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Armed with a new funding source, the U.S. Department of Labor is now moving forward with an action plan to modernize and improve the infrastructure of the country’s unemployment insurance system. The need for improvements in unemployment services comes during a time when the COVID-19 pandemic left millions of people nationwide out of work for…
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Contribution amounts for health savings accounts are set to increase in 2020. The IRS announced May 28 the limit for an individual will increase to $3,550, a $50 increase over the 2019 amount. The contribution limit for a family plan will jump to $7,100, a $100 increase. Those changes are effective Jan. 1, 2020. Catch-up contributions…
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Employee rewards are a form of recognition that shouldn’t be thought of as “nice”, but instead, necessary. By providing your employees with simple rewards, you are reinforcing the actions and behaviors you most want to see repeated. Since the majority of employees want you to see them as essential contributors, and truly want to be…
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Both 401(k)s and IRAs offer tax-advantaged retirement savings. However, there are some key differences. What Is a 401(k)? A 401(k) is a qualified employer-sponsored retirement plan. All contributions you make to a 401(k) account are pre-tax, meaning you won’t be taxed on that money at the time you earn it. Instead, you’ll pay taxes on…
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As employers look for ways to control and reduce their healthcare costs, high-deductible plans are becoming more common. This means that more Americans are also becoming eligible for Health Savings Accounts, or HSAs. These interest-bearing accounts are used both to save for future medical expenses and pay for current out-of-pocket medical expenses using tax-free cash….
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Since 2014, the U.S. Department of Labor has been working to revise the Fair Labor Standards Act’s guidelines on which employees receive overtime pay. President Obama set a goal of ensuring all workers are fairly paid for the work they perform nearly two years ago, and on May 18, 2016, the Department published its final…
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