| ...from the HR Perspective |
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| Human Resource Update |
July 2020 |
What If There Is No Barrel?
You may have all heard the adage: "A rotten apple spoils the barrel". Benjamin Franklin noticed this in
Poor Richard's Almanack
(1736): "The rotten apple spoils his companion". In an office environment, a bad apple can influence the behavior of an entire group or department or cause a good person to quit. Good management watches out for signs of such discontent for to turn around such situations can be difficult and take a long time. It is amazing how quickly a bad apple can spoil the barrel.
But what if there is no barrel? With the advent of COVID-19, most offices have dispersed their employees to work from home. Can a bad apple spoil what was the barrel? Unfortunately, the answer is yes. Pre-COVID, personal discourse, internal emails, team apps such as Slack, and social media could be used to advance a rotten apple's agenda within an office environment. The astute manager would see the tell-tale signs that usually pop up and address the situation and its instigator. But when everyone is physically invisible to others, particularly management, those signs may not be visible until the damage is done. How can management curtail the rotten apple's impact?
Sociologists who have studied this phenomenon seem to agree that the best answer is to take the person out of the group as quickly as possible. But that may not always be possible.
We suggest a three-pronged approach not only during the COVID decampment but when things get back to normal, adjusted for physical presence:
Monitor:
Monitor all email, team effort software (Slack, MS Team, etc.) and social media that is sent or received on company furnished equipment. There is software to help you do this. If you have not already done so, provide notice to all employees that the company reserves the right to do this. If you provide an employee handbook, it should describe what the company will be doing. If you are hiring new employees, have them sign an agreement acknowledging this. When describing "monitoring" be sure to state what it covers. Please note that the NLRB may limit what may be monitored regarding union related activities.
Be sure that your description of monitoring covers work outside the office whether at home or on the road. If you provide company laptops or another form of equipment, your description of monitoring should include this. If you wish to monitor work away from the office that is done on an individual's personal computer, we consider it mandatory that you have a signed agreement with the employee (State laws may affect this).
Some employees may be leery of any program that might smack of productivity measurement in any form. Couching your introduction of the monitoring program in terms to mitigate this feeling would be time well spent.
Assess and Take Action:
If you are using software to help you with your monitoring, or you spot check communications manually, when something appears that is potentially damaging to your organization's welfare, make an assessment of how critical it is and how it should be addressed. Realize that the rotten apple's influence may not be limited to fellow employees but can also affect clients and the corporate image. Any situation should be addressed as soon as possible. The employee or employees responsible for the spread of venom should be virtually counseled and advised that their activities will not be tolerated and could lead to discharge. Securing this warning with a countersigned written document is advisable. Of course, if the damage done is severe, you should contact counsel about an immediate discharge. If possible, the rotten apple or apples should be transferred to another group or department, communications with their former peers should be shut down and they should be watched very closely thereafter.
Walk About:
Adopt a virtual version of MBWA (Management By Walking Around) that you can accomplish through a video connection such as Team, Zoom, etc. For those who may be unfamiliar with MBWA, it had its beginnings in the 1980's and started to make a comeback before the virus hit us. Very briefly, the concept revolves around a manager's literally walking around the office and talking with employees. In today's scenario, you can virtually drop in on employees as if you were walking around. No notice is required, and sometimes a surprise contact can produce better results. It is something the manager must do personally and not delegate. The manager's physical (or in this case, virtual) presence is required, and everyone must be included in the walk around. A virtual walk around can be done over a few days, but it is best done in as short a time frame as possible to prevent any cross-contamination of employees' input (employees talking about what they told the manager). Be aware that you may be presented with problems you did not know existed, listen carefully and do not be too critical in any response you give. Be acutely aware of any comments or physical "tells" that something is not right.
When MBWA could be done in the office, some managers would have after-hours coffee and snack sessions or similar get-togethers. It would help the manager see the interaction among employees, might divulge potential conflicts and damaging attitudes. You might consider a virtual version of this through the video conferencing facilities mentioned above.
Virtual MBWA can help you guard against rotten apples and, as a by-product, promote the dedication and productivity of a department.
If we may assist you in developing a program like that just described, please let us know. We hope that you, your family, and associates remain well.
