IRS provides tips on how to correct failure to timely deposit 401(k) salary deferrals

In the latest edition of Retirement News for Employers, the IRS has provided guidance to employers on what to do if they fail to timely deposit salary deferrals to a 401(k) plan. Employers with 401(k) plans are responsible for depositing their employees’ salary deferrals to the plan’s trust on the earliest date that the deferrals […]

Benefits Council warns that taxing 401(k) contributions would lead to fewer plans

Curtailing the current tax treatment of contributions that workers and their employers make to 401(k) plans would significantly reduce employers’ willingness to sponsor plans and employees’ ability to save, according to a survey of over 500 companies by the American Benefits Institute, the education and research affiliate of the American Benefits Council. The survey found […]

Mercer Lists Top Five Priorities For Employer-Sponsored Health Plans In 2013

Human resource consultant Mercer has provided the following list of the top five priorities for employer-sponsored plans in 2013: • Prepare for the health reform law’s 2014 requirements. In 2014, employers will be required to offer qualified health coverage to all employees working 30 or more hours per week—so in 2013 they need to determine […]

Spencer’s Benefits Reports – January 11, 2013

  About this Newsletter The Spencer’s Benefits Reports is a summary of the week’s news items posted in the WHAT’S NEW pages of Spencer’s Benefits Reports Online. For questions regarding this email service, contact Customer Service at (800)449-9525. NetNews Subscription Want to receive these Newsletters via E-mail? Sign Up / Unsubscribe Resources Online Store […]

FAC 2005-64 Implements E.O. on Nondisplacement of Workers

The Civilian Agency Acquisition and Defense Acquisition Regulations Councils have issued Federal Acquisition Circular 2005-64 with one final rule amending the Federal Acquisition Regulation: Nondisplacement of Qualified Workers under Service Contracts (FAR Case 2011-028). The FAC also contains a Small Entity Compliance Guide. The rule goes into effect, and applies to solicitations issued on or […]

Major Contract Awards

Navy Awards $3.7 Billion Modification to Aircraft Contract. Lockheed Martin Corp., Lockheed Martin Aeronautics Co., Fort Worth, Texas, is being awarded a not-to-exceed $3,677,916,910 undefinitized modification to the previously awarded F-35 Lightning II low rate initial production lot 6 advance acquisition contract for the procurement of 18 conventional take-off and landing aircraft for the Air […]

Final EAR Rule Amends Notice Requirements for VEU Shipments

The Bureau of Industry and Security has finalized, with changes, a proposed rule (¶72,755.43) amending the Export Administration Regulations. The rule amends EAR 748.15 to add a requirement for persons shipping under Authorization Validated End-User to send written notice of the shipments to the recipient VEU. Also, the rule amends EAR 748.15 to clarify that […]

GAO Finds 3 Errors in Evaluation of $2 Billion O&M Proposals

A protest of a $2 billion contract award for operations and maintenance support services in Iraq was sustained because the government did not follow the evaluation scheme, applied an unstated evaluation factor, and treated offerors unequally. The protester was rated “satisfactory” under the staffing plan subfactor, while the awardee was rated “excellent.” The government selected […]

Benefits Were 30.8 Percent Of Total Compensation In September 2012, BLS Finds

from Spencer’s Benefits Reports: Employer-provided benefits costs for civilian workers in private industry and state and local governments in September 2012 averaged $9.48 per hour worked, accounting for 30.8 percent of total compensation costs, which averaged $30.80 per hour worked. The cost of benefits as a percentage of compensation has risen in the past three […]

Multiemployer plans need more help, PBGC chief tells House panel

While the majority of multiemployer plans appear primed for gradual recovery as the economy improves, a minority of such plans will not be able to recover using the tools and authority provided by the Pension Protection Act of 2006 (PPA; P.L. 109-280), according to Joshua Gotbaum, director of the Pension Benefit Guaranty Corporation (PBGC). Gotbaum […]