| ...from the HR Perspective |
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| Human Resource Update | March 2013 |
A Second Look at Non-Qualified Deferred Compensation
A while ago, if your company invited you to join a non-qualified deferred compensation plan (NQDCP), you were very pleased. First, it usually meant that you had "arrived", and secondly, it meant that you were starting on a path to gains that most others couldn't access. Then we faced economic turmoil, its effects on corporate profit, and the introduction of Section 409A of the Internal Revenue Code. The march of new NQDCPs came to a near standstill, and many companies allowed older plans to wither, or (before 409A took hold) terminated them where possible.
The economic turmoil caused the shunning of NQDCPs because of the wide spread effects of large and small corporate bankruptcies. As the assets of NQDCPs are really corporate assets, they may be attacked by creditors in a bankruptcy. That made many nervous and even though their company was an unlikely candidate for bankruptcy, the future was feared.
Section 409A tightened up the rules under which NQDCPs must operate and introduced severe penalties if those rules were not followed. A good measure of the flexibility that the plans had enjoyed was gone.
We are now faced with another new world, one in which taxes have risen, and may continue to rise, and new taxes (Obamacare) have been introduced. As of January 1, 2013 we have seen increased Federal marginal tax rates, the additional 0.9% Obamacare tax on earned income (over $200,000 for single filers and $250,000 for married filers), and the additional 3.8% Obamacare tax on unearned income applicable to those whose income exceeds the aforementioned limits. Please see our July 2012 Newsletter for more detail.
So why now take a new look at NQDCPs? If your company is financially sound there are good reasons to do so. If you assume that your income will decrease in retirement and the marginal rates that you will then pay will be lower than those you pay now, it could make good sense to defer. The closing gap between long-term capital gains rates (including the Obamacare tag on) and the marginal rates is of interest in making the deferral decision. This makes even greater sense if you can manipulate your retirement income to get under the above limits in some years. The total capital gains rate going up may influence one to defer. Also possibly benefiting the picture could be corporate rates remaining below the personal rates. Another reason to defer is the possibility (depending on the design of the plan) that you could move from a State with a personal income tax to one that has either a lower rate or possibly no income tax. Interestingly, Federal law still governs here and payments scheduled to be made over a person's lifetime or 10 or more years could free you from a higher taxing State's grasp. Other provisions may possibly have a similar benefit. Finally, the arbitrage of paying Social Security taxes could be of benefit.
From a corporate viewpoint, eligibility for NQDCP participation is perceived as a valued perquisite, it can tie the participant to the company, and it can be designed to have a long-term incentive feature.
Basically, it may be to your benefit to defer as much as possible. If you are not taking the fullest advantage of your 401(k) plan, please consider doing so. If your company does not have an Excess Plan which is a plan that restores benefits taken away by the compensation and other limitations imposed on tax-qualified retirement plans - even a 401(k), or a Supplemental Executive Retirement Plan (SERP) which may provide additional benefits to top executives, you should explore the benefits of such now.
NQDCPs can be simple, but the path to a soundly designed and operating plan is complex. We would be pleased to assist you in a review of your present plan or the creation of a new one.
Sincerely,
Michel F. Yates,
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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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New Revenue Procedure Updates EPCRS
Revenue Procedure 2013-12 was released on December 31, 2012. Revenue Procedure 2008-50 is modified and superseded by this revenue procedure. Significant changes to the Employee Plans Compliance Resolution System (ERCRS) include:
- Expanded corrections for 403(b) plan failures
- Revised submission procedures for the Voluntary Correction Program (VCP)
- Rules for plans subject to section 436 restrictions
- Changes to safe harbor correction methods and fee structures
403(b) Plan Failures
- Eligible failures expanded - Section 403(b) plan sponsors can now correct failures arising from noncompliance with the form and operational requirements of the 403(b) final regulations and other guidance issued by the IRS. The changes generally permit 403(b) plan sponsors to correct failures affecting their plans in the same manner as a qualified plan with the same failure (section 2.03).
