Total Compensation:
New Tax Regulations
Employers Offset the Rising
Once Again, Maryland Changes Opinion on Unused Vacation Pay
|
Companies today are facing budget crunches and resource shortages while dealing with volatile job markets that make acquiring critical talent challenging. Employers depend on their compensation and benefits packages as critical elements in their attraction and retention tool kits. Yet, many employees are unaware of the true value of their “total compensation programs.” 
Have you given your compensation and benefits plans the “white glove” treatment in preparation for the final transition of section 409A of the Internal Revenue Code? Effective January 1, 2009, section 409A is a new set of regulations that seeks to address corporate accounting scandals by targeting many types of deferred compensation programs offered throughout the U.S. The broad brush that the regulations will paint could be a surprise to many companies. 
Employers frequently benchmark their benefits offerings against those of other organizations competing for the same talent. But it is only recently that gas cards are included on the benchmark list. As of June 23rd, the average price of gasoline in the greater Washington area was $4.10 per gallon, up $1.11 per gallon from one year ago. As gasoline prices continue to rise with no end in sight, some employers are helping their employees offset the increased expense. 
In April the Chariot brought you the news that Maryland had changed its regulations, requiring the payout of unused vacation to terminating employees. Recently Maryland reversed this stance and amended its Wage Payment and Collection Law (Md. Code §§ 3-501et seq.) to restore the law to its pre-November 2007 state. | Issue 7 | July 2008 |
|
Helios HR client-focused delivery models include:
Additional information is available at www.helioshr.com
|
