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fannytam / Human-Resources

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Zenefits #1

Closed fannytam closed 7 years ago

fannytam commented 7 years ago

Zenefits Day1: Started playing around with the software.

Zenefits Day2: EIN Number: Employer Identification Number which corresponds to the business. (9 Digit) SIC code: is a code for Standard Industrial Classification: 4 digit code that corresponds to the industry NAICS: Code that corresponds to the industry. State of incorporation: Where your business is incorporated. Ex. Carb was one in Delaware simply due to tax reasons. Type of corporation: LLC, Corp, S Corp, etc.

Legal addresses affects voting rights. Headquarters, Legal, and Billing Address can all be different.

ADMINISTRATORS & their permissions have to be very safe.

There are two step logins for more safety measures. Whenever a new device is used, then that is automatically filled out.

BACKGROUND CHECKS:

TIME TRACKING AND ATTENDANCE: $5 per person.

ACA COMPLIANCE:

ALE Status: Applicable Large Employer Status

Larger employers are responsible for minimum essential coverage To determine the workforce size for a year an employer adds its total number of full-time employees for each month to the prior calendar year to the total number of full-time equivalent employees for each calendar month of the prior calendar years and divides that total number by 12.

https://www.irs.gov/affordable-care-act/employers/determining-if-an-employer-is-an-applicable-large-employer

MVC (Minimum Value coverage)

Minimum Value: A plan is considered to provide minimum value when it pays on average at least 60% of the total allowed cost of benefits covered under the plan. This means that enrollees pay (via deductibles, coinsurance, copayments and other out-of-pocket amounts) on average no more than 40% of the total allowed cost of benefits. Minimum values does not take into account the amount paid for premium.

Confirming minimum value:

Most employers are already offering plans that meet minimum value, and therefore the vast majorirt of medical plans offered in Zenefits meet the minimum value coverage threshold. Employers with insured plans can check with the insurer to determine if a plan meets the Minimum Value Coverage standard.

The Department of Health and Human Services (HHS) provides an online Minimum Value Calculatior with instructions to determine if a plan meets Minimum Value Coverage standard. Applicable large employers who do not provide coverage that meets these standards are subject to penalties.

Minimum Value Coverage Penalties: triggered when companies are not complying with the IRS filings. Failure to comply will result in penalties up to $260 per return, with a max penalty of $3.1mill. The IRS can assess this penalty twice for each FTE once if the statement is not provided to the employee, and another time if the statement is not filed with the IRS. Also, increase penalties apply if the employer intentionally disregards the filing requirement.

https://help.zenefits.com/ACA_Automation/FAQs_About_Key_Terms_for_the_Affordable_Care_Act/What_is_Minimum_Value_Coverage%3F/

Minimum Essential Coverage (MEC) Defined as most group health plans offered by a large or small employer or health coverage provided by the government. A plan consisting exculsively of "excepted benefits" does not meet the minimum essential coverage threshold. Exceptions to this include certain limited scope benefits, such as stand-alone dental or vision plans that are unbundled from medical plans.

MEDICAL PLANS and Affordability

Federal Proverty Line (FLP): income rate for a household with one person to determine affordability.

PAY RATE:

Calculating affordability on monthly basis based on each employee's regular compensation, not including tips, bonuses, commission, etc.

W-2 Wages:

We'll calculate affordability based on each employee's compensation as reported on their W-2 form including tips, bonuses, commissions, etc.

Workers Compensation > If an employee gets hurt at work, workers comp helps cover their medical expenses and lost wages. Most states require companies to have workers comp insurance.

General Liability and Property > Liability policies protect you if a customer gets hurt while on your business property or if you damage someone else's property while doing business. Property policies cover fire, sprinkler, leakage, and theft.

Professional Liability (Errors and Omissions)

If a mistake is made that cost a customer money, like a late delivery, professional liability covers the cost of any resulting lawsuits. Most professionals (doctors, lawyers, etc) are required to have this.

Cyber Liability

With the real and increasing threat of a cyber break-ins, this insurance can help cover expenses in the case of a cyber attack, data breach, or if your customers' personal date is stolen.

Employment Practices Liability

If an applicant, employee, or former employee sues for wrongful termination, sexual harassment, or discrimination, this insurance can help pay for lawsuits against your company.

Directors & Officers

If an employee, shareholder, customer, or supplier sues your company, this can shield your board members's personal assets from lawsuits.

Key Person

Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business -- the ones whose absence would sink the company. You definitely need to consider the key person insurance on these people.

How it works: A company purchases a life insurance policy on its key employees, pays the premiums and is the beneficiary of the policy. If that person unexpectedly dies, the company receives the insurance payoff. The reason this coverage is important is because the death of a key person in a small company can cause the immediate death of the company. The insurance is to help make the company survive the blow of losing the person who makes the business work.

Crime: If you discover one of your employees has been stealing from you, a crime policy can help reimburse your business for any losses.

Fiduciary Responsibility: This insurance policy protects the person who manages employees' benefits or 401k plans in case they make an error or omission while administering those plans.

ERISA Bond: The Employee Retirement Income Security Act (ERISA) of 1974 requires companies who offer retirement plans to insure the plan and its participants against fraud by people who manage those plans.

ERISA> The Employee Retirement Income Security Act of 1974 is a federal law that sets the minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.

ERISA requires plans to provide participants with plan information including important information about plan features and funding; sets minimum standards for participation, vesting, benefit accrual and funding; provides fiduciary responsibilities for those who manage and control plan assets requires plans to establish a grievance and appeals process for participants to get benefits from their plans; gives participants the right to sue for benefits and breaches of fiduciary duty, and if a defined benefit plan is terminated, guarantees payment of certain benefits through a federally charted corporation, known as the Pension Benefit Guaranty Corporation (PBGC).

In general, ERISA does not cover retirement plans established or maintained by governmental entities, churches for their employees, or plans which are maintained solely to compy with applicable workers compensation, unemployement or disability laws. ERISA also does not cover plans maintained outside the US primarily for the benefit of nonresident aliens or unfunded excess benefit plans.

fannytam commented 7 years ago

Please come back to revisit once I have enough HR knowledge. Learned alot for this session but MUST come back to it.