As we anticipate the arrival of 2024, it is crucial for businesses to stay informed about any legislative changes in order to maintain compliance for both their business operations and their employees. We understand the importance of staying ahead of the game at Paper Trails, which is why we are
On June 24, 2021, Maine’s government signed An Act to Promote Individual Retirement Savings through a Public-Private Partnership into law. Created to help against the growing retirement crisis in Maine and across the United States, this act makes Maine the latest state to require certain employers to either provide an
State-mandated vs Employer-sponsored Retirement Plans Retirement has become an increasingly popular topic among state and federal legislatures in the recent years. While 72% of the American workforce has access to a retirement plan, only 56% are enrolled in a plan. Studies say that 22% of Americans have less than $5,000
What is 401(k) profit sharing? Around the holidays, many businesses consider providing bonuses to their employees. Some businesses choose to provide their employees with a year-end bonus in a slightly more unique way than just a normal cash bonus. This is done through 401(k) profit sharing. Let’s take a look
Many businesses offer a retirement plan as part of their employee benefits package. In fact, many states are beginning to set up state run retirement programs to allow employees that do not have access to a retirement vehicle the chance to begin investing in their future. While there is no
Every American worker would like to retire with a comfortable amount of money at an early age. However, an annuity.org study suggests that the complete opposite is happening. In fact, the United States is facing a retirement savings crisis. According to the study, 22% of Americans have less than $5,000
One of the more effective practices businesses use to hire and retain employees is offering a strong benefits package. As with any aspect of payroll, once a business begins offering fringe benefits, tax compliance issues arise. Let’s take a look at how taxes work on employee benefits. What are fringe
Attracting and retaining key employees is key to the long-term success of any business. There are many strategies to achieve this, such as offering competitive salaries and strong benefits. Another strategy that businesses use is to offer a deferred compensation plan to certain employees. Continue reading for more information on
In 2022, employees of businesses that offer retirement plans are eligible to increase their retirement account contributions per the Internal Revenue Service. Every year, the IRS reviews and makes any necessary changes to the contribution limits for retirement plans. These changes are based on the cost-of-living adjustments from the IRS.