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Pros & Cons Of Auto-enrolling Employees In A 401(k) Program

Genesis HR Solutions

Should you auto-enroll your employees into your company’s 401(k) program? Automatic enrollment is exactly what it sounds like—you, the employer, automatically enroll your employees into your organization’s 401(k) plan. The 401(k) is pre-tax. You don’t need to shake a magic eight ball to make a decision.

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Retirement Savings? HSA, IRA or 401(k)

Benefit Resource Inc.

Make sure you are getting the 401(k) match. Many employers will offer a 401(k) match up to a certain percentage. Additionally, contributions to a 401(k) are made will pre-tax dollars, so you save on taxes as well. Just like 401k matching programs, more employers are offering HSA matching programs.

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How the SECURE 2.0 Act of 2022 benefits your workplace

Insperity

employer-sponsored 401(k) plans. Act seeks to: Open access to 401(k) retirement plans to more people Provide greater opportunities to save Offer financial incentives to save while removing common barriers and penalties So, what does the law require of employers? Act, such as adapting payroll and record-keeping systems.

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Leap year! How to handle 27 biweekly payrolls in 2020

Business Management Daily

This avoids the problem, but many payroll systems aren’t set up to deal with these fractions. Ditto for bonuses that are based on actual wages paid. Most payroll systems allow you to suppress benefits’ deductions for the extra pay period. In addition, 401(k) nondiscrimination testing may be affected.

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16+ types of employee benefits you should consider

Genesis HR Solutions

401(k) & 403(b) Retirement Plans. A 401(k) or a 403(b) is a retirement plan named for the section of the tax code that governs it. ( A 401(k) plan can be an important tool for a small business to attract and retain employees. Making sure payroll deductions are correct. eHealthinsurance.com ).

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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.

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What is a total compensation statement & how does it provide value?

Genesis HR Solutions

This includes gross wages and extra financial compensation, such as bonuses or commissions, as well as the employer-paid portion of retirement plan contributions, insurance premiums, and paid time off benefits. Processing payroll doesn’t have to be complicated or expensive—but if you’re doing it the wrong way, it can be both.

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