Offering Retirement Benefits to Employees: Pros and Cons

HR Digest

Retirement plans for a person are valuable benefits that impact both the present as well as future lives of the employees. However, offering retirement benefits to an employee can be a complicated process. Why should an organization provide retirement benefits?

Employee Well-being Needs to Include Retirement Plans

HR Bartender

(Editor’s Note: Today’s post is brought to you by our friends at Xerox HR Services. Not just from the standpoint of the many different HR functions: recruiting and onboarding , training and development, compensation, etc.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Washington policy update: November 2019 Benefits and Compensation Bulletin

Bersin with Deloitte

This post provides a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. Individuals otherwise eligible to contribute to an HSA who are at least 55 years old can make an additional catch-up contribution of up to $1,000 per year.

5 Steps For Compensation Across Generations

ClearCompany HRM

From the very beginning stages of a career to the golden days nearing retirement, (most) people work for a living. They may work the same, but they’re at different steps in their lives. Here’s how to distribute employee compensation fairly across the board: Culture Employment

Charting Your Course Through Changing Regulations

Speaker: Bonnie Treichel, Senior Consultant & CCO, Multnomah Group

The world of work is changing. Today it is easier than ever to have employees in multiple cities across several states. Multistate offices used to be reserved for very large employers, but with today’s technology, even smaller employers can embrace this game changer. For employers, the multistate workforce allows the opportunity to cast a broader net to attract the best and brightest talent to the workplace. At the same time, it comes with challenges, including compliance with a variety of rules and regulations across different states and municipalities – some of which may conflict with federal law – and failure to comply could be quite costly.

Washington policy update: June 2019 Benefits and Compensation Bulletin

Bersin with Deloitte

Here is a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. Bipartisan Retirement Legislation : On May 23, 2019, the House of Representatives passed the Setting Every Community Up for Retirement Act (SECURE Act) in a vote of 417-3.

A Full Guide to Compensation and Benefits

Digital HR Tech

Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor. Compensation and benefits are thus a key part of Human Resource Management. In this article, we will provide you with a full guide about compensation and benefits.

Consider, Connect, Craft: 3 ways to improve compensation communication

Bersin with Deloitte

By leading the compensation conversation, you can help foster engagement and forge stronger relationships with your people. The days of squelching conversation about compensation are over. What can your organization do to better communicate about compensation?

Culture and Compensation

China Gorman

PayScale has produced its 8 th annual in-depth report on compensation best practices: Comp is Culture. Even though I’m not an HR professional, much less a compensation professional, I found it fascinating. Especially the impact that compensation practices have on organization culture.

Compensation Terminology 101

HR Daily Advisor

Like other professionals, compensation professionals can throw around a bunch of terms and acronyms that may or may not make a lot of sense to those not in the field. With that in mind, here’s a short overview of compensation terms that are sometimes confused with one another.

A Few Thoughts on Nonqualified Deferred Compensation Plans

Something Different

<www.financialsamurai.com> …So in my (seemingly never-ending) quest to learn everything I can about employer sponsored non-annuity based savings vehicles, I have spent a lot of time reading about nonqualified deferred compensation plans.

Washington policy update: January 2020 Benefits and Compensation Bulletin

Bersin with Deloitte

Here’s a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation: Related links. in order to make a deductible contribution to an Individual Retirement Account (IRA).

Who Cares About Compensation?

Compensation Cafe

What if you worked in an organization where the Head of Human Resources didn't view the Compensation function as vitally important to the organization? Though I wasn't in a leadership role at that point the lesson learned was telling. So What's Wrong With Compensation?

Retirement Annuity Accounts

HR Times

A defined contribution benefit plan option to help stabilize retirement and reduce risk. Will I be able to retire? Retirement Annuity Accounts. A complement to current retirement plans.

Washington policy update: October 2019 Benefits and Compensation Bulletin

Bersin with Deloitte

Here’s a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. Under the new Department of Labor rule announced on July 29, 2019, small and mid-size businesses will gain access to retirement plans through ARPs.

The Compensation and Benefits Manager – A Full Guide

Digital HR Tech

The compensation and benefits manager plays a key role in coordinating the corporate compensation and benefits department. In this article, we take a closer look at this role. Table of content What is the compensation and benefits manager? Retirement plans.

Obituary for Equity Compensation

Compensation Cafe

Stock Options, Restricted Stock Units, young Performance Units and their cousin Non-Qualified Deferred compensation tragically died in 2017 as an unintended consequence of colliding with the 429 page U.S. Performance Units were just youngsters at the time of the accident.

What is the Modern-Day Compensation Definition?

HRsoft

Today a search for compensation definition will yield results such as “topics in regard to wage and/or salary programs and structures,” or some variation of that phrasing. Let’s take a brief look at how past pay models have led us to today’s definition of compensation.

Do Your Employees Understand Their Compensation Definition?

