What Information Does Your Payroll Company Need
- To your health insurance eligibility rules. With the Affordable Care Act, many companies have adjusted their eligibility rules, so that they are only offering benefits to people that they have to, to save money. Or, if they weren’t offering insurance before, but now they may have to with their full-time equivalent employees.
- In the health plan costs, how much the employer contributes and how much the employee contributes. Or, changes in the employee’s plan because of a qualifying event, such as the birth of a child.
- To benefit plans, like adding or eliminating a Health Savings Account.
- In the retirement contributions, on the part of the employee or the company match.
- In paid time off policies. Sometimes companies will make it so employees can carry over their PTO. Sometimes they re-do the policy — going from employees accruing a certain number of hours every pay period to giving everybody 10 days on Jan. 1.
- With any other time and attendance rules, like how long lunch breaks have to be and if they are mandatory or not. What are the rounding policies? If somebody punches in at 8:57 a.m., are you going to make it so that they punched in at 8:55 a.m. or round it up to 9 a.m.? Very minute details like those matter.
- In employee classifications, such as going from exempt to nonexempt. This is going to be big this year with the new overtime rules