- Failure to timely adopt a written plan - A plan sponsor may use the Voluntary Correction Program to correct a failure to timely adopt a written 403(b) plan. Plans can correct this failure using new Appendix C and Schedule 2.
New Submission Procedures
- Forms 8950 and 8951 (available soon), the new VCP application forms, must accompany all VCP submissions made under Revenue Procedure 2013-12.
- Mail submissions to the IRS Service Center in Covington, KY. Under Revenue Procedure 2013-12, VCP submissions will no longer be mailed to Washington, DC.
- Appendices C, D & F are substantially revised. The old Appendices D and F are now Appendix C. Appendix C is revised to consist of two parts:
o a Model VCP Submission Compliance Statement, and
o various Schedules (formerly Appendix F Schedules) containing standardized failure descriptions and correction methods
See sections 11.01, 11.02 and Appendix C for instructions.
- The optional Acknowledgement Letter (formerly Appendix E) has been revised and is the new Appendix D.
- Appendix F Schedules - All former Appendix F Schedules are now known as Appendix C Part II Schedules that may be used with the Appendix C Model VCP Submission Compliance Statement.
- Anonymous VCP submissions - The individual representing the plan sponsor must satisfy the power of attorney requirements and provide a statement to that effect under penalty of perjury (sections 10.10 and 11.08(2)).
Locating Lost Participants
As of August 31, 2012, the IRS letter Forwarding Program is no longer available as a search method for locating lost plan participants who are owed additional retirement benefits. The new procedure revises the reasonable actions that a plan sponsor must take to locate lost plan participants who are owed additional retirement benefits. It provides a limited extension of the SCP correction period and the VCP 150-day correction period for certain plan sponsors taking action to locate lost participants (section 6.02(5)(d)).
Safe Harbor Correction Methods
- Missed deferrals - Appendix A now includes consistent safe harbor correction methods for certain missed deferrals in 403(b), SIMPLE IRA and safe harbor 401(k) plans.
- QNECs - Appendix A clarifies that QNEC contributions must satisfy the definition of QNEC in Reg. section 1.401(k)-6 when used to correct a failed ADP, ACP, or multiple-use test under the safe harbor correction method. Under current IRS regulations, this means that forfeitures can't be used to fund QNEC contributions.
Self-Correction of Section 415(c) Failures
Plan sponsors can use SCP to correct certain recurring excess annual additions if they take certain actions within a specified time (section 4.04).
Section 436 Restricted Defined Benefit Plans
These plans can correct operational failures related to noncompliance with applicable IRC section 436 restrictions. Plan sponsors also need to consider the effect of section 436 restrictions when making corrective distributions and/or corrective plan amendments. Plan sponsors may be required to make an additional corrective contribution (section 6.02(4)(e)).
VCP Fees
- Late adoption of proposed amendments - A reduced fee may apply if a plan's sole failure is late adoption of a proposed plan amendment associated with a favorable determination letter (section 12.03). Specific conditions must be met in order to qualify for the reduced fee.
- Multiple failures may be eligible for reduced fees (section 12.04).
- Late adoption of a written 403(b) plan may be eligible for a reduced fee if it is the plan's sole failure and the submission is mailed by the specified date (section 12.02).
Miscellaneous
- 457(b) tax-exempt plans - A very limited expansion of correction for section 457(b) plans sponsored by tax-exempt entities was added (section 4.09).
- Plan overpayments - Correction principles for defined contribution and defined benefit plans were clarified and listed in separate subsections (section 6.06).
- Reduced Audit CAP sanctions - Reduced fees apply for certain late amender failures found during the determination letter application process (section 14.04(4)).
Effective Date
- The procedure is generally effective April 1, 2013.
- Plan sponsors may elect to apply provisions on or after December 31, 2012. (Forms will be available soon.)
