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.

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.

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

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.

Charting Your Course Through Changing Regulations

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

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. The world of work is changing.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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?

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?

Compensation Management is Important in Every Company

NGA Human Resources

Compensation management is vital for employee motivation. For many reasons, effective and fair compensation management is a must for every business. However, it’s important than compensation management policies are in place. What Is Compensation Management?

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.,

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.

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.

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.

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.

New Federal Budget Relaxes Hardship Withdrawals for Retirement Plan Participants

HR Daily Advisor

The Bipartisan Budget Act of 2018 passed by Congress on February 8 and signed the next day by President Trump didn’t change retirement savings taxation or contribution limits, but it did bring good news for some plan activities. At present, a participant can take a hardship withdrawal from elective deferral contributions but not from QNECs or QMACs, nor from earnings on any of those deferrals or contributions.

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.

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

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.

Retirement: The Unique Status of California’s Largest Employer

HR Daily Advisor

Alanis” and “Connor,” who were both employed as peace officers by the University of California (UC), were injured on the job before they reached the age of retirement under the University of California Retirement Plan (UCRP). Alanis was an officer at UC Berkeley from 2001 through 2013.

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.

How the New Workforce Is Changing Incentive Compensation

HR Daily Advisor

Coupled with employers’ worries about hiring and retaining qualified workers, the result is a mounting concern about how to compensate key Millennials. Yet, employers still need to create long-term value and tie that creation to key employee compensation.

Two More Reasons HSAs Are Essential for a Healthy Retirement

HR Daily Advisor

Health Savings Accounts (HSAs) can be used to save for both current and future health expenses, demonstrating their value as a tool for physical and financial health today and in retirement. HSAs offer additional flexibility and benefits that other retirement accounts don’t.

IRS Raises Several Annual Retirement Plan Limits for 2019

HR Daily Advisor

For 2019, the Internal Revenue Service (IRS) is raising most of the annual threshold and benefit levels that apply to retirement plans, the IRS announced on November 1. The compensation amount under Section 1.61-21(f)(5)(iii) goes up to $225,000 from $220,000. Retirement P lans.

IRS Again Leaves Most Annual Retirement Plan Limits Unchanged

HR Daily Advisor

Employers and retirement plan administrators can apply the new rates as they prepare their plans for next year and conduct nondiscrimination testing. The compensation amount under Section 1.61 21(f)(5)(iii) stays at $215,000. Retirement Plans.

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.

Managing Retirement Plans for Overseas Employees Becomes Global Concern

HR Daily Advisor

It follows that employers who sponsor retirement savings plans for their eligible U.S. employees’ retirement savings. Like Social Security in the United States, some countries have a government pension system that will provide retirement income to residents in retirement.