HRsoft

The ability to understand your company’s compensation definition, or the way pay is calculated, is important for employee satisfaction. The Modern Compensation Definition. Today, employers are becoming increasingly creative in the ways in which they compensate employees.

What’s the Difference Between 401(k) and SIMPLE Retirement Plans?

Guideline

There’s no such thing as a one-size-fits-all approach to retirement. Below, we’ll dive into how the different plans compare—and how small businesses should approach choosing the right retirement plan. Like other retirement plans, employee contributions are capped.

5 Must-Have Elements for Every Compensation Management Process

HRsoft

The compensation management process lays the foundation for a company culture that recognizes and rewards strong performance. To achieve these goals, compensation management must encompass the following elements.

Nonprofit Employee Compensation: Understanding the Essentials

Astron Solutions

Strategic employee compensation is an essential ingredient of success for any organization. Compensation strategies should lay foundations for sustainable growth by encouraging employee retention and long-term engagement. Modern approaches to nonprofit employee compensation.

What is Conscious Compensation®?

HRsoft

Conscious Compensation® helps companies move from the traditional, capitalist approach to compensation towards practices that are more socially responsible. For decades, traditional capitalist compensation has been characterized by the following: Base wage or salary.

Only One in Five Workers are on Track to Retire at Age 65…

Something Different

<Forbes.com> …So this evening I came across a white paper from Aon Hewitt here that shows only 1/5th of the workforce is putting away enough earnings to retire when their parents did.

Total Compensation Definition: Understanding Compensation Communication

HRsoft

Digging deeper, the survey also found this: 66% of respondents feel that they are not being adequately compensated and do believe that basic pay is something that drives their decision to quit or stay. What is Total Compensation?

Washington policy update: January 2019 Benefits and Compensation Bulletin

Bersin with Deloitte

Here’s a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. Thus, the ruling has no impact on employers or other stakeholders at this time. IRC 401(a)(17) Compensation Limit.

Compensation Management Trends to Watch for in 2020

HRsoft

As we look ahead to 2020, compensation management will play as important a role as ever in attracting and retaining the best talent for your organization. Thus, the question stands: What lies ahead for compensation in 2020? Compensation goes far beyond salary alone.

Are Employee Compensation Statements Worthwhile?

HRsoft

Your employees know how much goes into their account on pay day, but do they really understand all of the ways in which they’re being compensated? Luckily, employee compensation statements can solve this challenge. What Are Total Compensation Statements?

DOL and IRS want a closer look at your retirement plan

HR Morning

Two of the most-feared government agencies for employers — the DOL and IRS — have decided there’s a real problem with the way retirement plans are being run, and they’re ramping up their audits to find out why that is.

Prepare for Nurse Retirements and Shortage with Intelligent Workforce Planning

Visier

With baby boomers heading into retirement — by 2050 an estimated 88.5 But there is another retirement population that is perhaps even more worrying to them: nurses. Navigating Nurse Retirement with the New Workforce Planning.

Which Compensation Structure Is Right for Your Company?

Compensation Today

Compensation structures continue to evolve, and they usually do so to help organizations keep current with both market and workforce trends. Some may wonder what compensation structures are. How have compensation structures developed? Learn More About Our Compensation Software.

Hiring a Compensation Consultant: 7 Steps for Nonprofits

Astron Solutions

Your nonprofit organization might find that it needs some outside guidance around compensation for any number of reasons. For these organizations, hiring a nonprofit compensation consultant is the best choice. Nonprofit compensation consulting services FAQ. Compensation

Health savings accounts: Not your parents’ retirement plan

HR Morning

With the rise in health savings account (HSA) enrollment among younger employees and the decline in company matching rates of 401(k)s, HSAs have emerged as a retirement account option for new employees. A comparison of retirement savings options.

Astron’s Yearly Compensation Review Part III: Non-Profit Executive Compensation Planning for 2019

Astron Solutions

This Astronology® , the third in our three-part series, examines non-profit executive compensation. In considering non-profit executive compensation, employers and Board have two primary legal concerns. Any portion of compensation paid to a licensed medical professional (e.g.,

Why Job Hopping Hurts Your Retirement

TalentCulture

Any step taken in haste may as well translate into a difficult post-retirement phase with very little savings to fall back on to meet your essential daily and old-age health and other expenses. Saving for retirement becomes difficult. It means moving in and out of retirement coverage.

4 Compelling Advantages of Total Compensation Statements

HRsoft

Total compensation statements provide a broken-down look at all of the components of employees’ compensation. Here, we look at some of the ways compensation statements can benefit your organization.

Astron’s Yearly Compensation Review Part I: Base Pay Projections

Astron Solutions

Effective organizations will explore four key areas to better understand the “best” approach when it comes to 2019 base pay compensation budgeting: The 2019 Economic Forecast and Its Impact on Employment and Wages. Retirement hasn’t happened yet for many of these individuals.