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Retirement Benefits: Auto 401(k) Enrollment Good for Employees, New Survey Shows
Employers that offer automatic enrollment for their 401(k) plans significantly increase employee participation, according to an annual study conducted by Hewitt Associates. The study, which examined the savings and investing habits of over 2.6 million employees, found that the overall participation rate of employees in companies offering automatic enrollment was 14 percent higher than the […]
Many Employers Opting for Extended Flexible Spending Period
A few months back, the Internal Revenue Service issued a ruling permitting employers to amend their flexible spending plans (health and dependent care) to give employees a two and a half month grace period following the close of the plan year to use up funds deposited in a flexible spending account during the plan year. The […]
Employee Benefits: New IRS Ruling Allows Carryover Of Certain Health Plan Funds
The Internal Revenue Service has issued a ruling that allows employees to carry over, tax free, money provided by their employers for out-of-pocket health costs. Here’s what you should know about the new rule.
Wage and Hour: Governor Signs Bill Increasing Labor Code Violation Penalties
Gov. Davis has signed new legislation that boosts the penalties for various California Labor Code violations, effective Jan. 1, 2004. Here are the increases that are on the way:
October Corporate Pension Funding Levels Slip but Stay Above Record Low
Funding gains by U.S. corporate pension plans in September were erased in October, according to data Mercer Investment Consulting Inc. released Nov. 5. Mercer reports that the aggregate deficit in pension plans S&P 1500 companies sponsored increased by $26 billion during the latest month, to $619 billion. This deficit corresponds to an aggregate funded ratio […]
E-Alert Item: Employment-Related Measures On Gov. Davis’ Desk
Now that Sacramento lawmakers have wrapped up the 2001-2002 legislative session, several employment-related measures sit on Gov. Davis’ desk, awaiting his signature or veto. Among the bills Davis is considering are measures that would establish a paid family leave program, prohibit mandatory arbitration, and create new penalties for health and safety violations.
News Notes: Government Reports Decline In Lost Workdays From Injury And Illness
Since 1992, according to the U.S. Bureau ofLabor Statistics, the number of lost workdays because of work-related injuriesand illnesses has steadily declined. The decrease from 2000 to 2001 was 7.6percent. And strains and sprains, which generally account forabout four out of 10 injuries involving lost workdays, declined by 34.5 percentfrom 1992 to 2001.
News Notes: Assembly Proposes Higher Fines For Gender-Based Pay Discrimination
The California Assembly has approved a bill, A.B. 2317, that would hike the penalties for employers who violate the state’s prohibition against gender bias in pay for employees who perform jobs of equal skill, effort, and responsibility. Under the current law, employees who suffer pay discrimination can sue to recover the wage differential plus an […]
News Notes: HIPAA Security Rules Finalized
The U.S. Department of Health and Human Services has released final security standards under the Health Insurance Portability and Accountability Act of 1996 (HIPAA) for protecting individually identifiable health information. The standards require health insurers and certain healthcare providers and clearinghouses to establish procedures to protect the confidentiality of electronically maintained or transmitted health information. […]