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Bridge to New Employment: Rethinking Severance

September 21st, 2017 —

September, 2017 Edition of Workspan, The Magazine of WorldatWork

A company’s compensation and benefits plan plays a key role in attracting and retaining skilled employees. Designed successfully, these plans allow a company to compete in the job market for top talent. Yet like any other competitive endeavor, competing at the top levels of employee attraction and retention requires human resources teams to perform at the highest level with agility and finesse in executing their strategies.

To download the full document, click here.

TSI Press Releases

SUB Plans Supported by Supreme Court Ruling

July 29th, 2014 —

On March 25, 2014, the Supreme Court of the United States ruled in United States v. Quality Stores, Inc. that severance payments, which were made pursuant to plans that did not tie payments to receipt of state unemployment benefits, are taxable under the Federal Insurance Contributions Act (FICA) when made to employees whose employment is involuntarily terminated.  During its review of the case, the Court left intact IRS regulations governing the FICA non-taxability status of payments made under Supplemental Unemployment Benefits (SUB) Plans when linked to the receipt of State UI.

Because this ruling left intact the IRS regulations governing SUB Plans, when utilized according to these regulations, SUB Plans remain an efficient vehicle for an organization to provide benefits to departing employees while achieving significant savings through State Unemployment Benefit offset and tax benefits.

To review of summary of this ruling, as well as access the Court documentation about the case, please click here.

Industry News

SHRM Leading Indicators of National Employment – July 2014

July 28th, 2014 —

In July, hiring rates will reach four-year highs for the month in the manufacturing and service sectors, according to the Society for Human Resource Management’s (SHRM) Leading Indicators of National Employment (LINE) survey for July 2014.  SHRM LINE – July 2014

Keep up-to-date regarding Unemployment news with the Huffington Post

July 28th, 2014 —

Severance: Trending Toward a Balance

blogger bVisit TSI’s blog to keep up with the latest trends in severance cost reduction strategies. Learn More »

Federal Economic News Releases

The Employment Situation — June 2014

July 2014 —

Total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate declined to 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, led by employment growth in professional and business services, retail trade, food services and drinking places, and health care. The Unemployment Situation – June 2014

Regional and State Employment and Unemployment – June 2014

July 2014 —

Regional and state unemployment rates were generally little changed in June. Twenty-two states and the District of Columbia had unemployment rate decreases from May, 14 states had increases, and 14 states had no change, the U.S. Bureau of Labor Statistics reported today. Forty-nine states and the District of Columbia had unemployment rate decreases from a year earlier and one state had an increase. The national jobless rate declined to 6.1 percent from May and was 1.4 percentage points lower than in June 2013.  Regional and State Employment and Unemployment

Regional and State Unemployment – 2013 Annual Averages

July 2014 —

In 2013, annual average unemployment rates declined in 43 states and the District of Columbia, rose in 2 states, and were unchanged in 5 states, the U.S. Bureau of Labor Statistics reported today. Employment-population ratios decreased in 28 states, increased in 17 states and the District of Columbia, and were unchanged in 5 states. The U.S. jobless rate declined by 0.7 percentage point from the prior year to 7.4 percent, and the national employment-population ratio was unchanged at 58.6 percent.  Regional and State Unemployment