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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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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). Accrued paid time off (PTO/Vacation time). Accrued paid time off (PTO/Vacation time). Learn how to simplify the process: Download The Small Business Guide To Payroll today. Commissions. Social Security contributions.

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What you need to include in a small business employee handbook

Business Management Daily

Exempt employees must meet specific criteria set by the Federal Labor Standards Act in order to be exempt from overtime wages. Nonexempt employees are entitled to overtime pay if they work over 40 hours in a workweek. Include information on overtime pay as well as meal and rest periods. Paid time off.

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Employee Files: What to include, what to leave out, and what’s confidential

Business Management Daily

In particular, it requires employers to keep detailed records of hours worked by all employees — including overtime, weekly hours, and any additions or deductions from employee wages. The FLSA has a few other regulations related to payroll documents besides retaining them for three years. That includes the following: Benefit information (i.e.,