- For 403(b) plan failures that occurred prior to January 1, 2009, plans must use the definitions in Rev. Proc. 2008-50 to determine which failures may be resolved under EPCRS.
Related link
Chart of Significant Changes to EPCRS
Page Last Reviewed or Updated by IRS: 04-Jan-2013 |
Invitation to MFYCO Facebook
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New Phone Number to Check the Status of Voluntary Correction Program Submissions
The new telephone number to check the status of your Voluntary Correction Program (VCP) submission is:
(626) 927-2011 (not a toll-free number)
Please continue to use the previous phone number, (626) 312-4921, until the new number is operational.
Appendix D, Acknowledgement Letter, has been updated to reflect the new number. If you have saved an older copy of Appendix D (or Appendix E, for submissions under Revenue Procedure 2008-50), please update your file.
To inquire about the status of your case, call the number above and leave a message with:
- the plan name
- your name
- your phone number
- the control number listed in the acknowledgment letter (if received)
Last Reviewed or Updated by the IRS: 2013-03-21
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FMLA
Parental Leave for Military Families
On February 6, 2013, The Department of Labor 's, Wage and Hour Division issued The Final Rule of the Family and Medical Leave Act which expands protections for military families and airline flight crews and became effective on March 8, 2013.
The Final Rule amends certain regulations of the Family and Medical Leave Act of 1993 (FMLA) to implement amendments to the military leave provisions of the FMLA made by the National Defense Authorization Act of Fiscal Year 2010 (NDAA) which extends the availability of FMLA leave to family members of members of the Regular Armed Forces for qualifying exigencies arising out of the service member's deployment and also amends the regulations to implement the Airline Flight Crew Technical Corrections Act (AFCTCA), which establishes eligibility requirements specifically for airline flight crewmembers and flight attendants for FMLA leave and authorizes the Department to issue regulations regarding the calculation of leave for such employees as well as special recordkeeping requirements for their employers. For more information on the AFCTCA go to the Department of Labor's, Wage Hour Division website, www.dol.gov/whd)
The changes implemented to incorporate the NDAA into the FMLA are:
· Clarifies, that for purposes of leave for childcare and school activities, the child must be the military member's child or a child for whom the military member stands in loco parentis.
· Expands qualifying exigency leave to include eligible employees with family members serving in the Regular Armed Forces and the addition of the foreign deployment requirements.
· Expands military caregiver leave to cover injuries or illnesses that existed prior to the service member's active duty and were aggravated in the line of duty on active duty in the Armed Forces.
· Further expands the military caregiver leave provisions to provide leave to eligible family members of certain veterans with a serious injury or illness who are receiving medical treatment, recuperation, or therapy, if the veteran was a member of the Armed Forces at any time during the period of five years preceding the date of the medical treatment, recuperation, or therapy. Serious injury or illness for a veteran is defined as a "qualifying injury or illness that was incurred by the member in the line of duty on active duty in the Armed forces (or existed before the beginning of the member's active duty and was aggravated by service in the line of duty on active duty in the Armed Forces) and that manifested before or after the member becomes a veteran."
The definition of serious injury or illness was expanded to include pre-existing injuries or illnesses of current service members that were aggravated in the line of duty, and expands military caregiver leave to care for covered veterans. A covered veteran is an individual who is undergoing medical treatment, recuperation, or therapy for a serious injury or illness and who was discharged or released under conditions other than dishonorable at any time during the five-year period prior to the first date the eligible employee takes FMLA leave to care for the covered veteran. The five-year period excludes the period between the enactment of the FY 2010 NDAA on October 28, 2009 and March 8, 2013, the effective date of this Final Rule to protect the military caregiver leave entitlement of family members of veterans whose five-year period has either expired or has been diminished during that time.
