ACA - What you should know about worker classificationGrant Thornton LLP
If you’re an employer whose company uses independent contractors or workers from staffing agencies, you’ll need to make sure you’ve correctly identified whether they’re common law employees based on the IRS definition. Both types of workers may be considered common law employees, and if any of them are, you’ll need to add them to your total employee count in your Affordable Care Act calculation or risk incurring a hefty excise tax.
Learn more - http://gt-us.co/1xOqIzi
Global Compliance Across the ADP PortfolioADP, LLC
To be able to provide compliant HCM services and solutions to our clients, ADP must have an effective compliance program built on sound foundations and standards. The quality of our internal compliance controls directly affects the value of the services we deliver for our clients, as well as the engagement of our own associates. Read on to learn more about how we manage compliance across the HCM products, services and solutions we deliver to our multinational clients.
ACA - What you should know about worker classificationGrant Thornton LLP
If you’re an employer whose company uses independent contractors or workers from staffing agencies, you’ll need to make sure you’ve correctly identified whether they’re common law employees based on the IRS definition. Both types of workers may be considered common law employees, and if any of them are, you’ll need to add them to your total employee count in your Affordable Care Act calculation or risk incurring a hefty excise tax.
Learn more - http://gt-us.co/1xOqIzi
Global Compliance Across the ADP PortfolioADP, LLC
To be able to provide compliant HCM services and solutions to our clients, ADP must have an effective compliance program built on sound foundations and standards. The quality of our internal compliance controls directly affects the value of the services we deliver for our clients, as well as the engagement of our own associates. Read on to learn more about how we manage compliance across the HCM products, services and solutions we deliver to our multinational clients.
Accountants Guide to Workers Compensation & Health BenefitsADP, LLC
Accountants, as trusted advisors, are often called upon to help small business clients figure out their insurance needs. Few accounting firms have a licensed insurance agent available — only 8% of survey respondents were licensed or had a licensed insurance agent in the firm. Review this guide to help you understand how you can help!
PEO companies bill for their services in many different ways, which can be confusing and difficult for even the most seasoned broker to understand. The Guide to Understanding PEO Billing Reports provides a breakdown of both bundled and unbundled PEO bills, including how they’re organized and how the items on the invoices should be calculated.
In this eGuide, you will learn how to:
- Break down your clients' PEO reports effectively
- Find the “hidden fees” in bundled billing
- Save your clients by saving them money
ISS’s recently announced 2014 policy changes for U.S. companies are relatively limited in scope compared to past years. The updates, which are largely unchanged from the draft policies released in November, will take effect for annual meetings beginning in February 2014.
More substantive policy revisions, however, are already in the works for the 2015 proxy season. ISS has opened a new consultation period through February 2014 to solicit feedback from governance stakeholders on five additional issues: independent chairman shareholder proposals, director tenure, director independence, auditor tenure, and equity plan scoring. Details of these and ISS’s 2014 policy updates are presented in this newsletter.
Take this opportunity to learn about identifying and comparing to your competitors, building commitment and employee engagement and developing a total strategy that supports your organization’s mission and strategic plan.
Our webinar is structured to provide not only education but also useful strategies for addressing the many pressures on executive compensation, wages and salaries. Nonprofits are being scrutinized by the IRS, and executive compensation is a staple of all audits. Nonprofit managers and trustees must prepare for public, media, Form 990, IRS and State scrutiny. Wage and salary programs face a difficult economy as they struggle to attract and retain the best talent with scarce dollars.
Should an Employer Be Self-Funded?
That is quite a question. In the past we cautioned that claims savings was not guaranteed by self-funding. And with a small difference in fixed fees vs. fully insured retention, there was not much incentive for smaller employers to take the risk, given that they were more susceptible to wide fluctuations in claims cost.
