benefits Archives - KNS Financial

Are You Making All The Money You Can On Your Job?

These days, promotions are almost impossibly to get, and the standard raise is something on the order of 2%. That makes it very difficult to increase your salary on your job. But even if you can’t, many companies offer various plans to provide additional compensation. Do you know what those are at your company, and are you taking advantage of them if you do?

The compensation on these programs often result in much more than just additional income. Here are some examples…

Performance Bonuses

Many employees are given to a day-in, day-out routine, and find it difficult to rise above the typical performance to achieve greater results. But if your employer is offering you a bonus to do so, this is something you should seriously look into.

On many jobs, performance bonuses are a regular and substantial portion of the employees overall compensation. But it does require that you adopt a more competitive nature, and try to go above and beyond typical production in your department.

Find out if there is a performance bonus plan available where you work, and if so, what the parameters are. Realistically assess your ability to achieve the desired results, and any necessary changes in your performance that will be necessary. And if you think that you can make it happen, go for it and don’t look back.

There’s a bonus on a performance bonus: the employees who regularly qualify for performance bonuses are also often the people who are most frequently promoted.

Suggestion Box Ideas

Some employers are actively searching for new ideas on how to run and improve the business. Some even solicit ideas from employees – and why not, company staff are in a better position to know what will work in what won’t than anyone else.

If your company has a suggestion box, make it a point to submit ideas on a regular basis. Many employers offer a bonus of some sort for ideas that are accepted. And once again, if you are a consistent source of new and workable ideas, it could improve your chances of an eventual promotion.

Employee Referral Bonuses

Many companies strongly prefer hiring employees who come in with a solid referral from someone who already works at the company. The bonuses on the successful hire of a new employee can be substantial, often well in excess of $1,000.

If your company has an employee referral bonus program in place, plan to take full advantage of it. Familiarize yourself with what positions they’re looking to fill, and then do some scouting and networking to determine who you know who could be a good fit for the jobs. By doing this on a regular basis, you can add thousands of dollars to your income each year. That’s a lot of additional money to make just from doing some research and making a telephone call or two.

Tuition Reimbursement

You may not think of this as a form of extra income, but that’s exactly what it is. If your employer is willing to at least partially pay for additional education, use it for all it’s worth.

Though it may not represent an immediate form of compensation in your next paycheck, it can help you acquire the skills that you need in order to advance in your job. And ironically, even if you can’t rise up in your current employer, you may be setting the stage for a better position with another company further down the road, based on your improved skills and education.

Customer Referral Programs

Many companies offer a customer referral program, even if it isn’t widely known. That’s a program in which you are compensated for providing new business to the company. If your employer has such a program, you should be taking full advantage of it.

There are at least four good reasons for doing this:

A steady number of customer referrals can result in a steady source of new income for you
As a source of new business for your employer, your position with the company becomes more secure
By demonstrating an ability to get new business in the door, you will raise your value to your employer, and increase the chance of a promotion
By bringing more business to your employer, you’re improving the company’s financial position, making it more likely they’ll stay in business and keep you on the payroll

Most of the bonus programs we’ve discussed up to this point are the type that apply mainly to large employers. But a customer referral program is something that even very small employers can and will offer. All businesses, after all, have a vested interest in encouraging new business, and a customer referral plan can be implemented even if it doesn’t already exist.

There is a saying, raises become effective when you do. Though your company may be stingy when it comes to giving financial raises, you can make it happen by becoming more effective in your work, and qualifying for the various bonus programs that your employer may offer.

Do you ever take advantage of these programs at work?

The Treasury Department’s New Regulation To Protect Social Security Benefits

By Khaleef Crumbley

Recently, the United States Treasury Department put a new rule into place that seeks to protect those the garnishment of Social Security benefits. When you are collecting, and depending on, Social Security benefits, it can be extremely difficult to deal with debt collectors. To then have your bank garnish your Social Security benefits, can put you in a position where you have very few options.

According to an article on Market Watch:

Before the new rule, when debt collectors pursuing an unpaid debt secured a court-ordered garnishment, the bank often would simply freeze the money in the debtor’s account, whether or not it included federal payments, such as Social Security benefits, said Margot Saunders, an attorney with the National Consumer Law Center.

The easiest thing for a bank to do in this instance is to freeze the entire account, regardless of the source of the deposits. The problem with that type of response, is that it can leave the recipient – oftentimes an elderly person – with no way to pay for basic living expenses.

There are actually rules and exemptions in place, which govern when and how a debt collector can garnish Social Security benefits, but as Saunders points out, “It’s very, very difficult for an elderly person to step through the hoops that are required for exemptions… In the meantime, while they’re going through that process, they have no money.”

