Headlines about "Educational assistance"

Gathered from the web by the editors at BenefitsLink.com.
Recent Modifications of Employee Benefits Data in the National Compensation Survey
Excerpt: "The first part of the article provides a general overview of BLS benefits surveys over time, and the second part focuses on the five benefits that were recently dropped from the NCS [namely, educational assistance, recreational benefits, adoption assistance, employer-provided home computers, and travel accident insurance]." (U.S. Bureau of Labor Statistics)

[Guidance Overview] Bureau of Labor Statistics Data on Employee Access to 'Other Types of Benefits,' 1979-2008
Excerpt: "Table 3 also shows the percent of workers with access to 'other benefits' in 2008. . . . The benefits with the highest rate of worker access were work-related education assistance (50 percent) and employee assistance programs (42 percent). Among the benefits with lower access rates, 2 percent of workers in private industry had access to employer-provided personal computers for home use, and 3 percent of workers had access to employer provided child-care funds." (U.S. Bureau of Labor Statistics)

[Opinion] Written Testimony: Promoting Economic Security at Older Ages through Workforce Development
Sent to U.S. Senate Special Committee on Aging for February 25, 2009, hearing. Excerpt: "The 2008-2009 collapse in the stock market wiped out trillions of dollars in retirement account wealth and forced millions of boomers to rethink their retirement plans. Working longer is commonly seen as the key solution to the retirement financing dilemma. However, poor job prospects prevent many older people with limited education from working into later life. This testimony for the Senate Special Committee on Aging argues that Congress could improve the economic security of these older adults in retirement and in the years leading up to retirement by increasing government-funded employment and training services." (The Urban Institute)

Towers Perrin U.S. Legislative Tracking Chart: Health & Welfare (PDF)
25 pages. Excerpt: "These charts summarize selected federal legislation that would affect employee benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)

Many Employers Offering Financial Education Programs for Their Employees
Excerpt: "A recent survey of employers conducted by the International Foundation of Employee Benefit Plans found that 43 percent of U.S. respondents offer financial education/literacy programs for their workers." (Chiropractic Economics)

Tuition Reimbursement Becoming an Important Recruitment and Retention Tool
Excerpt: "Even in a cash-strapped economy, tuition benefits offer employers and employees a relatively low-cost, feel-good benefit that will keep giving long after the payouts end." (Employee Benefit News; free registration required)

Tuition Payment Programs Widespread
Excerpt: "Nearly all executives in a recent poll said their employer helps pay employees' continuing education expenses. An Accountemps news release said 94% of respondents reimburse employees for university tuition while 95% pay employees' expenses for other kinds of professional development." (PLANSPONSOR.com; free registration required)

Law Firms Offering College 'Coaching' as a Benefit
Excerpt: "Law firms credit family-friendly benefits like day care with drawing the best and the brightest to their firms, and now they're offering college-admissions consulting to help lawyers and staff navigate their children's college placement process." (The National Law Journal via LawJobs.com)

'Learning 401(k)s' an Innovative Way to Encourage Employees to Increase Their Knowledge
Excerpt: "[A]nnouncing a corporate learning program is hardly earth-shattering news. But in this case, IBM created its new learning initiative to give employees who have been with Big Blue more than five years a 50 percent match of up to $1,000 contributed -- to do whatever they want with the money, as long as it's used for learning. In the extreme, if an IBM employee wanted to use his or her matching dollars to take cooking lessons or learn to speak Chinese, that's perfectly fine under the program's guidelines." (Human Resource Executive Online)

Unum Will Make 529 Plan Contribution for Employees' Children
Excerpt: "Employee benefit provider Unum has announced that it will now kick in $700 towards a 529 college fund for the children of its employees." (PLANSPONSOR.com; free registration required)

Educational Tax Credits Need Simplification, Lawmakers Told
Excerpt: "Educational tax credits are too complex to benefit low income families and students, according to government and industry witnesses testifying at a hearing of the House Ways and Means Select Revenue Measures Subcommittee on May 1." (CCH Incorporated)

