401(k) true-up
A 401(k) true-up is a year-end adjustment made by employers to ensure that eligible employees receive the full amount of matching contributions promised under the company’s retirement plan. This adjustment is only necessary in plans that include employer matching. If the employee’s contribution pattern causes them to receive less than the intended match during the […]
Timesheet
A timesheet is a formal record that tracks how many hours an employee or independent contractor works over a given timeframe. Employers use timesheets for purposes like tracking project labor, managing client billing, and processing payroll accurately. A Brief History and Evolution of Timesheets The concept of recording work hours dates back to the 1880s, […]
Third-party administrator (TPA) in health care
A Third-Party Administrator (TPA) is an independent service provider that helps companies manage the administration and oversight of their employee health insurance plans. Many employers, especially those offering self-funded benefits, partner with TPAs to navigate the complexities of health plan design, compliance, claims processing, and more. Why Employers Work with TPAs The Society of Professional […]
Tax Identification Number (TIN)
A Tax Identification Number (TIN) is a unique nine-digit code issued by either the Internal Revenue Service (IRS) or the Social Security Administration (SSA) to individuals and businesses. It’s primarily used to identify taxpayers when they file returns, pay taxes, or complete other tax-related transactions. Since it’s used for tracking and reporting purposes, a TIN […]