plan document been updated within the past few years to reflect recent law changes? 2. Are the plan's operations based on the terms of [...]

By |February 3rd, 2020|Categories: HRP Blog|0 Comments

Stretch IRAs Lose Potency under the SECURE Act

The Setting Every Community Up for Retirement Enhancement (SECURE) Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new law also contains an unfavorable provision that will affect nonspouse IRA beneficiaries who inherit accounts with substantial balances. As a result, some carefully constructed estate plans will be damaged. Here's the story. Old Rules Before the SECURE Act, the required minimum [...]

By |February 3rd, 2020|Categories: HRP Blog|0 Comments

Pay Policy for Mandatory Meetings

A source of irritation for employees can be the issue of pay -- or no pay -- for time spent attending meetings and training sessions. Tell employees they have to attend a meeting or training program, and the employees may raise questions like these: Is attendance mandatory, or can we skip it? If we show up, do we get paid? If we don't get paid for the time [...]

By |December 31st, 2019|Categories: HRP Blog|0 Comments

Hiring Seasonal Workers

Nearly 600,000 people will take on holiday seasonal jobs this year, predicts the National Retail Federation (NRF). The usual pressure to bring them in the door, compounded by today's low unemployment environment, could be a recipe for trouble. So, it's important to take the time to properly vet seasonal workers, just as you would your permanent employees. Avoiding Potential Pitfalls About one-quarter of prospective seasonal workers whose references [...]

By |December 31st, 2019|Categories: HRP Blog|0 Comments

Tied Down to Your 401(k) Plan’s Cost? Discover the Alternatives

Before 401(k) plans burst onto the employee benefit scene in the 1980s and traditional pension plans had not yet gone nearly extinct, there were profit-sharing plans. The purpose of these plans, as the name suggests, was to spread some of your profits around the workforce. But as 401(k) plans emerged, they were often incorporated into an existing profit-sharing plan structure, which shares the same "defined contribution" plan format. [...]

By |December 31st, 2019|Categories: HRP Blog|0 Comments

What’s Reasonable for Accommodation

Employers who must comply with the Americans with Disabilities Act (ADA) and similar state laws sometimes wonder how far they have to go to accommodate a disabled applicant or employee. The ADA defines accommodation as any change in the work or work environment which enables a disabled employee to perform the essential functions of a job. Accommodations can range from improving physical or structural obstacles to easing rigid [...]

By |November 18th, 2019|Categories: HRP Blog|0 Comments

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