Usually, we don’t discuss the pay gap between men and women until Equal Pay Day rolls around (March or April each year). As a nation, we observe Equal Pay Day to raise awareness about the wage gaps between men and women and demographic Equal Pay Days throughout the year to raise awareness about the harmful wage gaps faced by women of color compared to their white non-Hispanic male counterparts.
However, we’re mentioning the topic earlier than normal because this article… Read the rest
As someone who is seriously thinking about retirement, I have all the common regrets that many people have when it comes to retirement savings. The top one being that I wish I had started saving sooner. But when you have children (with all their financial needs) and high expenses for essential living items (i.e., mortgage, groceries, utilities, transportation, etc.) it can be difficult to consider setting money aside for some time in the distant future. I also wish I had … Read the rest
Earlier this month (August 2024) the U.S. Department of Internal Revenue Service issued interim guidance for sponsors of 401(k) and similar retirement plans that provide, or wish to provide, matching contributions based on eligible student loan payments made by their participating employees. This is a benefit offering that became available this year.
Notice 2024-63 PDF, posted on IRS.gov, implements section 110 of the SECURE 2.0 Act of 2022, which for the first time permits employers to provide matching contributions … Read the rest
The Biden-Harris administration announced that the U.S. Department of Labor has finalized its Retirement Security Rule to protect the millions of workers who are saving for retirement diligently and rely on advice from trusted professionals on how to invest their savings. This final rule will achieve this by updating the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code.
The final rule and related amended prohibited transaction exemptions require trusted investment … Read the rest
The U.S. Department of Labor (DOL) has released its long-awaited final rule under the Fair Labor Standards Act (FLSA). The final rule will expand overtime protections for millions of the nation’s lower-paid salaried workers by increasing the salary thresholds required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements.
Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. … Read the rest
Although the Federal minimum wage remains at $7.25 per hour (an amount that has not changed since 2009), this year on New Year’s Day, 22 states raised their minimum wage, giving nearly 9.9 million Americans a pay raise. Individuals in California, Hawaii and New York made up 51 percent of those earning a raise (all states with high costs of living). According to a report from the Economic Policy Institute (EPI), women made up more than half (57.9%) … Read the rest
This year marks a milestone for the U.S.: More Americans will reach the traditional retirement age of 65 in the same year than at any time in history. According to the U.S. Census Bureau’s population projections (as cited by Investor’s Business Daily), about 12,000 people will turn 65 every day this year. That’s about 4.4 million people. In times past, this would be the year that those 4.4 million people would have given their employers notice, enjoyed a party … Read the rest
The ALA Committee on the Status of Women in Librarianship (COSWL) and the ALA-APA Standing Committee on the Salaries and Status of Library Workers (SSLW) will host a free webinar entitled Salary Equity and Library Workers: Experiences from the Field on How to Make it Happen on January 11, 2024, 1:00 -2:30 pm (Central). Register now.
Historically, women have been discriminated against in a variety of ways, a primary one being compensation. The ALA COSWL together with ALA-APA SSLW will … Read the rest
At the end of last month (Aug. 2023), the U.S. Department of Labor (DOL) announced a notice of proposed rulemaking (NPRM ) that would restore and extend overtime protections to 3.6 million salaried workers. The proposed rule would guarantee overtime pay for most salaried workers earning less than $1,059 per week, about $55,000 per year.
In a press release of the announcement, Acting DOL Secretary Julie Su commented, “For over 80 years, a cornerstone of workers’ rights in this … Read the rest
With the fall college semester now underway, the Internal Revenue Service (IRS) reminded employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loan obligations for their employees.
As part of a wider effort to promote this benefit, the IRS will hold a free webinar on September 14 to help interested taxpayers and tax professionals better understand this special provision.
IRS Commissioner Danny Werfel said, “There is a limited … Read the rest
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