Planning for Workplace Emergencies [Video Blog]

Posted on Jun 19, 2014 4:13:00 PM

A workplace emergency is an unforeseen situation that threatens your employees, customers, or the public; disrupts or shuts down your operations; or causes physical or environmental damage. Having an emergency action plan is key to preventing a disorganized evacuation or emergency response that could result in confusion, injury, and property damage.

Federal regulations require that almost every business develop an emergency action plan. An emergency action plan covers designated actions employers and employees must take to ensure employee safety.

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Retirement Plan Limits: What Numbers Are Changing for 2013?

Posted on Nov 7, 2012 8:30:00 AM

The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for retirement plans and related items for tax year 2013. Below is a break down of key changes that may be of interest to employers and employees.

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When Older Workers Retire, A Workforce Skills Gap May Be Left in Their Place

Posted on May 24, 2012 8:30:00 AM

May is Older Americans Month, a good reminder of the importance of recognizing the contributions and achievements of older workers. But as these individuals think about retiring, businesses need to be prepared for the changes this may bring in the American workforce.

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Retirement Planning Resources and Tools for Your Business

Posted on Mar 2, 2012 8:30:00 AM

It's never too early (or too late!) to start taking advantage of the benefits of retirement planning. As a business owner, a retirement plan allows you to invest now for financial security when you and your employees retire. As a bonus, you and your employees can receive significant tax advantages and other incentives. Consider the following benefits of setting up a retirement plan:

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IRS Announces Retirement Plan Limitations for 2012

Posted on Oct 20, 2011 5:23:00 PM

The Internal Revenue Service (IRS) has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. 

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Social Security Administration Announces 3.6 Percent Benefit Increase for 2012

Posted on Oct 19, 2011 3:50:00 PM

The Social Security Administration has announced that monthly Social Security and Supplemental Security Income (SSI) benefits will increase 3.6 percent in 2012. The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that Social Security beneficiaries receive in January 2012, while increased payments to SSI beneficiaries will begin on December 30, 2011.

The purpose of the COLA is to ensure that the purchasing power of Social Security and SSI benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. There was no COLA in 2010 and 2011 because the CPI-W, as determined by the Bureau of Labor Statistics in the Department of Labor, for those years did not increase above the level of the third quarter of 2008, the last year a COLA was determined.

Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,100 from $106,800. 

Information about Medicare changes for 2012, when announced, will be available at www.medicare.gov.  For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
 

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New Proposed Rule on Definition of Fiduciary Expected in Early 2012

Posted on Sep 19, 2011 6:16:00 PM

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has announced that it will re-propose its rule on the definition of a fiduciary under the Employee Retirement Income Security Act (ERISA). The new proposed rule is expected to be issued in early 2012.

Updating the Definition of "Fiduciary" Under ERISA

EBSA is seeking to amend a 1975 regulation, which defines when a person providing investment advice becomes a fiduciary under ERISA, in order to adapt the rule to the current retirement marketplace. The proposal's goal is to ensure that potential conflicts of interest among advisers are not allowed to compromise the quality of investment advice that workers rely on.

In October 2010, EBSA issued a proposed rule to update the definition of "fiduciary" to more broadly define the term as a person who provides investment advice to plans for a fee or other compensation. The decision to re-propose the rule is in part a response to requests from the public, including members of Congress, that the agency allow an opportunity for more input on the rule.

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DOL Issues Interim Electronic Disclosure Policy for Required Participant-Level Retirement Plan Fee Disclosures

Posted on Sep 14, 2011 9:00:00 AM

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has issued Technical Release 2011-03, which sets forth an interim policy regarding the use of electronic media to satisfy disclosure requirements under the previously published final participant-level fee disclosure regulation.

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Final Rule Extends Compliance Dates for Required Fee Disclosures to Retirement Plan Fiduciaries and Participants

Posted on Jul 13, 2011 3:29:00 PM

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has released a final rule amending the initial compliance dates for its retirement plan fee disclosure rules. The amendments adopted by the final rule are effective as of July 15, 2011.

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Extended Filing Date for 2009 and 2010 Form 8955-SSA

Posted on Jun 24, 2011 2:51:00 PM

The Internal Revenue Services (IRS) has announced that the filing due date for the 2009 and 2010 Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits, will be extended in guidance to be released shortly.

Revised Filing Date for 2009 and 2010 Form 8955-SSA

The modified due date is the later of:

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