Under the Employee Retirement Income Security Act of 1974 (ERISA), a typical retirement plan describes a participant’s right to designate a beneficiary and provides a default beneficiary when a participant fails to do so or if a beneficiary designation is invalid for any reason. Given the violence reported today with the seemingly increased workplace shootings and mayhem, would, for example, a 401K of an employee pass on to the designated beneficiary who had killed the...
How does your organization’s healthcare benefits compare to other Michigan employers? Find out with ASE’s recently released 2019 Healthcare Insurance Benefits Survey. The annual survey examines the premiums, deductibles, and co-pays of employer-sponsored health plans as well as wellness benefits and cost control strategies.
Do your employees recognize that benefits and their associated cost are part of their compensation? Financially, the cost of an employer’s benefit package with group insurance and retirement benefits ranges from 30-40% of direct personnel costs. The Bureau of Labor Statistics’ Employer Costs for Employee Compensation puts benefit costs at 31.4% for civilian workers.
Last week the U.S. Department of Labor’s Wage and Hour Division published three Opinion Letters on various wage and hour issues. Opinion Letters provide guidance on wage and hour questions but do not bind a court to its position on that question or issue. The three opinion letters address compliance issues surrounding overtime pay in various aspects.
At ASE we often get questions from our members about proper overtime pay calculation when different pay plans are at play. To calculate overtime pay for non-exempt hourly employees correctly, one should first determine a few things.
When the Equal Pay Act (EPA) was passed in 1963, it made it illegal for employers to pay women lower wages than men for equal work on jobs requiring the same skill, effort, and responsibility. Over the years, these cases were far and few between and difficult to win. As a result, the previous administration as well as a growing number of blue (Democratic controlled) states have passed more rigorous pay discrimination laws, pushing for pay transparency as a solution for the wage...
It seems like a never-ending quest for employers to figure out what young workers are looking for and what they value. With nearly two million students projected to graduate with degrees this year, they are having to evaluate their employment opportunities and the benefits that they offer.
In May 2019, JP Morgan Chase reached a tentative settlement of $5 million dollars to resolve a class action lawsuit alleging the bank’s parental leave policy was biased against dads. It is the largest recorded settlement in a U.S. parental leave discrimination complaint.
Late last year Michigan passed a minimum wage increase that increased this state’s minimum wage for the next 10 years. It also passed the Paid Medical Leave Act requiring employers with over 50 employees to provide five paid days off.
According to a recent survey by Shiftboard, what workers want most, even more than increased pay, is more control over their time. The ability to influence their work schedules significantly affects job satisfaction, which can have a significant impact on employee retention. 49% of hourly workers would be willing to take a reasonable pay cut for more control over their schedule.
A recent EPTW poll revealed that 64.2% of our readers’ organizations offer a formal wellness or well-being program. Large employers are expected to spend an average of $3.6 million on wellness plans in 2019 to help create a healthier and more productive workforce, according to recent research from the National Business Group on Health (NBGH) and Fidelity Investments. The annual Health and Well-Being Survey found that 40% of these budgets will be applied to providing...
When it comes to hiring new graduates, recruiters hold the esteemed responsibility of ushering them into their career – their first “real” job! Welcoming these vessels of potential into the world of employment often means welcoming them to the “real world”. The world of salary bands and minimum ranges.
For years economists and others have wondered when wages would start to rise. Economic theory and past labor experience predicts that when unemployment becomes low, pay goes up. The rise in pay is a result of employers being forced pay more in order to attract the reduced amount of workers that are available.
What is the definition of value? According to Merriam-Webster it is “The monetary worth of something; a fair return or equivalent in goods, services, or money for something exchanged; relative worth, utility, or importance.” Are you showing your employees that they are valued?
As summer approaches and the colleges empty out, many employers may be gearing up for a new batch of summer interns. Though ASE surveys show many employers pay their interns, some intern positions may be set up as unpaid because the work experience is what counts, right? The Department of Labor has a seven-part test to determine if an internship should be classified paid or unpaid.