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Accounting, Payroll & Pension Issues/Additional information on pay stubs
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Question
Are there rules or guidelines about what may or may not be included on a pay stub? I'm asking because we are exploring ways to help our employees make better decisions by providing them additional information on their pay stubs. Information we are thinking of including would be 401(k) asset allocations, medical savings account balances, transit check information and the like. Are there fiduciary concerns or DOL guidelines we should investigate? Thanks.
As long as it is not detrimental to the employee if someone else sees the checks stub. If you put all this information on the check stub it must be kept very private and no one except the employee and the person in payroll processing the check can see it or it would more than likely violate some privacy rule. I would caution against putting the financial balances such as transit check and any bank account #'s on the check stub and if you do make sure only the last 3 numbers show and x out the rest for privace to stop identity theft.
Shirley
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you, you have an excellent point about the information not being detrimental to the employee if someone else sees it. Getting a better understanding of the area is helpful because we want to make sure where we stand prior to getting a written legal opinion. Thanks again, Andy | ||
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Answers by Expert:
Shirley McAllister, CPP, PHR
Expertise
I can answer payroll questions, payroll tax questions, 401K questions. No stock option questions please and I have some knowledge of other pensions but am most familiar with the 401K pension. I can answer U.S.and Canada payroll questions proficiently and have a good general knowledge of UK and South Africa and some knowledge of Australia and New Zealand Payroll procedures. Please do not ask me homework questions I do not have time to answer them.
Experience
25 years with an international company in the Human Resources, Payroll and Payroll Tax areas.
Organizations
SHRM, APA, I.O.M.A.
Publications
I.O.M.A. and BNA
Education/Credentials
P.H.R., C.P.P., Canadian Payroll Administrator, Successfully passed APA class on UK Payroll Administration.
Boise State University Human Resource Certification
Awards and Honors
APA Hotline Citation of Merit for last 8 years.
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