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Considerations When Planning to Join a Cluster

InterWest Insurance Services

This is the second part of a two-part series on the factors you should take into account if you are considering joining an insurance agency cluster. Typically, these profit-sharing checks are paid out if the grouping writes a certain amount of premium and if those accounts combined stay below a certain loss-ratio threshold.

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10 Unique Extrinsic Rewards That Your Employees Will Love In 2023

Vantage Circle

You want your employee benefits package to include at least some of these popular fringe benefits : Health insurance. Life insurance. Disability insurance. Retirement planning services. Profit-sharing Plans. Hence, enter the profit-sharing plan. Tuition assistance. Stock options.

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Types of Compensation: Everything HR Needs to Know

HR Lineup

Variable Pay: Performance-Based Incentives Variable pay, also known as performance-based pay, includes bonuses, commissions, and profit-sharing plans. HR professionals play a crucial role in benchmarking salaries against industry standards, ensuring internal equity, and addressing any pay disparities within the organization.

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Defined Benefit vs. Defined Contribution: Choosing the Right Retirement Program 

HR Professionals Magazine

defined contribution (DC) plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans. The benefits in most defined benefit plans are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC).

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When are 1099s due? 1099-NEC, 1099-MISC, and additional forms

Business Management Daily

Payments made to health and medical service suppliers through medical assistance programs or insurance plans. Reportable Life Insurance Sale. Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Seller’s Investment in Life Insurance Contract.

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Flexible work arrangements: Balancing employee preferences with organizational needs

Higginbotham

Of course, reduced hours have consequences regarding eligibility for insurance and other benefits , so HR departments must ensure they are compliant before establishing reduced-hour arrangements. When demand is shifting, it may make sense to bring a worker in only for peak hours or special projects.

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How to Choose an Employer-Sponsored Retirement Plan

Insperity

The employer is required to contribute at least two percent of the employee’s annual salary to the plan. Many companies opt for a profit sharing plan, which places no requirement on contributions, and the business can link the amount it contributes to profits. There are many other options available.