Sincerely,
Michael F. Yates
President
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If you find value in this newsletter please let us know. Feel free to call me with a comment and/or ask a question at any time (908-689-4200) or send me an email (myates@mfyco.com). We offer this timely information as another benefit of your relationship with our company. If you feel a friend or colleague would benefit from receiving our newsletter, please feel free to forward a copy.
You can view all of our newsletters by clicking the 'newsletter archives' link at our company website www.mfyco.com.
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U.S. Census Bureau - Measuring Household Experiences during COVID-19
Since April 2020, the U.S. Census Bureau has been gathering data on the social and economic effects of COVID-19 on American households. This data collection is referred to as the "Household Pulse Survey," and is intended to provide near real-time information to assist federal and state government agencies in their planning and allocation of resources to facilitate recovery.
The survey is described at
https://www.census.gov/householdpulsedata
.
Questions are asked on how the pandemic is affecting the respondent's employment status, spending patterns, food security, housing, physical and mental health, access to health care and educational disruption.
The results in these categories are shown by state and are presented on week-by-week comparison charts. By clicking on the "Interactive Tools" button, one can see that the respondents' replies have remained fairly level over the eleven weeks of results tabulated so far, which indicates that, at least on the individual household level, the recovery is still waiting to occur. On a more positive note, however, it also shows that the situation is not worsening, and with hopeful news regarding possible vaccines, perhaps the worst is behind us.
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Guidance on Waiver of 2020 Required Minimum Distributions
IRS Notice 2020-51
On June 23, the IRS and the Treasury Department issued
(Notice 2020-51)
that allows more people to roll a distribution (that they thought was a minimum required distribution) back into the plan or an IRA.
This notice provides guidance relating to the waiver of 2020 required minimum distributions, described in §401(a)(9) of the Internal Revenue Code (IRC), from certain retirement plans under section 2203 of the CARES Act. In particular, the notice:
- permits rollovers of waived required minimum distributions (RMDs) and certain related payments, including an extension of the 60-day rollover period for certain distributions to August 31, 2020;
- answers questions relating to the waiver of 2020 RMDs; and
- provides a sample plan amendment that, if adopted, would provide participants a choice whether to receive waived RMDs and certain related payments.
The notice also provides transition relief for plan administrators and payors in connection with the change in required beginning date for RMDs under §401(a)(9) of the IRC pursuant to section 114 of the SECURE Act.
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Ways to Help Remote Employees Thrive
We are now heading into our fifth month of the "new normal". A vast amount are working from home for the first time and are experiencing stresses that the "old timers" have mastered, such as young children under foot, food that needs to be prepared, animals that need to be walked, house work, food orders that take forever to arrive, slow internet, lag time on web meetings and getting their work done when easy access to all the materials needed is difficult, plus tracking hours whether hourly or salaried. This is overwhelming for most. So how can supervisors of all levels help get these "new" work from home employees who are struggling with day to day obstacles, feel less guilty, more in control and feel supported by their boss?
Here are five recommendations for supervisors of any level to follow when trying to help employees adjust to the challenges of their new teleworking culture:
1. Provide support, check in, and listen to employees.
A quick "how are you feeling?", "anything happening on the home front that you would like to share, new babies in the family, personal experiences, etc.?" goes a long way. Life continues and does not stand still. Family members become sick, have surgery, pass away and as supervisors, we have to keep in mind that the water cooler is long gone so we have to devise new ways to bring in the social conversation. We learn so much from others in our times of need. We cannot lose sight of how important social contact is. Check back with your "team" to feel out their well-being but be careful not to do it so frequently that employees feel smothered or untrusted.
Note:
ensure employees know what mental health resources are available and how to access them. Not everyone is strong minded or knows how to cope with issues (loss, financial, life altering surgery, etc.) that may arise.
2. Communicate, communicate, and communicate!
Employees are isolated but also bombarded with information from all angles. Remind your employees that you are there to guide them using clear communication and make sure no one feels he or she is getting over-lapping or contradictory instructions or assignments. If they feel they are, provide a solution for them, since they may not be able to find one for themselves. Supervisors, regardless of level, who provide consistent, regular guidance and training will develop stronger team members.
