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Why Retirement Financial Planning Should be a Prime HR Responsibility (Part 2)

11 January 2008 - Features - Editor
Why Retirement Financial Planning Should be a Prime HR Responsibility (Part 1)

What Operational Errors in Retirement Financial Planning Say

Who is responsible when federal examiners find glaring errors in retirement financial planning actions of employers? It is tempting to blame accountants because they have to do the math about how much is to be deducted from employees and deposited in the national treasury.

However, human resource management professionals should establish controls to ensure that examinations by auditors prove unvarying compliance with law in all matters related to the financial planning interests of employees. Only after this should the function expect to attract and to retain top quality talent. It is also a matter about which all investors and prospective employees should ask for specific details.

IRS guidelines are very clear about QACA and other retirement financial planning systems for employees. Federal examiners stress that most errors occur because responsible executives do not take the time to read and understand the rules. Then there is the common failing of focusing on the needs of a few favored executives in key positions, rather than attending to the requirements of the work force as a whole. Finally, there are careless delays in depositing statutory amounts with government exchequers. How can irresponsible management teams expect quality conscious and diligent inputs from subordinates?

Quality and Commitment Begin with Retirement Financial Planning

It is unfortunate that employers can keep their failings with respect to their staff members away from public view. Many of us would be surprised to find that high profile and professionally managed corporations are amongst the offenders of legal retirement financial planning obligations. Are you one of them, or perhaps are you an unwitting victim? Do you keep track of audit reports by the IRS in companies in which you have stocks or other interests?

Join our forum and write to us about your experiences with QACA and other retirement financial planning systems. Please celebrate your achievements as an employer with an unblemished examination record, if you have attained this. You could also post on threads as an employee and exchange notes on the best in retirement financial planning. We wait to hear from you!

Why Retirement Financial Planning Should be a Prime HR Responsibility (Part 1)

 


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