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MARCH 17, 2017BENEFITS & COMPENSATION UPDATE By: Judy M. Hensley and Charles C. ShulmanIRS Issues Guidelines for Substantiating 401(k) Hardship Withdrawals In February, the IRS issued a memorandum
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Benefits and compensation update refers to the process of updating information related to employee benefits and compensation packages.
Employers are typically required to file benefits and compensation updates for their employees.
Benefits and compensation updates can usually be filled out online or through designated forms provided by the employer.
The purpose of benefits and compensation update is to ensure that all employee benefits and compensation information is accurate and up-to-date.
Information such as employee salaries, bonuses, health insurance, retirement plans, and other benefits may need to be reported on benefits and compensation updates.
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