3. Help employees strike the right balance.
Flexibility seems to be the name of the game now a days. It has a whole new meaning. Your employees may need to establish a completely new work schedule to allow for childcare. Other employees feel compelled to be available at all times as a show of trust and dedication.
Managers need to remind employees-not only with words but also with actions. Supervisors should state to their staff that they may receive communications (emails, voice mails or texts) after shift and the timing of completion should be noted (can it wait till tomorrow or does it need their immediate attention), leaving it up to your subordinates isn't really fair to them since they may not have any authority to decide. Also, if working beyond the scheduled workday hours becomes a problem, talk to your "team" and remind them or state the policy of your employer regarding working beyond their workday hours (regardless of how it is dispersed throughout the day). Supervisors look inward and make sure you are not asking or implying that it is expected of your team to work on demand, so to speak. Lastly you should be encouraging and ensuring employees are taking time off. Just because they are home doesn't mean they don't need a much-needed break. With many people opting for "staycations" this year, there is a strong temptation to check e-mails and internal forums throughout the day, which prevents employees from fully disconnecting. As supervisors we owe it to our teams to be clear and supportive.
4. Don't be afraid to mix things up!
It's a good idea to combine e-mails, phone messages, and video calls to reduce an employee's sense of isolation from the team. But being on nonstop videoconferences is exhausting, so reassure your team it is acceptable to turn the camera off sometimes.
Encourage employees to take walks during calls and to try not to schedule meetings or webinars for those continuing education credits, back to back. It is also important to set aside time to have fun with your team and allow them to connect on topics beyond work.
5. Embrace interruptions as part of the new normal.
Working from home while managing other aspects of everyday life can be a major challenge. Encourage employees to roll with the punches. If a child pops into a video meeting to say hi or the cat wants some screen time or the delivery guy knocks loudly on the door, just go with it!
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Invitation to MFYCO Facebook
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Eight Reasons to Have an Investment Policy Statement for Your
Retirement Plan
A plan investment policy statement (IPS) is a written statement intended to provide a plan's investment fiduciaries with a framework for decision making regarding various types or categories of plan investments. Typically, an IPS outlines the roles of the parties involved with the plan investment process and details their investment responsibilities. Although an Employee Retirement Income Security Act (ERISA) retirement plan is not required to have an IPS, it is generally considered a best practice to have one.
Why is that? Here are eight reasons to establish and maintain an IPS:
1. One reason is the Department of Labor ("DOL") favors IPSs. Over 25 years ago, in Interpretive Bulletin ("IB") 94-1, DOL stated its belief that an IPS serves a "legitimate purpose" in helping to ensure a plan's investments are structured to promote its purposes and funding. DOL further clarified that the maintenance of an IPS for a plan is consistent with ERISA's required duty of prudence. IB 94-1 has since been superseded, but the DOL essentially retains this view in IB 2016-01, the current iteration of this guidance. DOL's regular practice of asking to see a plan's IPS in a retirement plan audit further buttresses this view.
2. Additionally, there is some safety in numbers. Investment policy statements have become practically ubiquitous. Since most plans maintain an IPS, not having one can be seen as "outside the lines" and may subject the plan's fiduciary compliance to greater scrutiny. In fact, it is not hard to imagine a plaintiff's firm arguing that a plan's failure to have an IPS is de facto evidence of a fiduciary breach.
3. Most plan investment consultants will insist that their plan clients have an IPS. In fact, many investment consultants assist plan clients with the development of an IPS as one of their core service offerings. This is particularly true in the 401(k) space. Investment consultants offer this service to help their plan clients develop a strategic and coherent approach to plan investments. However, investment consultants also benefit from this practice because the IPS will usually serve as a roadmap for the investment consultant's services to the plan as well.
4. Establishing a well-constructed IPS by the plan's named fiduciary, typically the plan sponsor or an investment committee, requires careful consideration of the plan's investment objectives and how to achieve them. Undertaking this process is a useful exercise.
- In the context of a defined benefit plan, this exercise requires consideration of, among other things, the plan's funding status and policy, the plan's liquidity requirements and applicable plan administration components (i.e., whether the plan is closed to new participants or additional accruals).
- In the context of a 401(k) plan, this exercise requires consideration of, among other things, plan demographic information, including age and income, plan design features (e.g., automatic enrollment) and the investment sophistication of plan participants.