[Official Guidance] IRS Announcement 2008-44: No Penalty for Withdrawing Stimulus Payment That Was Deposited Directly Into IRA, HSA or Similar Accounts (PDF)
4 pages. Excerpt: "The account specified by the taxpayer could be a checking or saving account, or an account that is given favorable tax treatment under the Code, such as an IRA, a health savings account (HSA), an Archer MSA, a Coverdell education savings account (CESA), or a qualified tuition program account (QTP or section 529 program) . . . . An individual may withdraw from a tax-favored account an amount less than or equal to the amount of the Economic Stimulus Payment directly deposited into such account, notwithstanding any restrictions in the Code. To the extent that the withdrawal is made no later than the time for filing the taxpayer's income tax return for 2008, plus extensions (or in the case of a CESA, the later of May 31, 2009, or the time for filing the taxpayer's income tax return for 2008, plus extensions), the amount withdrawn is treated as neither contributed to nor distributed from the account. Thus, the amount withdrawn will not be subject to regular federal income tax nor to any additional tax or penalty under the Code." (Internal Revenue Service)

Tuition-Reimbursement Programs - A Case Study of a Company That Does It Right
Excerpt: "Tuition-reimbursement plans are often justified by their value in enhancing employee retention and recruitment, but few companies have put that hypothesis to the test. A recent survey of 180 companies conducted by the Corporate University Xchange (CUX) found that nearly half neither measure the impact of such programs on retention and recruitment nor follow up with employees and managers to learn how the programs affect job performance." (CFO.com)

[Guidance Overview] IRS Issues 2008 Version of Taxable Fringe Benefit Guide
Excerpt: "This publication offers helpful insight into the IRS's positions regarding the taxation, withholding, and reporting requirements for certain employee fringe benefits. However, employers and administrators looking for an IRS publication on the tax treatment of a broader variety of fringe benefits (including cafeteria plans, adoption assistance, and HSAs) may wish to consult IRS Publication 15-B . . . ." (Employee Benefits Institute of America (EBIA))

[Guidance Overview] Overview: IRS Issues 2007 Version of Publication 970, Tax Benefits for Education
Excerpt: "EBIA Comment: Qualified educational assistance programs allow employers to provide assistance to employees for a broad range of educational expenses, including expenses for graduate-level courses and for courses that are not job-related (subject to certain limitations). Under Code Section 127, amounts paid or incurred by an employer under a qualified educational assistance program are deductible by the employer and are excludable from the employees' taxable income." (Employee Benefits Institute of America)

IBM Designs 401(k)-Type Plan for Tuition Reimbursement Payments
Excerpt: "IBM's proposed 'learning accounts' would allow U.S.-based employees with five years of service to contribute up to $1,000 a year, with IBM matching 50 cents on the dollar. The program doesn't begin until next July, which will give IBM time to pursue another wrinkle: getting the government to pony up a tax break by making contributions exempt from income taxes . . . . " (CFO.com)

Formula 401(k) for Education Costs?
Excerpt: "[F]or the first time, a corporation is planning to provide a 401(k)-type program whereby employees could contribute to an interest-bearing education account. The account, which would be supplemented by company-paid matches, would be used for any professional skill development not related to the employees' existing job. And it's not just any corporation, but the one whose human-capital strategies arguably draw more attention than any other: IBM." (CFO.com)

Employers Offer Help on College Admissions
Excerpt: "Companies are rolling out a new benefit that aims to alleviate a big source of stress for many middle-aged employees: help getting their kids into college.' (The Wall Street Journal Online)

Tuition Reimbursement by Union Educational Program Would Not Constitute Prohibited Transaction
Excerpt: "Tuition reimbursement payments made by a union-sponsored trust to provide reimbursement to affiliated local unions for the expenses incurred by members in completing a welding program would not constitute a prohibited transaction if the reimbursement was pursuant to a clear agreement and the trust was not charged any interest or required to make other payments, according to an Employee Benefits Security Administration (EBSA) opinion letter." (Wolters Kluwer Law & Business)

DOL Advisory Opinion 2007-04A of July 18, 2007, on ERISA Sec. 406
Excerpt: "This is in response to your request for an advisory opinion, on behalf of the National Elevator Industry Educational Program (the NEIEP), regarding whether the proposed reimbursements of certain monies by the NEIEP to affiliated local unions of the International Union of Elevator Constructors constitute prohibited transactions under section 406 of the Employee Retirement Income Security Act of 1974, as amended (ERISA)." (U.S. Employee Benefits Security Administration)

