My question involves labor and employment law for the state of: Michigan
I have a new bonus program I'd like to start up where I would offer my employees bonuses for helping me out when I'm in a bind. The bonuses would could be anywhere from $5-$500, and are based on a "POT" of available cash. This "POT" is funded by the company and by the staff, so the amount available in the"POT" can change all the time.
The concept of this bonus program is a lot like a lottery. Many people pay in small amounts and one person gets the entire "POT".
My question is a two parter:
1. I understand employees would need to voluntarily opt-in for this type of program and have a way to opt-out. However, is there anything I need to be concerned about other than having written consent from my staff to start a program like this? i.e. ERISA requirements, IRS reporting, any reporting requirements.....
2. Since the concept of this program is similar to a lottery, are there any concerns I should have about using the word "Lotto" or "Lottery" in the advertised name of this program?
FYI: My employees are all W2 employees.
Thanks!
I have a new bonus program I'd like to start up where I would offer my employees bonuses for helping me out when I'm in a bind. The bonuses would could be anywhere from $5-$500, and are based on a "POT" of available cash. This "POT" is funded by the company and by the staff, so the amount available in the"POT" can change all the time.
The concept of this bonus program is a lot like a lottery. Many people pay in small amounts and one person gets the entire "POT".
My question is a two parter:
1. I understand employees would need to voluntarily opt-in for this type of program and have a way to opt-out. However, is there anything I need to be concerned about other than having written consent from my staff to start a program like this? i.e. ERISA requirements, IRS reporting, any reporting requirements.....
2. Since the concept of this program is similar to a lottery, are there any concerns I should have about using the word "Lotto" or "Lottery" in the advertised name of this program?
FYI: My employees are all W2 employees.
Thanks!
Job Benefits Bonus Program
Aucun commentaire:
Enregistrer un commentaire