A change in the rules governing overtime has been coming for two years, with a sneak preview of proposed modifications last year. But on May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used to determine whether employees are eligible for overtime and will affect more than 4 million salaried employees, according to the DOL. Read more about New Overtime Rules Issued:What it Means for You
Need a loan to buy a car, pay tuition or cover other expenses? It may be easier and cheaper to get a loan from your employer-sponsored retirement plan (such as a 401(k) or profit sharing account) than to borrow from a bank. The interest is often lower and is funneled back to your own account. Limits apply, including that a loan generally can’t exceed the lesser of $50,000 or 1/2 of your nonforfeitable balance. Note: A loan that isn’t timely repaid may be deemed a taxable distribution and may incur a tax penalty. Plan loans aren’t allowed from SEPs or SIMPLE IRAs. Read more about Need a Loan?
Recently the U.S. Department of Labor made some major changes to the Fair Labor Standards Act (FLSA) as it applies to overtime. These new changes will impact many employers and will provide extended protections to millions U.S. workers.