Educational Reimbursement for College Degrees May Be Worst-Managed or Least-Beneficial HR Program
Excerpt: "In a true world-class organization, HR leaders would track key analytics to determine the ROI of all programs in their purview. In reality, few organizations officially track the best- and worst-managed programs in HR. If they did, educational reimbursements for college degrees would be a serious contender for the worst- managed -- or least beneficial -- program in HR.' (Workforce Management; free registration required)

Paying Worker Tuition Can Help Business
Excerpt: "With the start of the school year not far off, employees of small businesses might have a hankering to take some courses. And company owners might want to think about paying for them to take some classes _ the learning may help their careers and in turn, help the business retain its best workers." (AP via The Washington Post; free registration required)

Overview; Liberalization of Variable Insurance Product Diversification Requirements Proposed (PDF)
Excerpt: "The Internal Revenue Service ('IRS') and Treasury published in [the] Federal Register a proposal to amend the regulations under section 817(h) of the Internal Revenue Code ('Code'), which imposes 'adequate diversification' requirements on insurance company 'segregated asset accounts' (i.e., separate accounts and subaccounts) supporting variable life insurance and annuity contracts ('variable contracts')." (Sutherland Asbill & Brennan LLP)

HR Policy Association Seeks Permanent Tax Exclusion for Employee Education Assistance
Excerpt: "[S]ection 127 is currently set to expire December 31, 2010. HR Policy has joined with a diverse coalition of business, labor and educational organizations in calling upon Congress to permanently extend Section 127. Legislation will be introduced soon by Reps. Sander Levin (D-MI) and Philip English (R-PA)." (HR Policy Association)

I.B.M. Plan Ties Employee Training and Savings Accounts
Excerpt: "I.B.M., at a conference in Washington today, is announcing that it will begin offering its employees in the United States specialized savings accounts for training and education. The 'learning accounts' will be modeled on 401(k) retirement accounts, which began in the late 1970s. Workers will put up to $1,000 a year into the accounts, and I.B.M. will contribute 50 cents for every dollar put in by the employee." (The New York Times; free registration required)

U.S. House Proposal Seeks Employer Education Contributions
Excerpt: "A recent proposal introduced in the U.S. House of Representatives is meant to propel employees to allocate money for education costs and prompt employers to contribute matching funds." (PLANSPONSOR.com; free registration required)

BenefitsLink Named 'Best of the Web' by Human Resource Executive Online
We're the only site in the 'Benefits' category! Thanks for letting us share this news with you. Excerpt: "With that in mind, we considered it fitting to present in this anniversary issue 10 of the best HR Web sites and 10 of the best HR blogs for your browser's Favorites/Bookmarks list. . . . [I]f it's about benefits, you'll find something about it on BenefitsLink. Just a cruise down its left side navigation/links bar, and you quickly get the idea how they chose the site's name back in 1995." (Human Resource Executive Online; free registration required)

Employers Should Beware of Partnering with Colleges
Excerpt: "Costs for higher education are rising every year. Such increases include the costs for employers to provide tuition assistance benefits. In an effort to keep tuition bills low, some companies are partnering with colleges and universities to obtain reduced tuition rates." (Employee Benefit News)

IRS Releases the 2006 Publication 970 on Tax Benefits for Education
Excerpt: "EBIA Comment: Qualified educational assistance programs allow employers to provide assistance to employees for a broad range of educational expenses, including expenses for graduate-level courses and for courses that are not job-related (subject to certain limitations)." (Employee Benefits Institute of America Inc.)

Working Paper Abstract: The Effect of Tuition Reimbursement on Turnover: A Case Study Analysis
Excerpt: "This paper tests empirically whether participation in tuition reimbursement programs increases employee retention using data from a non-profit institution. To document the prevalence of tuition reimbursement programs, the case study analysis is supplemented with findings from the Survey of Employer-Provided Training, 1995 (SEPT95). This paper finds that participation in tuition reimbursement programs reduces employee turnover." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext)

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