Having all of your money frozen at once can lead to financial disaster for someone in a social welfare program.

A New Rule For Banks Ordered To Garnish Social Security Benefits

In an effort to help beneficiaries avoid undue hardship, the Treasury Department will now require banks to verify whether the money in the accounts came from an automatic deposit of federal benefits (including Social Security). If so, the bank is required to leave two months’ worth of federal benefits in the account untouched, so that they can be used to cover living expenses.

However, if the benefits were deposited more than two months in the past, or if they were deposited by check (no matter how recent), then the bank is free to freeze the entire account. The recipient will then have to follow the normal procedure for claiming an exemption in their state.

You may not think that there are a lot of people who are affected by this, but the National Consumer Law Center says otherwise:

NCLC estimates that more than 1 million federal-payment recipients annually had their benefits garnished in a bank account. That estimate is based on “the number of complaints and concerns we get from lawyers around the country,” Saunders said. She said legal-aid lawyers cite such garnishment as among the most significant consumer problems, second only to mortgage-related issues.

This new rule will be a welcome relief to many who were already struggling to make ends meet, and pay off debt at the same time. Whether they be dealing with student loan repayments, credit card debt, or medical debt, they will now be given a little bit of breathing room while they consider their options.

Garnishment Of Your Social Security Benefits By The Government

Keep in mind that this new law only governs court orders directed at banks (after the benefits have been paid). It is still possible to have money withheld from your payments at the Federal level, before you receive a disbursement.

According to the Social Security Administration, here are a few common circumstances in which the Federal government can garnish Social Security benefits:

To enforce child support or alimony obligations under Section 459 of the Social Security Act;
Internal Revenue Service (IRS) can levy against benefits to collect unpaid Federal taxes according to Section 6334(c) of the Internal Revenue Code;
IRS can collect taxes due by levying up to 15 percent of a monthly benefit until the debt is paid;
IRS allows beneficiaries to have a portion of their check withheld to satisfy a current year Federal income tax liability according to Section 3402 (P) of the Internal Revenue Code;
Other Federal agencies can collect money from benefits to pay a non-tax debt owed to that agency according to the Debt Collection Act of 1996 (Public Law 104-134); and
Under the Mandatory Victim Restitution Act, certain civil penalties provide the right to garnish benefits under 18 USC 3613.

This list looks similar to the circumstances in which your tax refund can be garnished. This is why it is so important to take care of all debt before you retire, and never become a cosigner for a loan.

It is much easier to deal with these issues when you have a lot of options, instead of waiting until bankruptcy and debt are all that you have in front of you.

photo by DonkeyHotey

The Importance of Home Contents Insurance

By guest

(The following is a guest post on behalf of Money Supermarket.)

It can be a case of trial and error with many of the expenses associated with owning or renting a property.While shortcuts are readily taken when it comes to things like DIY, there are times when it’s in your best interests to play it safe and by the book. Like when the topic of whether or not to invest in homeowner’s insurance and home contents insurance arises.

The Benefits Of Home Contents Insurance

Yes, it involves paying year on year and we probably all agree that this is money we’d rather put towards a holiday, a new car, or even student loan repayments. However, the benefits of getting home contents insurance far outweighs the risks.

The peace of mind alone is priceless, as you know that if something goes wrong – whether through any fault of your own or otherwise – there are certain procedures and protocols in place to protect you and your family, and safeguard your investment. Then there’s the fact that, in the long run, it could end up saving you a small fortune if a curve-ball is thrown your way and you end up having to make a substantial claim, which is not as uncommon as you may think.

What To Look For When Shopping For Home Contents Insurance

Buildings and contents insurance should cover a range of universal themes, although it is advisable to check and double check with an insurer before handing over any of your hard-earned cash if you’re worried or concerned about anything in particular.

By starting a policy, it ought to mean that the cost of repairing or rebuilding your home or any outbuilding like a shed or garage in the event of the unthinkable happening will be covered. The list of possible scenarios is endless, from storm damage to fire damage or frozen pipes to burst pipes.

If you’re forced out of your house while any work needs to be carried out, then the insurer will often pay for you and your loved ones to find alternative accommodation on a temporary basis. Some companies offer a 24-hour emergency helpline as well for an additional fee to cover things like a boiler breakdown.

Home contents insurance means that your belongings are covered against theft and accidental damage. Items like carpets and furniture can be expensive to buy in the first place, so the last thing you want is to be facing a bill to replace them because you didn’t take out the right insurance policy. The contents of your freezer, garden and shed could even be included, too, so be sure to check the terms and conditions and read the small print in order to be fully aware of exactly what you are paying for.

photo by think4photop