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Compensation & Benefits

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 …

12,000 EDS employees offered early retirement option

11/01/2007

Electronic Data Systems Corp. (EDS), based in Plano, announced that it would offer early retirement to 12,000 eligible U.S. employees. The technology systems management and services company, which has approximately 136,000 employees in 64 countries, is making the offer in order to reduce costs …

Undocumented worker can get back wages

11/01/2007

No doubt, you’ve read about the U.S. Department of Homeland Security’s (DHS) efforts to enforce the nation’s immigration laws by cracking down on employers that hire and employ illegal immigrants. So you might be surprised to learn that a New York state court has ruled that even an illegal immigrant who admits he forged his I-9 documentation and was fired can sue for state wage-law violations …