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Compensation & Benefits

6 ways to help employees build nest eggs

11/01/2007

More than 60% of employees are counting on a defined-benefit pension plan to fund retirement, even though they acknowledge that the system is moving away from that traditional savings system. Among workers whose employers have reduced their retirement benefits, nearly 40% say they haven’t done anything to pick up the slack. Your organization can help employees build their nest eggs. Here are six ways …

Green light to discipline managers who doctor time cards

11/01/2007

In today’s litigious environment, it doesn’t take much for a disgruntled employee to launch a class-action overtime lawsuit. In fact, such litigation is sweeping the country—and costing employers millions of dollars. That’s why conscientious employers act fast to stamp out a dangerous and illegal practice: managers altering pay records to avoid paying overtime. If you catch managers cooking the payroll books, punish them promptly …

How to handle missed time-clock punches

11/01/2007

Q. At our office, if an employee misses a time-clock punch, his pay for that day is suspended until he receives his check stub. The employee must then fill out a missed time-card punch form and have it signed by a senior partner. The missed pay is then applied to the person’s next pay period. Is this legal? — D.L., Virginia …

Timing on final paychecks

11/01/2007

Q. When is an employer required to give a worker his final paycheck? …

Clear policies provide a road map for company cars

11/01/2007

Employees love company cars, especially if they frequently drive to client sites and are allowed to drive the cars home. Whether your organization supplies the sought-after sedans to staffers who drive around for business—such as sales reps and IT repair techs—or as a perk for valued employees, the road will be smoother if you set down clear policies in writing …

How to make reward and recognition programs fun

11/01/2007

The problem with standardized reward and recognition programs is that they are completely impersonal processes. Instead of thinking about the specific people involved, the company provides the same generic awards to everyone. But when an element of fun and play is added, the experience becomes personalized and much more memorable for the award recipient, without additional financial expense …

Employers increase 401(k) contributions as they cut pensions

11/01/2007

Two-thirds of organizations with traditional defined-benefit pension plans have closed them to new employees, frozen them for all participants or plan to do so within two years. A new survey by the Employee Benefit Research Institute also found that most employers increased their contributions to employees’ defined-contribution 401(k) plans …

Avoid a fine: Let employees know about company stock in 401(k)

11/01/2007

If your organization offers its own stock as an investment option for employees’ 401(k) plans, let them know when they’re eligible to sell it. Last year’s Pension Protection Act says employees who buy company stock with their own contributions can sell it at any time …

IRS delays 409A documentation deadline

11/01/2007

Good news for anyone who’s been scurrying to meet the Dec. 31 deadline to comply with new documentation regs on nonqualified deferred compensation plans: The IRS is giving you another year to put in your 409A paperwork. The new deadline is Dec. 31, 2008 …

Florida pulls $1.3 billion in Iranian, Sudanese investments

11/01/2007

Florida’s public retirement fund will get rid of nearly $1.3 billion in investments with companies doing business in Iran and Sudan, a move state officials hope will prompt similar actions throughout the country. State Sen. Ted Deutch, who sponsored the law, said the state is “telling every one of these companies that from this day forward we won’t invest another dollar, Florida’s public dollars,” in them …