A Serious Injury or Illness of a covered veteran is:
i. A continuation of a serious injury or illness that was incurred or aggravated when the covered veteran was a member of the Armed Forces and rendered the service member unable to perform the duties of the service member's office, grade, rank, or rating;
ii. A physical or mental condition for which the covered veteran has received a U.S. Department of Veterans Affairs Service Related Disability Rating (VASRD) of 50 percent or higher, and such VASRD rating is based, in whole or in part, on the condition precipitating the need for military caregiver leave;
iii. A physical or mental condition that substantially impairs the covered veteran's ability to secure or follow a substantially gainful occupation by reason of a disability or disabilities related to military service, or would do so absent treatment; or
iv. An injury, including a psychological injury, on the basis of which the covered veteran has been enrolled in the Department of Veterans' Affairs Program of Comprehensive Assistance for Family Caregivers.
· Increases the length of time an eligible family member may take for the qualifying exigency leave reason of Rest and Recuperation from five days to a maximum of 15 days. Leave may be taken in a continuous block of time or intermittently over the duration of the military member's Rest and Recuperation leave. However, it must be taken during the period of time indicated on the Rest and Recuperation orders.
· Created a new qualifying exigency leave category Parental Care.
The military member must be the spouse, parent, son, or daughter of the employee requesting qualifying exigency parental care leave. In the case of parental care leave, the parent in need of care must be the military member's parent or a person who stood in loco parentis to the military member when the member was less than 18 years old. Leave may be used for:
i. Arranging for alternative care for a parent of the military member when the parent is Incapable of Self-Care and the covered active duty or call to covered active duty status of the military member necessitates a change in the existing care arrangements;
ii. Providing care for a parent of the military member on an urgent, immediate need basis (but not on a routine, regular, or everyday basis) when the parent is Incapable of Self-Care and the need to provide such care arises from the covered active duty or call to covered active duty status of the military member;
iii. Admitting or transferring a parent of the military member to a care facility when the admittance or transfer is necessitated by the covered active duty or call to covered active duty status of the military member; and,
iv. Attending meetings with staff at a care facility for the parent of the military member, such as meetings with hospice, or social service providers, when such meetings are necessitated by the covered active duty or call to covered active duty status of the military member (but not for routine or regular meetings).
Incapable of Self-Care means that the parent requires active assistance or supervision to provide daily self-care in three or more of the "activities of daily living" or "instrumental activities of daily living," Activities of daily living include, but are not limited to, adaptive activist such as caring appropriately for one's grooming and hygiene, bathing, dressing, and eating. Instrumental activities of daily living include, but are not limited to, cooking, cleaning, shopping, taking public transportation, paying bills, maintaining a residence, using a telephone, and directories, using a post office, etc.
For more details go to the Department of Labor's Wage and Hour Division website.
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Call: 908-689-4200 to contact a
MFYCO professional consulting associate.
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Fixing Common Plan Mistakes
(www.irs.gov)
Periodically the Internal Revenue Service (IRS) publishes an article on "Fixing Common Plan Mistakes" that present common mistakes that happen in retirement plans. These articles describe a common problem, how it happened, how to fix it and how to lessen the probability of the problem happening again. From time to time, we will be reproducing those articles that we believe would be helpful to you in the day-to-day administration of your plan.
Late Deposit of Salary Deferrals - Fixing Common Plan Mistakes
Employers with 401(k) plans are responsible for depositing their employees' salary deferrals to the plan's trust on the earliest date that the deferrals can reasonably be segregated from the employer's general assets.
The earliest date is based on individual facts and circumstances. If your plan has fewer than 100 participants, your deposit is considered timely if it's made within seven business days after you withhold the salary deferrals even if you were able to deposit them earlier. If you don't deposit the salary deferrals within seven business days after you receive or withhold them, then your individual facts and circumstances will determine whether your deposit was considered timely. For larger plans (100 participants or more), the determination of whether the deposit was timely is based on the individual employer's facts and circumstances.
