EZ IRA – Who said saving for retirement isn’t easy?
We hear a lot about how well Americans are saving – or not – for their retirement. In that spirit, Legg Mason Global Asset Management has unveiled a payroll deduction IRA program intended to provide a way to build that savings rate.
Introducing EZ IRA from Payce, the easiest retirement solution ever, now offered in partnership with Legg Mason Global Asset Management. Using simple, automatic payroll deductions, EZIRA makes it hassle-free for every business – no matter how big or small – to offer a retirement benefit that attracts and retains valued employees.
How it Works
1. Simply enroll your business in the Payce EZ IRA program, Payce does all the set up.
2. Each eligible employee must complete the EZ IRA application and agreement. Employees can select how much they wish to deduct from their payroll, and whether they wish to set up a traditional or Roth IRA (based on eligibility and personal choice).
3. Each payroll period, Payce will automatically withhold each employee’s authorized payroll deduction and transmits the funds into the employee’s IRA.
4. Each employee is responsible for managing how his or her funds are invested/allocated, and paying the small, annual maintenance and administrative fees.
Should you have any questions or interest in learning more about this exciting product, please call Payce at 1-800-729-5910 and ask for Mark Marszal or Erica Boritas.
The dreaded tax return time has now added just one more step before your federal tax filing can be complete. Under the Affordable Care Act, individuals must now have health insurance coverage and some have found it by accessing coverage through the Health Insurance Marketplace or, more commonly known as the Exchange. On the Exchange individuals can analyze insurance options, purchase qualified health plans and if eligible, receive assistance in paying premiums or out of pocket costs. Proof of coverage is now required each tax year.
The Individual Shared Responsibility Provision also requires individuals to have qualifying coverage either through the Exchange or an employer sponsored group health plan for each month of the year or make a shared responsibility payment on their federal tax return. If the taxpayer and dependents had coverage each month of the year, simply check box 61 indicating coverage on federal filing form 1040. No further action is required. Some taxpayers are exempt from the coverage requirement of the individual shared responsibility provision (SRP) and do not have to make a shared responsibility payment when filing form 1040. Coverage exemptions are available for individuals specifically described as having a religious, economic, or other justification for not having minimum essential coverage. Taxpayers who qualify for an exemption will attach Form 8965, Health Coverage Exemptions, to their federal income tax return to claim that exemption. Taxpayers or any dependents that did not maintain minimum essential coverage for each month of their tax year and did not qualify for a coverage exemption must make an individual shared responsibility payment. The 2014 SRP and the amount is the greater of:
Recently some states have adopted the Mandatory Paid Sick Leave benefit for employees working for employers. California will put this in place effective July 1, 2015 where employees will have 3 days paid sick leave (24 hours) per year which can be accrued and is available after 90 days from hire date.
Massachusetts will also begin awarding sick leave to those employees working for an employer who has greater than 11 employees consistently in their workforce. Employees will be granted 40 hours per year and can roll over up to 40 hours each year in sick pay. Employers in this state having less than 11 employees will not be mandated to provide sick pay.
The state of Connecticut has had mandatory sick pay in effect since 2012 and many cities/states have also adopted paid sick leave policies. Payce can also help with your sick pay accrual requirements in accordance with your state or city regulations making sure you are compliant!
Did you know that Payce has an easy and affordable time and attendance solution to help manage the timekeeping additional of seasonal help? As a SwipeClock reseller, we are able to offer our clients a wide variety of time collection methods with full web-based administration. Your employees can clock in using a pin code, magnetic stripe card, proximity badge, their finger/hand scan or online. Consider these options versus a paper trail of timecards. Time and attendance systems save employers money every day and help to deter time abuse! Contact a Payce representative today to learn more about our customized timekeeping solutions ideally suited to meet your business needs!