Review our research and analysis on self-funding to help determine if the program is the right fit for your business. Contact McGohan-Brabender to discuss self-funding in detail.
https://www.mcgohanbrabender.com/
Accountants Guide to Workers Compensation & Health BenefitsADP, LLC
Accountants, as trusted advisors, are often called upon to help small business clients figure out their insurance needs. Few accounting firms have a licensed insurance agent available — only 8% of survey respondents were licensed or had a licensed insurance agent in the firm. Review this guide to help you understand how you can help!
PEO companies bill for their services in many different ways, which can be confusing and difficult for even the most seasoned broker to understand. The Guide to Understanding PEO Billing Reports provides a breakdown of both bundled and unbundled PEO bills, including how they’re organized and how the items on the invoices should be calculated.
In this eGuide, you will learn how to:
- Break down your clients' PEO reports effectively
- Find the “hidden fees” in bundled billing
- Save your clients by saving them money
ISS’s recently announced 2014 policy changes for U.S. companies are relatively limited in scope compared to past years. The updates, which are largely unchanged from the draft policies released in November, will take effect for annual meetings beginning in February 2014.
More substantive policy revisions, however, are already in the works for the 2015 proxy season. ISS has opened a new consultation period through February 2014 to solicit feedback from governance stakeholders on five additional issues: independent chairman shareholder proposals, director tenure, director independence, auditor tenure, and equity plan scoring. Details of these and ISS’s 2014 policy updates are presented in this newsletter.
Take this opportunity to learn about identifying and comparing to your competitors, building commitment and employee engagement and developing a total strategy that supports your organization’s mission and strategic plan.
Our webinar is structured to provide not only education but also useful strategies for addressing the many pressures on executive compensation, wages and salaries. Nonprofits are being scrutinized by the IRS, and executive compensation is a staple of all audits. Nonprofit managers and trustees must prepare for public, media, Form 990, IRS and State scrutiny. Wage and salary programs face a difficult economy as they struggle to attract and retain the best talent with scarce dollars.
Should an Employer Be Self-Funded?
That is quite a question. In the past we cautioned that claims savings was not guaranteed by self-funding. And with a small difference in fixed fees vs. fully insured retention, there was not much incentive for smaller employers to take the risk, given that they were more susceptible to wide fluctuations in claims cost.
Review our research and analysis on self-funding to help determine if the program is the right fit for your business. Contact McGohan-Brabender to discuss self-funding in detail.
https://www.mcgohanbrabender.com/
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
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Five Common Questions About Deferred CompensationCBIZ, Inc.
Is a deferred compensation plan right for you? Here are five common questions about deferred comp.
Corporate deferred compensation plans for highly compensated employees are a planning tool that companies and key executives should explore. They are attractive because of the significant increase in ordinary income tax rates on compensation. Such plans are also a fringe benefit that can attract and retain key executives.
Is your organization unintentionally shortchanging the key executives it counts on most? Many companies—and their executives—are surprised to learn that the disability and retirement plans of top leadership fall short in comparison to the plans of other employees within the organization.
Articles in this edition include:
- 3 Biggest Employee Benefits Challenges Facing Employers
- 4 Tax Reform Changes to Watch
- Captives as Part of a Risk Management Plan
- Using AI for Hiring - the Pros & Cons
- Championing the Next Generation of Leaders via Internal Committees
EBN Feb 2016 The ABCs of Employee BenefitsDaniel Michels
Employee Benefit News' article "The ABCs of employee benefits" by Ed Bray, JD, published in the February 2016 edition of EBN. Source: http://www.benefitnews.com/
Michael Silver & Company CPAs recently published an article on retirement plans for businesses. Whether you have a small, independent business or a large company, we discuss the advantages and disadvantages for each plan available.
Michael Silver & Company CPAs has recently published an article on the benefits of retirement plans. Whether you have a small, independent business or a large company, we describe the advantages and disadvantages of each possible plan for each possible business.