Regardless of your individual facts and circumstances, you must deposit the salary deferrals no later than 15 business days in the month following the month in which the amounts would otherwise have been payable to your employees in cash. If your facts and circumstances show that you could have made the deposit on an earlier date, then you must have deposited your salary deferrals by that earlier date for them to be considered timely.
The problem
Failing to timely deposit withheld salary deferrals to the plan is a plan error.
Consequences of not segregating and depositing salary deferrals timely
· Failing to timely deposit salary deferrals:
o is a fiduciary violation and could subject your plan to the Department of Labor's civil penalties.
o could violate your plan's terms and jeopardize your plan's tax-exempt status
· Failing to segregate salary deferrals from your general assets and timely forwarding them to the plan's trust allows you prohibited use of plan assets. This can result in you engaging in a prohibited transaction for which you can be assessed excise tax.
The fix - correction programs available to correct this mistake
· DOL's Voluntary Fiduciary Correction Program
You can correct the fiduciary violation for failing to timely deposit salary deferrals using the DOL's Voluntary Fiduciary Correction Program (VFCP). VFCP isn't available if your plan is under a DOL investigation or an IRS examination.
· DOL's prohibited tax class exemption in conjunction with VFCP
You may also be eligible to take advantage of the prohibited tax class exemption in conjunction with VFCP if you:
o deposited the salary deferrals to the plan's trust within 180 days from the date the amounts would otherwise have been payable to the employees in cash;
o satisfied all VFCP requirements;
o received a no-action letter for your VFCP application; and
o notified all interested persons in writing within 60 days of submitting your VFCP application. There is an exception to this notice requirement if:
§ your excise tax liability would have been $100 or less;
§ you contributed the amount of your excise tax liability to the plan; and
§ you allocated this amount to participants and beneficiaries according to the plan's terms for allocating plan earnings.
If the transaction qualifies for the prohibited transactions class exemption, then you won't be liable for excise tax under IRC Section 4975.
· IRS Employee Plans Compliance Resolution System
If your plan's tax-exempt status is in jeopardy, then you can use the IRS Employee Plans Compliance Resolution System.
o If your plan is not under IRS examination and meets the other eligibility requirements, you can use either the self-correction or voluntary correction programs.
o If your plan is under examination, you can still self-correction if the failure is insignificant, or you can resolve the issue in a closing agreement through Audit CAP.
DOL and IRS correction programs are not interchangeable
The goal of the DOL's VFCP is to ensure that the employer isn't subject to DOL's civil penalties. The goal of the IRS's correction programs, including VCP, is to ensure that the plan doesn't lose tax benefits arising from its qualified status. It is critical that you know what your objectives are before deciding which program you want to use. Also, you may use both the DOL and IRS programs if you have a dual objective of avoiding the imposition of DOL's civil penalties and the IRS's revocation of your plan's qualified status.
The fix - correcting the mistake
· Salary deferrals never deposited - If you failed to deposit salary deferrals to the plan, then you must make corrective contributions in the amount of the salary deferrals you should have timely deposited adjusted for earnings. The adjustment for earnings is measured from the earliest date you could have segregated the salary deferrals from your general assets to the date you actually make the corrective contributions.
· Late deposit - If you deposited the salary deferrals, but not timely, then to correct this mistake, you must contribute the earnings on the late deposited salary deferrals. Earnings are what the late deposited deferrals would have earned measured from the earliest date you could have segregated them from your general assets to the date you actually deposited them to the plan.
Differences in the earning adjustment under DOL and IRS programs
The general premise of both the DOL VFCP and IRS correction programs is to restore the plan to the position it would have been had you timely deposited the salary deferrals. However, the earnings calculation in both programs could be different.
· DOL's VFCP - earnings are determined using the greater of:
o lost earnings (earnings that the plan would have earned if you had timely deposited the salary deferrals), or
o restoration of profits (the profit you earned that is directly attributable to your investment of the salary deferrals that weren't timely deposited).
