Compliance April 26, 2004

DoL's FLSA Rules Require Compliance by August 23

April 26, 2004 (PLANSPONSOR.com)—New Fair Labor Standards Act (FLSA) rules enacted by the U.S. Department of Labor's (DoL) last week must be complied with by August 23, 2004, 120 days after they were made final, according to a Federal Register notice.
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Employers are beginning to implement the changes, attempting to apply the new salary and duties tests to their payrolls

The final regulations, the first revision to the FLSA since 1949, protect the overtime rights of blue-collar workers, union workers, nurses, veterans, firefighters, policemen and similar public safety workers, and respond to concerns raised with earlier proposed regulations during the comment period by clarifying that the overtime rights of these workers are not affected under the final rule (see  DoL Releases FLSA Changes ).

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The final rulings can be found here .

Products April 25, 2004

Schwab RT, MK Consulting Hook Up

April 26, 2004 (PLANSPONSOR.com) - Schwab Retirement Technologies has added MK Consulting, Inc., to its Consulting Alliance Program
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Schwab RT, a dedicated technology unit of Charles Schwab Corporate Services, created the program to help clients seeking complementary technology s in support of their retirement plan administration needs, according to the firm.   Schwab RT develops and licenses proprietary retirement plan recordkeeping systems and participant servicing solutions to third-party administrators, banks and trust companies, consulting firms, mutual fund companies, and insurance companies.

Baltimore-based MK Consulting specializes in retirement benefits administration support, including staff augmentation, operational analysis, systems’ utility optimization, and compliance testing s for third party administrators, financial providers, and other retirement benefit providers.  

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“In addition to the solutions Schwab RT offers, many plan providers we support also use additional outside services to help them optimize the operations of their retirement benefits systems. MK Consulting specializes in this type of service, and offers extensive recordkeeping system experience. Including MK Consulting in our alliance program helps us better serve our clients by bringing them this expertise,” said Daren Free, chief operating officer, Schwab RT.

Other members of the Schwab RT Consulting Alliance Program include:

  • DataStar.dat — web-based payroll, contribution and census data applications;
  • SCICOM Data Services — flexible print and electronic statement solutions;
  • Viecore, Inc. —   systems integration for self- call center and Internet technologies.

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