In both cases, this undertaking requires the named fiduciary to consider the types of investments it considers prudent and those it may want to restrict.
5. By setting forth criteria involved in the selection and monitoring of plan investments and time periods for assessing investment performance, an IPS, if adhered to, can promote consistent plan investment decision making in accordance with objective factors. For example, an IPS generally provides the asset classes that the plan's investments should represent. An IPS also includes both quantitative and qualitative factors which should be considered when selecting, monitoring and terminating investment funds or managers.
6. In addition to promoting consistent plan investment decision making, establishing the selection and monitoring criteria involved in plan investments, as well as the applicable time periods for assessing investment performance, also helps to demonstrate the existence of prudent fiduciary processes. ERISA doesn't require 20/20 investment hindsight, and bad investment outcomes are still generally protected under ERISA if they result from a prudent decision-making process. As a result, laying out the process for prudent plan investment decision making has independent value.
7. On a related note, an IPS also creates a roadmap for documenting the ongoing monitoring of plan investments required by plan fiduciaries. Quarterly investment reporting typically keys off the investment criteria listed in the IPS.
8. Finally, an IPS can help socialize new investment committee members to their duties as they rotate onto an investment committee (or new employees working with plan investments). This may bridge the gaps that sudden changes to an investment committee (or investment personnel) may otherwise cause. In this sense, an IPS can help preserve institutional memory of a plan's investment objectives, strategies and processes.
Jul 21, 2020
Authors:
Sarah N. Lowe
From Frost Brown Todd, LLC Fiduciary Focus Series
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We invite you to share our newsletter.
(It's a lot to think about!)
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Just Out From The IRS
IRS says a Paycheck Checkup helps avoid tax surprises
The Tax Withholding Estimator is a tool on IRS.gov designed to help taxpayers determine how to have the right amount of tax withheld from their paychecks. It offers workers, retirees, self-employed individuals and other taxpayers a clear, step-by-step method to help determine if there is a need to adjust their withholding and submit a new
Form W-4
to their employer. The latest update of the Tax Withholding Estimator provides detailed explanations to withholding recommendations on the Results Page.
Final Announcement: Several Cincinnati and Hartford Business Payment P.O. Boxes Addresses closed July 1st
IRS closed several
business payment P.O. Box
addresses in the Cincinnati and Hartford areas on July 1. Payments sent to those locations are now being returned to senders. These closures do not impact individual tax payments mailed to those Lockbox locations. To avoid delays, please use the current address located on the
Where to File
page on IRS.gov.
Temporary increase in limits on contributions of food inventory
The CARES act created a special rule allowing greater deductions by businesses for contributions of food inventory for the care of the ill, needy or infants. Businesses that contribute food inventory in 2020 may deduct up to 25 percent of their net income or taxable income. Additional information is available on
IRS.gov
.
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Additional Guidance From the DOL WHD
Regarding FLSA, FMLA and FFCRA
Below are the new questions which have been addressed. Click here for the published answers.
New FLSA Guidance Questions:
- I am an employer who allows my employees to telework during the COVID-19 emergency. Now that my employees are no longer at my worksite, how do I determine their hours of compensable work? Do I have to pay my employees for hours I did not authorize them to work? Do I have to pay them for hours worked even when they do not report those hours?
- I am an employer who allows my employees to telework during the COVID-19 emergency. I would also like to give my employees flexibility in hours of work so they can take time out of the normal workday for personal and family obligations, such as caring for their children whose schools have closed. If I allow my employees to begin work, take several hours in the middle of the workday to care for their children, and then return to work, do I have to compensate them for all of the hours between starting work and finishing work?
- Can a salaried executive, administrative, or professional employee who is exempt from the Fair Labor Standards Act's (FLSA's) minimum wage and overtime requirements under Section 13(a)(1) perform other nonexempt duties during the COVID-19 public health emergency and continue to be treated as exempt?
- Is hazard pay required under the Fair Labor Standards Act (FLSA) for employees working during the COVID-19 pandemic?
- I am a salaried employee exempt from the minimum wage and overtime pay requirements under Section 13(a)(1) of the Fair Labor Standards Act (FLSA) as a bona fide executive, administrative, or professional employee. Will I lose my exempt status if I take leave under the Families First Coronavirus Response Act (FFCRA)?
