fbpx

Current event news and information

Portrait happy senior retired couple relaxing on sunny poolside lounge chairs. enjoying retirement
Benefits

2021 IRS Pension Limits

Confused about IRS pension limits? Have you ever wondered how much you can contribute to your retirement plan and if there are any limitations? The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.  Limits by plan type (IRA, 401(k), SEP, SIMPLE IRA, 403(b), 457(b), defined benefit)  2021 cost-of-living adjustments for pension plans and retirement-related items (IR-2020-244)  COLA Table PDF for prior years’ dollar limitations and Internal Revenue Code references.  IRAs  2021  2020  2019  IRA Contribution

Read More »
Benefits

2021 IRS Pension Limits and Other Notable Items

Two annual limits apply to contributions A limit on employee elective salary deferrals. Salary deferrals are contributions an employee makes, in lieu of salary, to certain retirement plans: 401(k) plans 403(b) plans SARSEP IRA plans (Salary Reduction Simplified Employee Pension Plans) SIMPLE IRA plans (Savings Incentive Match Plans for Employees) An overall limit on contributions to a participant’s account. The limit applies to the total of: elective deferrals (but not catch-up contributions) employer matching contributions employer nonelective contributions allocations of forfeitures Deferral limits for 401(k) plans  The limit on employee elective deferrals (for traditional and safe harbor plans) is: $19,500

Read More »

New York State Family Leave Law

The new law allows eligible employees being entitled to up to 12 weeks of paid family leave when they are out of work for the following qualifying reasons: to care for a family member with a serious health condition; to bond with a child during the first 12 months following birth or placement for adoption or foster care; or because of a qualifying exigency arising out of the fact that the employee’s spouse, domestic partner, child, or parent is on active duty (or has been notified of an impending call or order to active duty) in the armed forces. In order to

Read More »
Benefits

New York law mandating IVF coverage starts January 1, 2020

The New York Assembly passed a law compelling large group plans (more than 100) to offer In Vitro Fertilization (IVF). The law provides that large group plans offer 3 rounds of IVF. Additionally for all plans, the law mandates fertility preservation services, such as egg or sperm freezing, for members whose medical treatment will render them infertile, such as cancer patients who need radiation. The law does not apply to public and self funded plans. Who’s eligible for IVF? Anyone who receives insurance through the large-group market (employees at businesses with 100 or more employees) and who is diagnosed with infertility,

Read More »
HR Management

DOL Releases Final Overtime Rules

DOL Final Rule Effective January 1, 2020 The amounts required to be earned by an employee in order for that employee to be exempt from the FLSA overtime requirements will be $684 per week ($35,568 annually). This is an increase from the current level of $455 per week ($23,660 annually). The new salary level for a Highly Compensated Employee (HCE) will be $107,432. The current level is $100,000. The final rules permit employers to satisfy the new salary-level requirement by using nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the salary level test. Also,

Read More »