Handling Terminated Employees Properly - Best Payroll Practices

Properly Handling Payroll for Terminated Employees: The Significance and Challenges Explored

Effectively managing payroll for terminated employees is of utmost importance, considering the critical significance of precise handling and the inherent complexities that make this task challenging. Join us for an enlightening webinar featuring esteemed speaker Dayna J. Reum, an expert in the field, as she delves deep into the multifaceted issues employers encounter when compensating terminated associates.

During this webinar, Dayna will meticulously explore various aspects, ranging from the calculation of final pay and handling of stock options to addressing payments that may arise years after an employee's termination. Moreover, she will navigate the intricate landscape of legal settlements, shedding light on the challenges faced when disbursing payments in such circumstances.

Tax implications are a crucial consideration in the realm of termination pay. Dayna will provide comprehensive insights into effectively managing taxes and navigating the complexities associated with different types of termination pay. Given the intricate nature of payments and the varying laws across states aimed at safeguarding the rights of terminated employees, it is imperative for your payroll department to possess a thorough understanding of these regulations to ensure full compliance.

Join us to empower your payroll team with the knowledge and expertise necessary to navigate the complexities of handling payroll for terminated employees. Stay informed, mitigate risks, and ensure seamless compliance with applicable laws and regulations.

 Areas covered in the session:

• Review of different types of term pay from vacation pay to golden parachute payments.
• Discussion around Stock options and deferred compensation after termination
• Taxation concerns in regard to payments made to terminated employees
• Timing of final pay for terminated employees including state law requirements
• Year-end concerns
• Discussion around death payments paying and reporting
• How to handle legal settlements
• State UI Funds, WARN Act, Severance Payments, SUB Plans
• Record Retention Concerns
• Best Practices

Who Should Attend:

• Payroll Departments
• HR Departments
• Benefits Professionals
• Accounting Professionals
• Small Business Owners

Speaker Bio: Dayna Reum

Dayna currently is the director of payroll operations at a major medical center in Chicago and has been heavily involved in the payroll field for more than 20 years.

She started as a payroll clerk at a small Tucson company but moved on to be a payroll team leader at Honeywell Inc.

During her time at Honeywell Inc., she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. Dayna has also received several merit awards for customer service and acquisitions, and divestiture.

She also serves on the National American Payroll Association on the national Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee), and received a citation of merit for her service along with being a gold pin member of the APA.

Dayna is also a CPP (Certified Payroll Professional) through the APA and certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.