2023 401(k) and Simple IRA Contribution Limits
The IRS just announced the new contribution limits for 2023. Companies should communicate to their employees as well as ensure the HRIS/Payroll system has the limits in their system as of 1/1/2023.
401(k) and Simple IRA Contribution Limits
For the first time in nearly 13 years, the EEOC has released a completely redesigned poster that covered businesses must display immediately. The updated poster – Know Your Rights: Workplace Discrimination is Illegal – replaces the Equal Employment Opportunity is the Law poster.
The new “Know Your Rights” poster includes these changes:
“Know Your Rights: Workplace Discrimination is Illegal” Poster | U.S. Equal Employment Opportunity Commission (eeoc.gov)
Until further notice, employers should continue using the Form I-9, Employment Eligibility Verification, after its expiration date of Oct. 31, 2022 until further notice. The Dept. of Homeland Security will publish a Federal Register notice to announce the new version of the Form I-9 once it becomes available.
An extension of the flexibility in complying with requirements related to Form I-9 has been approved. The temporary guidance was set to expire October 31, 2022 and has been extended to July 31, 2023 due to ongoing precautions related to COVID-19.
See the original ICE news release from March 20, 2020, for more information on how to obtain, remotely inspect, and retain copies of the identity and employment eligibility documents to complete Section 2 of Form I-9.
Employers are encouraged to begin, at their discretion, the in-person verification of identity and employment eligibility documentation for employees who were hired on or after March 20, 2020, and who presented such documents for remote inspection in reliance on the flexibilities first announced in March 2020.
To see the requirements; go to DHS announces flexibility in requirements related to Form I-9 compliance | ICE
Annual enrollment with a January 1st plan year is right around the corner and it is time to start planning for 2023 employee benefits. With benefit costs expected to increase 5.6% in 2023, companies are reviewing their benefit strategies now. Trends that being considered include;