Products June 28, 2010

Paychex Releases HR Services Offering

June 28, 2010 (PLANSPONSOR.com) – Paychex, Inc. has unviled Paychex HR Solutions, a blended human resource services offering that it says provides business owners with an onsite HR professional and a team of HR experts. 
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A news release said Paychex HR Solutions brings Paychex Business Solutions and Paychex Premier Human Resources together. 

The new offering is available as an administrative services organization (ASO), formerly Paychex Premier Human Resources, and a professional employer organization (PEO) provided by Paychex Business Solutions, Inc. The announcement said each option provides a full-service HR solution that includes payroll and tax services, 401(k) and employee benefits, HR administration and compliance assistance, and onsite support.  

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The PEO differs from the ASO by establishing a co-employment relationship with the clients’ employees, and also offers pre-established carrier options and networks, broader choices, and simpler administration when employees are in multiple states, the company said. 

The following services are included in both the ASO and PEO offerings: 

  • Human resource services – From onsite training and seminars covering a range of critical HR topics, to employee handbooks, assistance with job descriptions, and compensation surveys. 
  • Payroll services – including payroll processing, tax payment service, State Unemployment Insurance Service (SUIS), and direct deposit.  
  • Retirement services –401(k), SIMPLE, and profit-sharing plan options, plan design and setup, and ongoing compliance and communication. 
  • Employee Benefits – Section 125 plans, including Premium Only Plans and Flexible Spending Accounts. 
  • Worksite Management – safety and loss control consultation, analysis, and program development; OSHA federal/state mandatory program development; and drug testing referral service. 

Business owners who choose the PEO model will also have access to national and regional insurance carriers for health, dental, vision, disability, and life insurance coverage options. The PEO option assists with plan selection, annual enrollment, and plan management, and offers employee self-service through its Health and Benefits Online service.  

The PEO option also includes workers’ compensation insurance and administration. For the ASO model, health insurance through the Paychex Insurance Agency and workers’ comp through the Paychex Workers’ Compensation Payment Service are available as optional services. 

More information is at http://www.paychex.com/products/hrsolutions.aspx.  

Benefits June 28, 2010

Boeing Machinists Accept Move to Put New Workers in 401(k)

June 28, 2010 (PLANSPONSOR.com) - Boeing Co. machinists at a St. Louis fighter-jet plant have accepted a proposed contract that will put new workers into a 401(k) plan.
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Bloomberg reports that the contract leaves in a place a Boeing proposal to put workers hired after January 2012 into a 401(k) plan rather than a defined benefit plan, but the company removed language that would have dropped dependents’ medical coverage if an employee was on medical leave for more than six months. The agreement calls for a 3% wage increase in the second through fifth years, said Tom Pinski, a spokesman for the International Association of Machinists and Aerospace Workers district 837, according to Bloomberg.  

“I’m not sure they were voting in favor of the 401(k) plan, they were voting that Boeing would be adamant enough and harsh enough that even if they went on strike they still would not be able to retain a defined pension plan,” Pinski said.

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