So how can a small business hold their staff from leaping ship? As our workforce turns into increasingly cellular, a properly-thought out employee retention technique becomes just as necessary as recruitment (if not more). Some studies (corresponding to SHMR) predict that each time a business replaces a salaried employee, it prices 6 to 9 months’ wage on common.
It would simplify tax administration, and allow plans to not waste any time in coping with these legacy vendors which have no impression on the plan at present. It has now been a dozen years since the IRS issued Revenue Procedure 2007-seventy one, which was written in response to the logistical difficulties which arose from the mammoth modifications imposed by the 2007 modifications to the 403(b) regulation. That regulation imposed considerably new duties on 403(b) plan sponsors, including the employer’s need to trace and be held accountable for all 403(b) contracts which … Read More