Some firms use compensatory time off to compensate employees for working more than their scheduled hours. For non-exempt employees compensatory time cannot be awarded to the employee in lieu of overtime, even if the employee requests it. The Ohio law is very clear that any time worked in excess of 40 hours in seven consecutive work days must be compensated at overtime rates. … Read more >
While consumer spending can be a stimulus to the overall economy, mounting consumer debt can also slow future spending and be a drag on a recovering economy.
The latest statistics from the Federal Reserve of New York show that U.S. household debt rose 1.1% in the third quarter of 2013 to $11.28 trillion. … Read more >
Premium credits in advance under Obamacare are based on current year not prior year income
If you qualify for a subsidy under Obamacare and take the subsidy as a reduction in your monthly premium, you could be in for a surprise when you file your 2014 taxes. The qualification for a subsidy is determined based upon your current year income but historical information is used to project whether the subsidy is available as a premium reduction.… Read more >
A recent press release by Mercer highlights the great year that pension plans had in 2013. Gains were led by the nearly 30% increase in the S&P 500 index.
The other less understood component is the change to the discount rate. Pension plans measure the size of the future liabilities by discounting the projected payments to reflect the present value of those liabilities. … Read more >