Here are this week’s links to a few good stories that we found and selected because we feel they might add valuable insights and perspectives for small to medium size businesses.
• Do smaller 401(k) plans have more problems than larger ones? According to some, they surprisingly do. Writing for JD Supra Business Advisor, Ary Rosenbaum highlights some problems we hear about often from small employers. Partnering with a PEO can help those businesses who have concerns about the many intricacies of establishing and maintaining a 401(k) plan internally. Read Small 401(k) Plans Have More Problems Than Larger Ones to learn more.
• For those of you seeking great HR advice on-line, you need to look no further than TLNT and frequent contributor Kevin Mason, Business Development Manager here at Genesis. This week, Kevin speaks to a very common and often costly problem – misclassifying employees under the Fair Labor Standards Acts. Read HR 101: Exempt vs. Nonexempt Can Be a Very Costly Decision. The mistake you might make can indeed be very costly.
• On June 1, 2015, several members of the Massachusetts legislature visited Genesis for a discussion on proposed legislation that would require registration for PEOs operating in the Commonwealth. When Genesis began operations nearly 25 years ago, only one state (Florida) had similar legislation in place. Today, 40 states do. Massachusetts is not one of them – not yet, anyway. Representative John Scibak (House chair of the Labor and Workforce Development Committee), Senator Mike Barrett (Senate co-chair) as well as Representatives Jay Kaufman, Ken Gordon and Joseph McKenna along with several staff members, NAPEO members as well as Patty Hilger and Kevin Mason of the Genesis Leadership Team participated in a constructive discussion of the PEO industry in Massachusetts, which was followed by a tour of Genesis. On June 9, initial hearings were held on Beacon Hill on House 1775 and Senate 1003, which we hope will make Massachusetts the 41st state to recognize the need for registration or licensure. Stay tuned!
For more information on this topic, please reach out to Genesis HR Solutions at AskUs@genesishrsolutions.com or 800-367-8367.
Genesis HR Solutions is the premier PEO provider for Massachusetts based businesses.