IRS, Inflation, and Other Updates 4/5/2022 We hope everyone had a wonderful Easter/Passover and is…
House of Representatives, DOL, and Other Updates 4/5/2022
We hope everyone is doing well. We wanted to share a few things going on in our nation’s capital to have on your radar.
A growing trend in states is having a mandatory retirement plan in place for every employee. Both California and Illinois have passed this kind of legislation, with several others planning for it to start soon. The House passed the Secure Act 2.0 bill, requiring businesses nationwide meet a set of criteria for their retirement plans. Businesses will then have to share their retirement plans evaluated by the state or federal government.
Thankfully, the PEO industry is on the front end of this bill. Industry leaders have contributed to the bill, particularly the ability to have your plan run by a PEO like Delta. This is a guaranteed way to make sure your plan meets the criteria required to be offered to all employees.
On a separate and retirement unrelated note, the current administration is making changes to the I-9 form. These changes will center around what is now considered an approved document.
The Department of Labor is going to share more information in the coming weeks, including the new Overtime Rules. Click here to read a detailed anticipated preview of what to expect from the DOL. These regulations have a tendency to eb and flow depending on the administration in the White House at the time. If any of your employees are salaried and making >50K annually, we strongly encourage you to stay up to date with these new rules.
The House of Representatives also passed a new Cannabis Law and support for this kind of legislation continues to grow. This article details the states that have passed some sort of legislation deeming marijuana legal or partially legal.
Please do not hesitate to reach out to us if you have questions about any of the information shared with you in this update.
Have a great week!
Dave and Teresa