Choosing a methodology to calculate service for retirement plans
Article Abstract:
The Dept of Labor allows employers to use different methods to calculate employees' service length for pension plan requirements under the Employee Retirement Income Security Act depending on employee classifications. The three methods permitted are actual hours, equivalency, and elapsed-time. Companies need to consider costs, administration, computer capabilities, number of full and part-time employees, and employee turnover when choosing service calculation methods.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1995
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Cafeteria plans: what they are and how they work
Article Abstract:
Cafeteria plans provide the participant with a choice of at least two employee fringe benefits and cash. These are called 'qualified benefits' meaning that they are not included in the participant's gross income according to IRC 125(a). These include accident or health insurance, disability insurance, group-term life insurance, child care assistance and paid vacations. Nondiscrimination requirements and ERISA reporting rules are also involved.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1993
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Cafeteria plans: what they are and how they work
Article Abstract:
Cafeteria plans were regulated in IRC 125 after the Revenue Act of 1978. Regulations concerning them were revised through 1989. These plans enable participants to select from a menu of cash and other qualified benefits which are excluded from FICA taxes and also from the employer's income. They are often financed by salary reduction plans and employees either receive taxable income or buy qualified benefits with pre-tax income.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1992
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