Resources - Novak Francella | Certified Public Accountants

Improving a struggling employee’s performance is a two-way street

September 4, 2018

When employees underperform, investigate before blaming. Define issues, check training, and provide feedback. Meet with employee, discuss concerns, and create improvement plan together. Follow up regularly. Helping struggling employees succeed can improve retention and productivity.

Offering COBRA to a terminated employee’s domestic partner

August 1, 2018

Domestic partners can get COBRA coverage through terminated employees, but lack independent rights. Employers can extend "COBRA-like" rights through plan design. Self-insured plans have more flexibility. Regularly review plan documents and stay informed of requirements.

Striking a balance between fraud prevention and employee privacy

January 1, 2018

Employers can monitor employees with limitations. Electronic and phone monitoring allowed with consent or business need. Physical searches require caution. Surveillance permitted in work areas. Develop policies with legal help to balance fraud prevention and privacy rights.

Protect retirement plan fiduciaries through training, insurance

January 1, 2018

Retirement plan fiduciaries face liability risks. Proper training is crucial to avoid breaches. Fiduciary liability insurance is important, as ERISA fidelity bonds don't cover breaches. Named fiduciaries should be identified in plan documents. Protect those in fiduciary roles.

Walking on eggshells: ERISA compliance depends on plan documents

January 1, 2018

ERISA requires retirement plans to operate per plan documents. Ensure documents are compliant and followed. Be aware of which documents count as "plan documents". Inconsistencies can lead to legal issues. Consult attorneys for review. Follow all drafted policies.

2019 adjusted penalty amounts for health and other plans

January 1, 2018

DOL updated 2019 penalties for benefits violations. Form 5500 late filing now $2,194/day. Health plan failures: $1,156 for missing summary, $117/day for GINA violations. MEWA filing failures: $1,597/day. Other 401(k) and benefits penalties also adjusted.

IRS raises valuation limit for employer-provided vehicles

January 1, 2018

IRS updated valuation limit for employer-provided vehicles to $50,400 for 2019. Personal use value must be included in employee's income. Cents-per-mile and fleet-average rules apply. Interim guidance available until regulations are revised. Consult experts for details.

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