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Bank failures and payroll — what employers should know

Business Management Daily

When Silicon Valley Bank in California and the Signature Bank in New York failed last week, employers with accounts at those banks began to fret they wouldn’t be able to pay employees. Before the FDIC acted on Monday, they had good reason to—bank accounts are insured for up to $250,000. Thankfully, we’ll never know.

Banking 52
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Missed Payroll in the Wake of Bank Collapse: Implications, Strategies, and Minimizing Risk

Proskauer's Employee Benefits & Executive Compensa

In the wake of the recent news of bank failures, businesses—and their investors—are rightly concerned about the implications of a missed or delayed payroll. Obligation to Make Payroll Under federal and most state laws, employers have both timing-of-pay and frequency-of-pay obligations.

Banking 52
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Growing Risks of Benefits, Payroll Platforms

InterWest Insurance Services

There is a growing threat to companies that use online services to administer their employee benefits and payroll as cyber criminals increasingly exploit these cloud service platforms. Do not assume that the payroll and benefit system you are using has safeguards in place to prevent these types of attacks. Health information.

Payroll 88
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Demystifying Financial Jargon

Money Talk

Interest Rate – The percentage charged by banks or credit card companies for loaning money or the percentage paid by banks for borrowing your money held in savings accounts, checking accounts, or certificates of deposit. For example, $100 in a mutual fund or 5% of pay every payday in an employer retirement savings plan.

401(k) 176
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Constructive receipt and on-demand pay, a murky payroll intersection

Business Management Daily

Included for the second time in the administration’s budget are new payroll tax rules governing on-demand pay. It’s normal for employees’ pay to be direct deposited into their bank accounts a few days before payday. Depending on the bank, employees can access their pay immediately. And in fact, banks are marketing early access.

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Importance of Employee Benefit Package And Why it Matters

HR Digest

Payroll taxes 2. Matching 401(k) contributions 2. Paid time off banks covering vacation and sick leave 8. Offers like a 401(k) or 403(b) can work as this means that people can use some of their money before they pay taxes on it, and invest in the future. Overtime pay 3. Workers’ compensation 4.

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Use October to jump-start your year-end payroll processes

Business Management Daily

However, you can count on this: Complete these early year-end payroll tasks now and you can still have a sweet Halloween. If your payroll system masks SSNs, unmask them so employees can confirm them. Inquire whether other departments will need year-end reports from Payroll. Schedule bonus payrolls. bso/bsowelcome.htm.

Payroll 40