When a business reaches a certain number of eligible participants for their 401(k) Plan, federal law requires an independent audit of the Plan. While larger companies may be familiar with this process, many small business owners may find themselves in uncharted territory the first time their number of eligible participants increases above the threshold amount. In this second blog in our 3-part series, we’ll discuss what auditors review during a 401(k) Plan audit.
When a business reaches a certain number of eligible participants for their 401(k) plan, federal law requires an independent audit of the plan. While larger companies may be familiar with this process, many small business owners may find themselves in uncharted territory the first time their number of eligible participants increases above the threshold amount. In this 3-part blog series, we’ll cover the basics of 401(k) plan audits.
In light of the COVID-19 pandemic, many employers have shifted to a remote workforce—and in turn, the staffing industry has had to pivot as well, implementing remote recruiting, hiring, and onboarding strategies. While some employees have now returned to the office, many are continuing to work remotely, and will for the foreseeable future. And with employers and employees finding that a remote work strategy can be just as effective, while saving costs for employers and providing a better work-life balance for employees, remote work is definitely here to stay on a larger scale than ever before. So what does this mean for the staffing industry?
In 2018, Massachusetts passed a landmark bill requiring all employers in the state to provide workers with paid family and medical leave (PFML), giving Massachusetts one of the most generous paid family and medical leave programs in the country. At the time of the legislature, the state outlined a three-year approach, with deadlines for employer and employee contributions into the Family and Employment Security Trust Fund, through which the program will be funded.
As businesses have navigated the COVID-19 pandemic over the course of 2020, many were forced to shift to a remote workforce temporarily. As the pandemic continues, employers and employees have adjusted to this new way of working, and many companies are now considering shifting to this model permanently. This change can provide many benefits, including reduced overhead, increased communication, improved employee satisfaction, and reduced carbon footprint. However, there are impacts to risk exposure as well.