Tuesday, 12 December 2017 14:42

Company Holiday Parties: Fun or an HR Nightmare?

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The holiday season is upon us and this brings the inevitable company holiday party. It’s the one night a year that employees are able to let loose and have fun in a non-work setting. It’s a time of eggnog, gift giving, and joy… at least we hope so.

Wednesday, 29 November 2017 16:25

The New Era of HR

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The ushering in of the millennium brought forth a number of new changes for the workplace. Technological advances, more accountability for companies and management, and a need to foster an inclusive, yet positive company culture for all. Many companies are looking ahead to building more than just a business: they are looking for a way to have an impact on employees, customers, and society as a whole. With HR being an integral part of every employee’s wellbeing, it pays to have a team of individuals that will be able to lead, develop and instill a culture that is optimal for success. 

A recent bill has been introduced in the House and Senate that simplifies reporting requirements under the ACA. The Commonsense Reporting Act of 2017 (H.R. 3919 and S. 1908) attempts to ease the reporting requirements of employers in three areas: reporting information before open enrollment, minimize administrative reporting at year end, and reduce the submission of unnecessary information. In addition to bi-partisan support, both bills are getting support from the Society for Human Resource Management (SHRM). SHRM’s vice president for government affairs, Mike Aiken, has said “H.R. 3919 and S. 1908 is a first step to minimize the challenges associated with the law’s reporting requirements”.

Current reporting requirements of the ACA require employers to collect and report information to the Internal Revenue Service (IRS) and their employees annually. Information required ranges from health insurance plan coverage, individual and beneficiary information (including social security numbers), enrollments, premium amounts, etc. The required information is intended to verify compliance with the ACA for employers and individuals, and help validate subsidies provided to individuals.

Friday, 03 November 2017 11:28

401(k) Contribution Limit Increase

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On October 19, the IRS announced an increase in the contribution limits for employees who participate in 401(k), 403(b), and most 457 plans. For 2018 the new limit will be increased from $18,000 to $18,500. However, the catch-up contribution limit for employees aged 50 or over remains unchanged at $6,000 annually.

Dealing with personnel files can be a daunting, yet rewarding task. Having all documents together in the event of an audit or worse, a lawsuit, could save your company costly fines and mounds of legal trouble down the road. This chart will offer a brief explanation of what items need to be kept and for how long.*

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