Benefits

SIMPLE. The name says it all. It stands for Savings Incentive Match Plan for Employees, a contrived moniker, but you get the picture. This type of qualified retirement plan, created back in 1996, is designed to provide an easy and convenient retirement plan option for small business operations.

In their 5-4 decision, the justices recognized for the first time that for-profit business such as East Earl, Pa.-based Conestoga Wood Specialties, owned by a Mennonite family, can hold religious views derived from their owners under federal law.

Although it’s been almost five years since the floodgates were opened, we’re still seeing a steady stream of conversions to Roth IRAs. As long as Congress doesn’t clamp down on the rules, you can expect for this trend to continue.

Governor Deval Patrick signed legislation to increase the minimum wage in increments to $11 per hour by 2017. The law also lowers unemployment insurance costs.

Will Baby Boomers and Gen Xers have enough money to live on when they retire, and if not, when will they run short? New modeling by the nonpartisan Employee Benefit Research Institute (EBRI) finds that those in the lowest-income brackets are most likely to run short, many in the first year of retirement.

On Monday, the Governmental Accounting Standards Board (GASB) published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012.

Thomson Reuters has released a special report for employers, accounting firms, and other professionals who advise business clients, Get Ready to Play or Pay: Employer Shared Responsibility Under Health Care Reform. The report highlights key provisions employers must understand to avoid tax penalties related to the Affordable Care Act.

Non-equity partners don’t usually have the same “rights” that equity partners have: a vote, capital buy-in, goodwill-based retirement benefits, obligation to pay retirement benefits to others, legal liability and a share in the profits.