- I am a salaried employee exempt from the minimum wage and overtime requirements under Section 13(a)(1) of the Fair Labor Standards Act (FLSA) as a bona fide executive, administrative, or professional employee. Can my employer reduce my salary during the COVID-19 pandemic or an economic slowdown? Would I lose my exempt status if my employer does?
New FMLA Guidance Questions:
- Due to safety and health concerns related to COVID-19, many health care providers are treating patients for a variety of conditions, including those unrelated to COVID-19, via telemedicine. Telemedicine involves face-to-face examinations or treatment of patients by remote video conference via computers or mobile devices. Under these circumstances, will a telemedicine visit count as an in-person visit to establish a serious health condition under the FMLA?
- I was out on FMLA leave unrelated to COVID-19. While I was out, my company implemented a new policy requiring everyone to take a COVID-19 test before they come to the office. Under the FMLA, can my employer require me to get a COVID-19 test under this policy?
Due to the FFCRA
the following questions are under review:
- What legal responsibility do employers have to allow parents or care givers time off from work to care for the sick or children who have been dismissed from school?
- Is an employer required by law to provide paid sick leave to employees who are out of work because they have COVID-19, have been exposed to a family member with COVID-19, or are caring for a family member with COVID-19?
- Some employees may not be able to come to work because they have to take care of sick family members. May an employer lay them off?
New FFCRA Guidance Questions:
- My employee used two weeks of paid sick leave under the FFCRA to care for his parent who was advised by a health care provider to self-quarantine because of symptoms of COVID-19. I am concerned about his returning to work too soon and potentially exposing other staff to COVID-19. May I require him to telework or take leave until he has tested negative for COVID-19?
- I was working full time for my employer and used two weeks (80 hours) of paid sick leave under the FFCRA before I was furloughed. My employer said I could go back to work next week. Can I use paid sick leave under the FFCRA again after I go back to work?
- I have an employee who used four weeks of expanded family and medical leave before she was furloughed. Now I am re-opening my business. When my employee comes back to work, if she still needs to care for her child because her childcare provider is unavailable for COVID-related reasons, how much expanded family and medical leave does she have available?
- My business was closed due to my state's COVID-19 quarantine order. I furloughed all my employees. The quarantine order was lifted and I am returning employees to work. Can I extend my former employee's furlough because he would need to take FFCRA leave to care for his child if he is called back to work?
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What would you like to see in a future issue?
Contact our office with your suggestions.
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Treasury Department and IRS Issue Guidance for Consolidated Groups Regarding Net Operating Losses
IRS News Release (
IR-2020-138, July 2, 2020)
WASHINGTON - The Department of the Treasury and the Internal Revenue Service today issued
proposed regulations
and
temporary regulations
that provide guidance for consolidated groups regarding net operating losses (NOLs).
The Tax Cuts and Jobs Act (TCJA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended the rules for NOLs. After amendment, the NOL deduction is the sum of:
- The total of the NOLs arising before January 1, 2018 (pre-2018 NOLs) that are carried to that year; plus
- The lesser of:
- The total of the NOLs arising after December 31, 2017; or
- 80% of taxable income less pre-2018 NOLs (the 80% limitation).
The TCJA generally eliminated NOL carrybacks and permitted NOLs to be carried forward indefinitely. The TCJA also provides special rules for nonlife insurance companies and farming losses. Nonlife insurance companies are permitted to carry back NOLs two years and forward 20 years, and the 80% limitation does not apply. Farming losses are permitted to be carried back two years and carried forward indefinitely, subject to the 80% limitation.
The CARES Act effectively delays the application of the TCJA amendments until January 1, 2021. Additionally, the CARES Act permits a five-year carryback for NOLs, including farming losses and NOLs of nonlife insurance companies, for taxable years beginning after December 31, 2017 and before January 1, 2021.
The proposed regulations provide guidance to consolidated groups on the application of the 80% limitation. Additionally, the proposed regulations would remove obsolete provisions from the rules for consolidated groups that contain both life insurance companies and nonlife insurance companies.
Because the CARES Act allows certain NOLs to be carried back five years, the temporary regulations allow certain acquiring consolidated groups to make an election to waive all or a portion of the pre-acquisition portion of the extended carryback period for certain losses attributable to certain acquired members.
