Retirement Plan Coverage Compliance Self-Assessment For State and Local Government Entities
Source: IRS

Public employers have unique legal requirements for compliance with federal tax and Social Security laws. These employers need to be aware of the rules that apply to them and their workers (both employees and independent contractors); especially those related to federal income, Social Security and Medicare taxes and public retirement system obligations.

The Form 14581 series consists of seven topical employment tax Compliance Self-Assessment tools, listed below, for voluntary use by government entities to conduct self-assessments of their compliance with these requirements. The forms have fillable check box and text fields so they can be completed electronically or printed and completed manually.

Full Article



Read more

Social Security’s Financial Outlook: The 2017 Update in Perspective”
Source: Center for Retirement Research

The brief’s key findings are:

  • The 2017 Trustees Report shows very little change:
    • Social Security’s 75-year deficit rose slightly from 2.66 percent to 2.83 percent of payroll.
    • The deficit as a percentage of GDP remains at 0.9 percent.
    • Trust fund exhaustion is still 2034, after which payroll taxes still cover about three quarters of promised benefits.
  • The shortfall is manageable, but action should be taken soon to equitably share the burden among cohorts, restore public confidence, and give people time to adjust.
  • Proposed solutions range from “all benefit cuts” to “all tax increases.” For action to occur, policymakers need guidance from the public on the desired mix.

Full Article



Read more