GRAND CANYON UNIVERSITY SCENARIO GENERATORModule 4 Scenari.docxwhittemorelucilla
GRAND CANYON UNIVERSITY SCENARIO GENERATOR
Module 4 Scenario: Hiring Plan and Compensation Package Proposal
Type: Family Business
Size: Small Business
Sector: Computer Repair
Funding: Investors/Lenders
Stakeholders:
Employees
Decision makers:
Owners
Formal organization:
LLC
Human Resources Department:
Pay-for service arrangement: employment law attorney
Stage in Organizational Lifecycle:
Birth
THESE ARE THE GIVEN CONSTRAINTS:
ORGANIZATIONAL BACKGROUND:
Founded in: 1970
Dedicated to: The company thrives to provide the best possible
experience to all of its business partners and clients.
Culture Our culture is akin to that of a small family. All our
employees are partners in the business, share our success, and help us
sustain the core values that make us successful.
Structure: Our organization is very flat and consists of three tiers:
owners, managers, and non-manager employees.
Mission statement: To ensure that each customer receives prompt,
professional, friendly, and courteous service. To maintain a
professional and friendly environment for our cusotmers and staff. To
provide at a fair price using only quality components. To ensure that
all customers and staff are treated with the respect and dignity they
deserve. To thank each customer for the opportunity to serve them. By
maintaining these objectives we shall be assured of a fair profit that
will allow us to contribute to the community we serve.
Vision statement: Within the next five years, we will become a leading
provider of products and services to small businesses by providing
page 1 / 4
customizable, user-friendly solutions scaled to small business needs.
INTEGRITY: By dealing honestly with our clients, staff, vendors and
community.
RESPONSIBILITY: By considering the environment in which we do
business, community views and the common good.
PROFITABILITY: By being aware that an appropriate level of profit is
necessary to maintain our business and allow our values to continue to
be observed.
Values statement: In conducting our business, we will realize our
vision by performing our affairs so that our actions provide
confirmation of the high value we place on:
Present goals: To reduce delivery and distribution time of products
and services. To reduce the number and frequency of customer
complaints, and to improve the response time of customers inquiries.
Past goals: To reduce employee turnover by 20 percent by introducing a
new employee assistance program. To improve productivity by
implementing a company-wide training program. To actively recruit
skilled workers into the organization.
Brief SWOT analysis:
Strengths:
Positive cash flow
Experienced management
Good business reputation
Known for product quality
Weaknesses:
Experienced management approaching retirement
Insufficiently diversified revenue streams
Products and/or services have not been updated for a long time
Too much internal bureaucracy
Opportunities:
Internat ...
Solving Payroll Problems With The New Employee Management System- Business.c...Business.com
For a more robust employee management system through your payroll services providers, you may choose to add benefits management, 401(k) management, or other enhancements to the basic payroll processing service. Here are some common HR obstacles and ways in which payroll services can mitigate these challenges.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
1. The Business Case for 401(k) Automatic Enrollment
A little more than two years after the Pension Protection Act of 2006 helped smooth the
way for 401(k) automatic enrollment—enrolling employees in a 401(k) plan unless they
choose to opt out—plan sponsors are increasingly adopting automatic enrollment and
other automatic features. Companies using automatic 401(k)s have seen employee
participation rates soar—often to well above 90%—and especially among lower-income
and minority workers who are too often left behind.
If you are considering automatically enrolling your employees in your company’s 401(k)
plan, you may be asking yourself this question: Is automatic enrollment worth the cost of
additional employer matching contributions plus any cost of implementation or ongoing
administration? It’s a question every company has to answer for itself, but more and more
companies are concluding that adopting automatic enrollment is well worth it. Companies
have found there are at least three sound business reasons for using automatic enrollment:
• Improving 401(k) nondiscrimination results
• Recruiting and retaining valued employees
• Mitigating the loss of defined benefit (“DB”) pensions
Company Benefits: Improving Nondiscrimination Results
By raising participation and/or contribution rates among middle- and lower-income
workers, automatic enrollment and escalation (automatically increasing the contribution
rate over time) tend to produce better performance under the 401(k) nondiscrimination
standards. By comparing the average contribution percentage for highly paid and
nonhighly paid employees, the nondiscrimination standards link executives’ ability to
enjoy larger tax-preferred benefits to the employer’s success in encouraging or providing
greater benefits for the majority of employees. This seeks to align management’s interest
in tax preferred saving with the interests of average employees and of the taxpayers who
tax subsidize 401(k)s.