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2020 Retirement Plan Limits
All limits are based on the calendar year.
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2020
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2019
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2018
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Maximum Annual Defined Benefit
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$230,000
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$225,000
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$220,000
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Maximum DC Annual Addition ($$)
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$ 57,000
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$ 56,000
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$ 55,000
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Maximum 401(k) Deferrals
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$ 19,500
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$ 19,000
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$ 18,500
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Older EE Catch-Up Contribution
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$ 6,500
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$ 6,000
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$ 6,000
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Maximum Plan Compensation
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$285,000
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$280,000
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$275,000
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Highly Compensated Threshold
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$130,000
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$125,000
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$120,000
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Key Employee in a Top-Heavy Plan
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$185,000
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$180,000
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$175,000
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Income Subject to Social Security Tax
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$137,000
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$132,900
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$128,400
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PBGC Maximum Monthly Guarantee*
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$5,812.50
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$5,607.95
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$5,420.45
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Maximum DC Annual Addition (%)
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100%
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100%
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100%
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Social Security Tax - Employee
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6.2%
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6.2%
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6.2%
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Social Security Tax - Employer
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6.2%
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6.2%
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6.2%
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Medicare Tax**
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1.45%
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1.45%
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1.45%
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DC Plan Deduction Limit
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25%
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25%
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25%
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Definition of Compensation for DC Plan Deduction Limit
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Includes
Deferrals
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Includes
Deferrals
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Includes
Deferrals
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*Life Annuity at age 65
** Individuals with earned income over $200,000 pay an additional 0.9% in Medicare taxes
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If you have not received our business card with these numbers printed on it and would like one, please let us know! We would be happy to mail you one (or a few to share!)
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Michael F. Yates & Company, Inc.
_________________
101 Belvidere Avenue
P.O. Box 7
Washington, NJ 07882-0007
908-689-4200
fax: 908-689-6300
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about MFYCO ...
- Michael F. Yates & Company, Inc. can help you with a variety of services ranging from retirement plans to providing results-oriented survey instruments, training and development programs for your employees. Our products and services are intended to help you maximize the effectiveness of your Human Resources function.
- These products and services incorporate our years of experience so that you receive rapid results and exceptional value. From onsite consulting, to strategic business integration, to Web enablement, we understand how Human Resources can be applied to solve your problems and achieve your goals. As a result, we can help you get the most out of your investment and turn your most precious resource into a competitive advantage.
-
We offer Consulting, Retirement Planning, Pension and 401(K) both qualified and non qualified Plans, Welfare Plans, Communications, Computer Systems, Executive Plans, Compensation, Mergers, Acquisitions, Divestitures and Other Services.
-
We offer a true and honest, Client Partnership.
Take the Michael F. Yates & Company, Inc. challenge!
Call us today ... 908-689-4200
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Our staff and firm are proud
members
of the following professional organizations:
Society of Actuaries
American Society of Pension Professionals & Actuaries
Society for Human Resource Management
(Sussex-Warren NJ Chapter)
GAPS (Global Association Pension Services)
WorldatWork
American Management Association
National Federation of Independent Business
Better Business Bureau
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The site ("from the HR perspective" hence herein referred to as MFYCO.com) is made available by Michael F. Yates & Company Incorporated. All content, information and software provided on and through 'from the HR perspective' and MFYCO.com ("Content") may be used solely under the following terms and conditions ("Terms of Use".)
YOUR USE OF THIS WEBSITE CONSTITUTES YOUR AGREEMENT TO BE BOUND BY THESE TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO THESE TERMS, YOU SHOULD IMMEDIATELY DISCONTINUE YOUR USE OF THIS SITE.
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"Human Resources provides the leadership, supportive services, guiding principles, policies, structures and standards needed for a quality organization to survive in today's business environment."
MFYCO PRIVACY POLICY
Michael F. Yates & Company, Inc.
believes strongly in protecting the privacy of its users.
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Concluding Note As always, any statements regarding federal tax law contained herein are not intended or written to be used, and cannot be used, for the purposes of avoiding penalties that may be imposed under federal tax law or to market any entity, investment plan or arrangement.
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