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Compliance Areas for 2024 You Might Not Have Thought Of

PeopleStrategy

Let’s get into these areas that deserve another look before the new year starts: health savings accounts, overtime, retirement, remote employment, and the Affordable Care Act. State Overtime Salary Regulations Do you have employees in California, Colorado, Maine, Nevada, New York or, Washington? Those six states break down as follows.

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Importance of Employee Benefit Package And Why it Matters

HR Digest

Overtime pay 3. Matching 401(k) contributions 2. 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. The mandatory benefits form the foundation of all employee benefit packages. Payroll taxes 2. Workers’ compensation 4.

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Employee Benefits Guide for 2023: What Employers Need To Know

Vantage Circle

401(k) Plans A 401(k) plan allows the employees to defer some of their salary. In this case, their deferred money goes into a 401(k) plan sponsored by their employer. If you establish a 401(k) plan, you: Can have other retirement plans. It can be a business of any size.

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4 ways to help all employees prepare for retirement

Best Money Moves

Overtime, inflation can erode the purchasing power of the dollar — meaning the same dollar today won’t buy as many goods in the future. Auto enrollment is a company program that automatically enrolls all employees in a 401(k) or another retirement plan.

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

Proskauer's Employee Benefits & Executive Compensa

Under some of these laws, payment of certain kinds of wages ( e.g., overtime wages) can be delayed until the following regularly scheduled pay day, but only if the wages cannot be computed in time with reasonable diligence. First, employee contributions ( e.g. , to health or 401(k) plans) will need to resume when payroll resumes.

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Rainy day fund: Helping employees weather financial uncertainty

Best Money Moves

For instance, employees may be more likely to funnel their savings to their 401(k) account if they know that the funds will be matched by their employer. Rainy day funds grow overtime, but what if some employees need an immediate solution to a financial emergency? Company match programs can help encourage employees to save.

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

Genesis HR Solutions

401(k) matching contributions. Base pay/overtime. Retirement plan contributions (401k). Learn how to simplify the process: Download The Small Business Guide To Payroll today. Following are items that would be listed on a total compensation statement: Salary/hourly wages. Commissions. Social Security contributions.

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