Automatic enrollment and escalation improve nondiscrimination performance by
inducing participation by more moderately compensated and lower-paid employees.
When these workers don’t participate, they depress the non-highly paid group’s average
contribution level.
Inadequate performance on the nondiscrimination (“ADP” or “ACP”) tests requires either
remedial action—such as undoing a portion of executives’ tax-favored contributions or
incurring the cost of special employer contributions for non-highly paid employees—or
preventive restrictions on executives’ contributions. Such measures tend to cause pain
and friction within the company. Automatic enrollment and escalation have enabled
many HR and benefits professionals to deliver to senior management the good news that
such remedial or preventive steps can now be reduced or avoided entirely.
2. • Occasionally, some employees who are automatically enrolled at the automatic
(default) contribution level (for example, 3%) might otherwise have contributed at
a higher percentage had they made an affirmative election instead of going along
with inertia. The fix for this is to begin automatic enrollment at a higher rate (5 or
6%, for example), steadily escalate the automatic contribution level (typically 1%
a year), or both.
• Plans opting to meet the employer contribution and other conditions of a new
nondiscrimination safe harbor (under the Pension Protection Act of 2006) can
avoid nondiscrimination (and “top heavy”) testing altogether.
Company Benefits: Recruiting and Retaining Valued Employees
Automatic enrollment and automatic contribution increases (“escalation”), with
appropriate automatic (default) investments, make 401(k) plans more effective in
recruiting and retaining valuable employees. Many companies recognize that employees’
appreciation of employer-provided benefits depends on actual results: the size of the
employee’s account balance. Accordingly, many companies no longer simply offer their
employees the opportunity to save. Instead, using automatic features, they harness the
power of inertia to strongly encourage saving. Sponsors of 401(k)s are increasingly
viewing automatic features as “the right thing to do” to help employees save for their
long-term future.
Americans are anxious about being financially underprepared for retirement. Automatic
enrollment with appropriate default investments can help make the 401(k) more effective
at generating larger account balances to replace a meaningful portion of employees’
preretirement wages.1
This is particularly the case since, in general, a disproportionate number of
nonparticipating employees tend to be minorities and lower-income employees. There is
powerful evidence that automatic enrollment tends to dramatically increase participation
by these groups (in some cases raising their participation rates from 1 out of 5 to 4 out of
5).2 Many companies believe there is all the more reason to encourage their minority and
lower-income employees to save and get the benefit of the employer match.
Moreover, through automatic enrollment, the company can effectively deliver more
federal tax benefits to moderate- and lower-income workers. In addition to the normal
401(k) tax benefits, contributors to a 401(k) whose family income is below a certain level
($53,000 for a married couple; half that for a single person) are entitled to a 50%, 20% or
10% tax credit. The tax credit requires no employer involvement whatsoever, but many
employers have chosen to use or adapt an IRS model notice to tell employees about the
saver’s credit opportunity.3
3. Company Benefits: Mitigating the Loss of Defined Benefit (“DB”) Pensions
When plan sponsors have frozen or cut back their DB plans, some have upgraded their
401(k)s through automatic features, seeking to mitigate the employees’ loss of future DB
benefits. By sparing employees the need to take the initiative to enroll and by simplifying
their decision-making process (especially through appropriate default investments),
automatic 401(k) features can replicate or approximate valuable DB attributes, such as
automatic coverage and professional investment management.
