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

• 401(k) Employee Contribution Limit - $22,500
• Participants over Age 50 “Catch-Up” Contribution - $7,500

Simple IRA Contribution Limits

• Simple IRA Employee Contribution Limit - $15,500
• Participants over Age 50 “Catch-Up” Contribution - $3,000

The Social Security Wage Base - $160,200.
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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:  

• Uses straightforward language and formatting; 
• Notes that harassment is a prohibited form of discrimination;
• Clarifies that sex discrimination includes discrimination based on pregnancy and related conditions, sexual orientation, or gender identity;
• Adds a QR code for fast digital access to the how to file a charge webpage;
• Provides information about equal pay discrimination for federal contractors.

If you need to order a new poster, contact me for more information. If you contact me before  November 3rd, I have a special discount code that can be used. To print the poster by going to the EEOC website at:

“Know Your Rights: Workplace Discrimination is Illegal” Poster | U.S. Equal Employment Opportunity Commission (eeoc.gov)
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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;

• Lowering deductibles
• Re-introducing PPO’s
• Expanding behavioral through enhanced EAP services, more on-line resources, and training managers on recognizing behavioral health issues
• Continuing the use of virtual care, such as doctor visits

While focusing on benefit costs and strategies is at the forefront of benefit renewals, time should be set aside to review the plan documents and other communication materials to determine if any changes are needed.  In doing this review, any differences in policies and procedures can be identified and corrected. Company policies, such as extending benefit coverage during a leave of absence, should always match the plan document. ERISA guidelines continue to state that the “plan document” always rules.