You can use DOL's online calculator when using VFCP to calculate earnings.
· IRS correction program - earnings are generally determined based on what the plan would have earned had you timely deposited the salary deferrals. The IRS correction programs do, however, allow you to use reasonable estimates (including the DOL's online calculator) to calculate the earnings on the late deposited salary deferrals if either:
o it's possible to make a precise calculation but:
§ the probable difference between the approximate and the precise restoration of participants' benefits is insignificant, and
§ the administrative cost of determining precise restoration would significantly exceed the probable difference, or
o it's not possible to make a precise calculation (for example, where it's impossible to obtain plan data).
Making sure it doesn't happen again
Establish a procedure for depositing elective deferrals with or after each payroll date, or according to the terms in your plan document. If you have instances when your deferral deposits are later than the normal timely deposit (because of vacations or other disruptions, for example), keep a record of why those deposits were late. Coordinate with your payroll provider and others who provide service to your plan to determine the earliest date you can reasonably make deferral deposits. The date and related deposit procedures should match your plan document provisions, if any, dealing with this issue. If you have a change in the person in charge of making these deposits, make certain the new person understands when he or she must make these deposits.
Keep in mind that despite all of your good efforts, mistakes happen. In that case, the IRS can help you correct the problem so that you retain the benefits of your qualified plan.
Page Last Reviewed or Updated by the IRS: 2012-12-12
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What would you like to see in a future issue?
Contact our office with your suggestions.
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Supreme Court Hears Same-Sex Marriage Cases Affecting Benefits
During the final week of March 2013, the U.S. Supreme Court heard long-awaited challenges to federal and state restrictions on same-sex marriages. On March 27, the court heard arguments in a case seeking to overturn a section of the Federal Defense of Marriage Act (DOMA), which was enacted in 1996 and defines marriage as a union between a male and a female. A day earlier, the court heard arguments in a case seeking to restore same-sex marriage in California. Rulings in both cases are expected by the end of June.
The result of the US Supreme Court's decision on these cases could have a major impact on how you provide healthcare to your employees. We will keep you posted as decisions are made.
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Retirement Plan Limits
All limits are based on the calendar year.
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2013 |
2012 |
2011 | |
Maximum Annual Defined Benefit |
$205,000 |
$200,000 |
$195,000 | |
Maximum DC Annual Addition ($$) |
$51,000 |
$50,000 |
$49,000 | |
Maximum 401(k) Deferrals |
$17,500 |
$17,000 |
$16,500 | |
Older EE Catch-Up Contribution |
$5,500 |
$5,500 |
$5,500 | |
Maximum Plan Compensation |
$255,000 |
$250,000 |
$245,000 | |
Highly Compensated Threshold |
$115,000 |
$115,000 |
$110,000 | |
Key Employee in a Top-Heavy Plan |
$165,000 |
$165,000 |
$160,000 | |
SSA Social Security Wage Base |
$113,700 |
$110,100 |
$106,800 | |
PBGC Maximum Monthly Guarantee* |
$4,789.77 |
$4,653.41 |
$4,500 | |
PBGC Maximum Annual Guarantee* |
$57,477.24 |
$55,840.92 |
$54,000 | |
Maximum DC Annual Addition (%) |
100% |
100% |
100% | |
Social Security Tax - Employee
Social Security Tax - Employer |
6.2%
6.2% |
4.2%
6.2% |
4.2%
6.2% | |
Medicare Tax |
1.45% |
1.45% |
1.45% | |
DC Plan Deduction Limit |
25% |
25% |
25% | |
Definition of Compensation for DC
Plan Deduction Limit |
Includes Deferrals |
*Life Annuity at age 65 |
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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How to Track Government Recovery Spending
"The Board shall establish and maintain...a user-friendly, public-facing website to foster greater accountability and transparency in the use of covered funds. The website...shall be a portal or gateway to key information relating to the Act and provide connections to other government websites with related information."
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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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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
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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