Independent Audits Of Employee Benefit Plans

The purpose of this document is to address possible security risks associated with the completion of SR-ht-001. This service request is in regard to the “development and installation of a benefits election system to support the tracking and reporting of employee (union and non-union) benefits” ("Smith Services Consulting", 2011). On March 22, 2004 Graham Grove (Vice President of Industrial Relations, Huffman Trucking) sent a memo to Kenneth Colbert (Director of Human Resources, Huffman Trucking) sharing benefit information for non-union represented employees so that Kenneth could use the information to “rationalize health care costs for our

As a human resources consultant, instilling knowledge into organizations regarding laws affecting compensation plan is asked of frequently. BioTeq Industries is no different; it is a biotech company that is in need of help with their compensation plan. BioTeq is a federal contractor with an average of 200 employees, and is looking for guidance and information regarding laws and regulations that may have an effect on the organization’s compensation plan. The remainder of this paper will explain how certain laws and regulations may affect

There are several benefit trusts in Colorado, but one of the oldest and largest is the Colorado Employer Benefit Trust (CEBT). CEBT is a not-for-profit trust providing employee benefits such as medical, dental, vision and life coverage for public entities across Colorado. CEBT was established in 1980 and has grown to covering over 17,000 members in more than 200 participating groups (Colorado Employer Benefit Trust website, n.d.). Its member groups are currently made up primarily of school districts, municipalities and a variety of special districts throughout the state. CEBT’s shared risk model keeps administrative expenses to a minimum and mitigates exposure to catastrophic claims for the individual employers. The trust is managed by a board of seven trustees (BOT) acting as representatives from their respective employer groups and does not currently have any employees. The BOT hires a third-party administrator (TPA) to oversee the day-to-day business of the entity such as enrollment, billing, customer service and claims adjudication. The TPA also serves as the exclusive broker for CEBT’s products. The TPA’s employees are expected to be in compliance with their company’s Global Policy Manual that includes an Ethical Code, but are not subject to any direct oversight from CEBT. The relationship between CEBT and its TPA is very close and is built upon 30 years of experience and interaction between the two entities. As such, the BOT

To illustrate the linkage of management assertions to audit evidence in the context of auditing Notes Payable.

The third way is for employers to utilize the reporting/disclosure guide for employee benefit plans. This is a reference tool that employers can utilize for reporting and disclosure provisions under ERISA. The fourth way is for employers to utilize the understanding your fiduciary responsibilities under a group health plan which provides a summary of the rudimentary fiduciary responsibilities pertaining to health plans that fall under the ERISA mandates.

As a business owner, you know that the areas of your business you focus on have a tendency to improve. With just a small amount of effort, Woita & Associates can help you focus on your company sponsored 401K. We can help you identify important questions to ask and provide data to help you make informed decisions. Learn about fees, funds, and the difference local service can make for your

The Employee Retirement Income Security Act (ERISA) is a piece of legislation enacted y the US Congress in 1974, after decades of similar legislation had been proposed and some of which had been enacted, but primarily as a means of addressing gaps in contemporary law and policy regarding employment pensions and retirement accounts (US Department of Labor, 2012). This legislation spells out certain requirements regarding information that retirement plan administrators must provide the participants and beneficiaries so that they can make pertinent decisions or take steps to safeguard their retirement savings, and also places certain guidelines and limitations on the conduct of managers of pension and retirement plans (USDOL, 2012). Government reporting standards and measures to ensure the protection of and proper access to retirement funds are also part of the legislation (USDOL, 2012).

The reading course material required for this class, and the information reviewed throughout the course are the foundation for the content of this Guide. Each of the five key compensation processes will be reviewed in the context of:

For instance the coverage of the Federal State unemployment insurance system has been extended to now incorporate 80% of employed workers. Benefits for unemployed workers have reached an all-time high of 200 million dollars a month (Altmeyer, 2000). The public assistance outline of the Social Security act has been upgrade to incorporate Federal grants to disabled people in need who are ineligible for social insurance benefits or whose insurance benefits are not acceptable. The railroad Retirement Act and the Old Age Survivors and Disability Insurance system are organized to make available protection for workers moving into or out of the railroad

These employees enjoy accrued benefit such as health insurance, vacation, Competitive wages, dental insurance, holiday and a retirement plan (Helms, 2001).

“Understanding your employee’s perspective can go a long way towards increasing productivity and happiness” – Kathryn Minshew, founder of The Muse. In today’s highly competitive and robust job market, benefit programs have become an integral aspect of an employer’s total compensation package. In fact, an employer’s total benefit package plays just an important role in attracting and retaining talent for organizations as monetary compensation, according to a recent Glassdoor survey (Chamberlain & Tain, 2016). Given the important role benefit plans play in attracting and retaining talent as well as their impact on employee engagement and happiness it is critical that employers empower their benefits specialists to design a total benefit package that functions in such a way that it ensures the organization is not only in compliance with legal guidelines, but also gives the company a competitive advantage within the labor market it competes in. Furthermore, they should be responsive to the organization’s employee’s needs, as well as any changes in the organization’s competitive environment.

This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. Attached to this paper is a Powerpoint presentation that will detail this employee compensation and benefits package, as well as an the eligibility of exempt or non-exempt status, other benefits that might be considered, government regulations that influence the compensation, two other organizations with similar compensation, and how this package aligns with the HRM strategy.

There are great health care benefit programs for employees in most organizations. However, the age limitations are causing serious concerns when it comes to mental care for dependent adults over the age of 26. This needs to change, as mentally ill patients over the age of 26 are left without healthcare insurance; which is never a good thing. Mentally challenged individuals deserve to be protected and covered as dependents under their caregiver’s insurance plans as long as they live. The term dependent should not be restricted to an age, but rather be a term that defines the individual who is unable to provide for themselves due to some mental disorder. Therefore, if organizations change their policies and include the mentally ill as a dependent regardless of age, then, it is likely for economies to see declining crime rates, less cost to taxpayers for essential services, and better overall rehab facilities.

After completing the true or false assessment of the SHRM PowerPoint “Discretionary Employee Benefits” (Markel, 2010). I received a score of 14/15. One of the statements that I feel strongly about is statement number two: “Employees often consider what discretionary benefits are available when deciding to work for an employer” (Markel, 2010). I chose this statement because I feel that even if a job is exactly what I wanted and it does not have discretionary benefits that are important to me it might not be the ideal job for me. For instance, if I needed health insurance or dental insurance and a company did not offer it I would need to find another job that had that benefit. If I had health insurance from a parent of partner I would not care

This paper critically analyses the independence of the internal audit function through its relationship with management and the audit committee. Given the growing role of internal auditing in contemporary corporate governance and independence has gained renewed attention.