Practical HR Tips, News & Advice. Updated Daily.
A series of new decisions in Tussey v. ABB Inc. handed down by the 8th U.S. Circuit Court of Appeals on March 19 brought good news about allegations of excessive fees for all parties—the suing retirement plan participants, the employer plan sponsor and especially the administrator, Fidelity. The ruling did not provide a clear judicial […]
After hearing concerns from the retirement plan industry, the IRS issued modifications on March 25 to its pre-approved program for 403(b) plans, in Revenue Procedure 2014-28. These welcome changes will provide another year — until April 30, 2015 — to apply for the program and will increase the number of entities that can take advantage […]
Survey results are in for the 2014 Retirement Benefits Survey. Highlights: 86.6% of the employers responding to our 2014 survey offer either a 401(k) or 403(b) retirement savings plan to employees. 60.3% of the employers responding to our survey that offer a 401(k) or 403(b) plan to their employees also provide a matching contribution. 41.4% […]
The temporary or contingent workforce is the fastest growing segment of the national workforce, with almost 75 percent of employers in all industries using them, according to a survey by CyberShift. It’s important to sort out the status of your relationship with each type of contingent worker before issues arise. For insights, we turned to […]
Discrimination Laws The Equal Employment Opportunity Commission (EEOC) Enforcement Guidance 915.002 concerning contingent workers clarifies that staffing firms and employers using contingent workers may not discriminate on the basis of race, color, religion, sex, national origin, age, or disability, nor can they ask the medical questions forbidden by the Americans with Disabilities Act (ADA). Immigration […]
How a company complies with health care reform should be determined by what kind of employer it is, how exclusive its workforce is, and how important its benefit package is seen as an aid to recruitment and retention. Only after that analysis should an employer look at whether gains can be made by, say, reducing […]
Once you’ve got a salary increase matrix (see below), determining increases should be simple—but it’s not. Several approaches are commonly used for determining salary increases. Performance/merit systems are the most common. Across-the-board or general increases are often tied to increases in the cost-of-living index. For unionized employees, the collective bargaining agreement will include a negotiated […]
Employers struggling to decode the service provider fee disclosures from their retirement plans may be getting some relief. Nearly two years after the U.S. Department of Labor published a proposed rule requiring covered service providers to disclose the cost of what they do for employer-sponsored 401(k)s, the agency is requesting more help for plan sponsors […]
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A federal appeals court agreed with a retirement plan plaintiff that he did not have to show “actual harm” to seek a retirement plan reformation after alleged inadequate communication about a change in his former employer’s defined benefit plan. The 2nd U.S. Circuit Court of Appeals sided with Geoffrey Osberg and other plaintiffs in Osberg […]