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Finances and Retirement

The current world health crisis has many people wondering about their day to day finances as well as their long-term goals such as retirement savings.  Below are some articles you may find helpful during this time. We will continue to post important information as we receive it.

The United States Department of Labor has issued the following statement:

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19.
These provisions will apply from April 1, 2020 through December 31, 2020.

► PAID LEAVE ENTITLEMENTS
Generally, employers covered under the Act must provide employees:
Up to two weeks (80 hours, or a part-time employee’s two-week equivalent) of paid sick leave based on the higher of their regular rate of pay, or the applicable state or Federal minimum wage, paid at:
• 100% for qualifying reasons #1-3 below, up to $511 daily and $5,110 total;
• 2/3 for qualifying reasons #4 and 6 below, up to $200 daily and $2,000 total; and
• Up to 10 weeks more of paid sick leave and expanded family and medical leave paid at 2/3 for qualifying reason #5 below for up to $200 daily and $12,000 total.

A part-time employee is eligible for leave for the number of hours that the employee is normally scheduled to work
over that period.

► ELIGIBLE EMPLOYEES
In general, employees of private sector employers with fewer than 500 employees, and certain public sector employers, are eligible for up to two weeks of fully or partially paid sick leave for COVID-19 related reasons (see below). Employees who have been employed for at least 30 days prior to their leave request may be eligible for up to an additional 10 weeks of partially paid expanded family and medical leave for reason #5 below.

► QUALIFYING REASONS FOR LEAVE RELATED TO COVID-19
An employee is entitled to take leave related to COVID-19 if the employee is unable to work, including unable to telework, because the employee:

1. is subject to a Federal, State, or local quarantine or isolation order related to COVID-19;

2. has been advised by a health care provider to self-quarantine related to COVID-19;

3. is experiencing COVID-19 symptoms and is seeking a medical diagnosis;

4. is caring for an individual subject to an order described in (1) or self-quarantine as described in (2);

5. is caring for his or her child whose school or place of care is closed (or child care provider is unavailable) due to COVID-19 related reasons; or

6. is experiencing any other substantially-similar condition specified by the U.S. Department of Health and Human Services.

► ENFORCEMENT
The U.S. Department of Labor’s Wage and Hour Division (WHD) has the authority to investigate and enforce compliance with the FFCRA. Employers may not discharge, discipline, or oth erwise discriminate against any employee who lawfully takes paid sick leave or expanded family and medical leave under the FFCRA, files a complaint, or institutes a proceeding under or related to this Act. Employers in violation of the provisions of the FFCRA will be subject to penalties and enforcement by WHD.

Click Here to Download the Emergency Paid SL FFCRA or Act Notice


The Countdown to Retirement is On!  Are you ready?  Read the full article here to learn what you can be doing now to prepare for each milestone.


Click Here for Financial Game Plan Action Steps

Financial Wellness

Do you have a game plan for your finances?  Do you want to change your future?  The below articles contain tips for improving your overall finances, from day-to-day living, to retirement planning.


2018 Maryland Earned Income Tax Credit (EITC).

Read this article to find out about the earned income tax credit and if you qualify. This article was provided by the IRS.


Do you stress about your finances? You’re not alone.

In 2016, 52 percent of employees indicated they were stressed about their finances, and 45 percent said their stress had increased during the last 12 months. They also admitted financial worries had impacted their health, relationships, productivity and time away from work.

Fortunately, because Reliable has a relationship with BB&T, you have access to help with your financial stress. If you’ve been a participant in the BB&T@ Work program, you are already receiving some benefits such as free checking, discounted rates, (visit BB&T@Work for information on the benefits they have to offer). Now they have a new program, “Financial Foundations”. BB&T now has a new program called “Financial Foundations”. To learn more, visit www.BB&T.com/Knowledge.


The way the fees are displayed is being changed.

Understanding Plan Fees Click for full article.

401(k): FUND CHANGES and RESOURCES


INTRODUCING – ROTH 401(k)

401K: Roth IRA vs. Traditional IRA. Click to Read.


Forms

  • Employee Information Change Request FormUse this form to change personal information, change contribution amounts, stop deferrals, or change from a traditional 401(k) to a Roth 401(k). To open an account, contact Human Resources.

PROFIT SHARING

  • 2017 Profit Sharing Statements were mailed to employees’ homes on October 15, 2018. Contact Human Resources if replacement copies are needed.

ARTICLES

Serving Maryland's Commercial & Residential Builders & Developers Since 1928 Reliable Contracting Company, Inc. maintains a reputation as a leader in the construction industry. Our clientele includes builders, developers, individuals and government agencies. With projects ranging in cost from $10,000 to over $10 million, Reliable can be seen working on Maryland's roads, highways, airports, office parks, shopping centers, hospitals, churches, and residential neighborhoods earning our reputation by providing clients with consistent quality and dedication to their projects. Reliable Contracting Co., Inc. is a Proud Member of the following organizations: Associated Builders and Contractors, Chesapeake Chapter - www.abc-chesapeake.org Maryland Asphalt Association - www.mdasphalt.org Maryland Transportation Builders and Materials Association - www.mtbma.org National Asphalt Paving Association (NAPA) - www.asphaltpavement.org West Anne Arundel County Chamber of Commerce - www.waaccc.org Leadership Anne Arundel - www.leadershipaa.org National Federation of Independent Business - www.nfib.com U.S. Chamber of Commerce - www.uschamber.com Homebuilders Association of MD - www.homebuilders.org
2410 Evergreen Road
Gambrills
MD
21054
USA
Serving Maryland's Commercial & Residential Builders & Developers Since 1928 Introduction Reliable Contracting Company, Inc. maintains a reputation as a leader in the construction industry. Our clientele includes builders, developers, individuals and government agencies. With projects ranging in cost from $10,000 to over $10 million, Reliable can be seen working on Maryland's roads, highways, airports, office parks, shopping centers, hospitals, churches, and residential neighborhoods earning our reputation by providing clients with consistent quality and dedication to their projects.
2410 Evergreen Road, Suite 200
Gambrills
MD
21054
USA