Company Benefits vs. Increased Matching Costs
Suppose your company has no 401(k) nondiscrimination issues, is comfortable with
current employee recruitment and retention levels, and is not trying to make up for a DB
freeze or curtailment? Is it still worth incurring the increased matching cost?
Most employers are concluding that it is.
Employer matching contributions are tax deductible, and the rise in the employer’s cost
of matching contributions under automatic enrollment will ordinarily be modest—and
less than proportional to the increase in participation.
To see why, assume, for example, a fairly typical 401(k): 75% of the eligible employees
participate, the average employee contribution is between 6 ½ and 7% of pay, and the
employer’s match is 50 cents on the dollar up to 6% of pay. If automatic enrollment
increased participation to 90% of eligible employees, which is typical, the increase would
be 20% over existing participation. But the additional employer match might represent
only a 10% or smaller increase over the current match.
• Lower Matched Contributions: This is because the new automatically enrolled
participants would generally be contributing at the default or automatic
contribution level. If that level started at 3% of pay (instead of the full potentially
matchable 6% contribution), the matching contribution might initially rise by only
10% rather than 20%.
• Lower Pay: Even if the automatic contribution level started as high as 6%,
employees who participate for the first time through automatic enrollment tend to
be lower paid than those who sign up on their own. Accordingly, the dollar
amount of the employer match should be smaller for each percentage of pay
contribution by auto enrolled employees than for previous participants.
• Gradual Phase-In: If even this moderate increase in matching cost presents an
issue for the plan sponsor, the increase can be phased in very gradually. Many
401(k)s begin automatic enrollment by applying it first to new hires, and only
after a year or two, extend it to other nonparticipating employees.
4. Most importantly perhaps, the increased matching contribution (unlike a DB plan
contribution obligation) is relatively predictable and easy to take into account in planning
and budgeting.
Conclusion
Companies sponsoring 401(k) plans are increasingly adopting automatic enrollment and
other automatic features. Surveys show that nearly all companies using automatic
enrollment are satisfied with it—and so are as many as 98% of their employees.4 In fact,
it looks like automatic enrollment will soon become the norm in the 401(k) universe.
Retirement Made Simpler is a coalition formed by AARP, the Financial Industry
Regulatory Authority (FINRA), and the Retirement Security Project (RSP). The
campaign was created specifically to inspire and support employers who want to help
their employees save more for retirement. By providing companies with the tools and
information they need to automate their 401(k) plans, more Americans will achieve a safe
and secure retirement. For more information, visit www.RetirementMadeSimpler.org.
1
Sarah Holden and Jack VanDerhei, “The Influence of Automatic Enrollment, Catch-Up,
and IRA Contributions on 401(k) Accumulations at Retirement,” Employee Benefit
Research Institute (2005).
2
See Orszag, Peter and Rodriguez, Eric. “Retirement Security for Latinos: Bolstering
Coverage, Savings and Adequacy.” RSP Policy Brief No. 2005-7 (July). Retirement
Security Project and National Council of La Raza, Washington DC. See also “The Ariel-
Schwab Black Paper,” published by Ariel Mutual Funds and Charles Schwab. October
2007.
3
See Gale, William; Iwry, J. Mark; and Orszag Peter. “The Saver’s Credit: Expanding
Retirement Savings for Middle- and Lower-Income Americans.” RSP Policy Brief No.
2005-2 (March). Retirement Security Project, Washington DC. See also IRS
Announcement 2001-106 (October), available at www.irs.gov/pub/irs-irbs/irb01-44.pdf.
4
See, for example, November 7, 2007 study by Harris Interactive® on behalf of
Retirement Made Simpler (RMS), available at
www.retirementmadesimpler.org/Library/FINAL%20RMS%20Topline%20Report%201
1-5-07.pdf See also Towers Perrin, “Enhancing 401(k) Value and Participation: Taking
the Automatic Approach” (a report for AARP) (June 2007).