July 2009 Newsletter
Message from the Editor
Welcome to our 2009 clients and thank you for allowing ProSource the opportunity to be of service.
Employee Policy and Procedure Manuals or Handbooks are not designed to control or regulate employees but rather they are the foundation upon which good companies grow.
Please contact the ProSource HR department for a free review of your companies Handbook. We wil check for compliance issues and update policies as needed.
Employment News
Compliance Assistance - Fair Labor Standards Act (FLSA)
Minimum Wage Change
The FLSA establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. Covered nonexempt workers are entitled to a minimum wage of not less than $7.25 per hour effective July 24, 2009. Overtime pay at a rate not less than one and one-half times the regular rate of pay is required after 40 hours of work in a workweek.
- FLSA Minimum Wage: The federal minimum wage is $7.25 per hour effective July 24, 2009. Many states also have minimum wage laws. In cases where an employee is subject to both state and federal minimum wage laws, the employee is entitled to the higher minimum wage.
Human Resource News
The Internal Revenue Service has published an updated list of common plan mistakes found during IRS employee plans team audits (EPTAs) and an internal controls questionnaire used by EPTA auditors.
Although the EPTA program focuses on retirement plans with at least 2,500 participants, the published materials give all plan administrators valuable insights into the IRS’ audit process and what the IRS believes plan sponsors can do to avoid common errors in plan administration.
Plan sponsors should use these tools to assess their plans’ compliance and to correct mistakes.
Compliance Trends and Tips
The IRS web page EPTA Program—Compliance Trends and Tips provides an extensive description of the mistakes found most frequently by the EPTA auditors. The site offers advice on how to avoid these errors.
ProSourceSolutions News
Congratulations to Karla and Edgar on the birth of Abigail in March.
We believe there may be some question regarding Allison and Marks' training for their various events. It remains to be seen which one will survive.