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Archive for November, 2015

ACA's Automatic Enrollment Provision Repealed

One provision of the Affordable Care Act (ACA) that had yet to be implemented was a requirement that an employer with 200 or more full-time employees automatically enroll new full-time employees in one of its health benefit plans. This provision would have created an “opt-out” system rather than the current “opt-in” system for coverage under an employer’s plan. While this provision became law in 2010, implementation was delayed pending regulations from the Department of Labor. Now the automatic enrollment provision has been abandoned entirely. On November 2, President Obama signed the Bipartisan Budget Act of 2015, which included a repeal of the automatic enrollment. The repeal is

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401(k) Basics

A retirement plan shows that you are invested in the futures of your employees and gives employees the opportunity to plan ahead and care for their financial futures. The 401(k) is a type of retirement account, aptly named after its section description in the IRS tax code (26 U.S. Code § 401(k)). This code section allows you to provide employees with an option to receive their earnings in cash or in a deferred compensation structure. Plan Options There are two main ways that employees can contribute to a 401(k) plan: they can do so on a pretax basis, meaning that their deferrals will come out of their checks prior to any applicable taxes being taken out, or they can do so on a post-tax bas

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Motivating Millenials

Millennials are now the largest segment of workers in the United States, and in five years, they’ll make up nearly half of the workforce. Now’s the time to learn about this young, diverse demographic and find effective ways to motivate them. Who Are the Millennials? The group includes those born sometime between the early 1980s and the early 2000s. Generally speaking, they’re an optimistic bunch, self-driven and achievement-oriented. Think Lena Dunham and LeBron James. Facebook co-founder Mark Zuckerberg is a millennial, as are the co-founders of Dropbox, Airbnb, Stripe, and Blue Apron. No generalization will accurately describe everyone, but millennials tend to prefer professional d

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Home Care Rule in Effect

As of October 13, the Department of Labor’s (DOL) Home Care Final Rule is in effect. The Home Care Final Rule, which greatly narrows the home health care and companionship services exemption under the federal Fair Labor Standards Act (FLSA), was slated to go into effect in January 2015. In late December 2014, however, a federal judge struck down its two main provisions, thus delaying its implementation. The DOL appealed, and the Court of Appeals ruled in their favor. Most recently, the Supreme Court announced that it wouldn't hear the further appeal of the case, which cleared the way for the rule to proceed. The Final Rule will make almost two million home care workers who were previousl

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