2008 HR New Year's Resolution
New Year?s HR ResolutionsCopyright © 2017 Magna HR.
The beginning of a new year gives us the chance to reflect on the past and set our sights on the future. In this spirit, we?ve developed a list of those HR items that you might want to think about as you begin 2008.
- Many salary sensitive benefits such as life or disability insurance may need to be updated to reflect any 2007 compensation adjustments.
- Make sure that you restart any 401(k) participant who attained the $15,500 (or $20,500) pre-tax limit in 2007.
- If you sponsor a Section 125/FSA Plan, now?s a good time to notify any FSA participant with a remaining 2007 balance in their health care and/or dependent care spending account so that they may attempt to avoid the ?use-it-or-lose-it? penalty over the next several months.
- If you have a January 1 renewal date, make sure that you remember to notify your COBRA administrator and any COBRA enrollees of the rate changes.
- Make sure that you comply with the new minimum wage requirements in your state since many have been updated on January 1, 2008.
- Make sure that your payroll system has been reset to the various new limits including:
| ||2008 ||2007 |
|Maximum Compensation Limit ||$230,000 ||$225,000 |
|Defined Contribution Section 415 Limit ||$46,000 ||$45,000 |
|401(k)/403(b)/457 Elective Deferral ||$15,500 ||$15,500 |
|401(k)/403(b)/457 Catch-Up ||$5,000 ||$5,000 |
|“Highly Compensated” Employee || $105,000 ||$100,000 |
|“Key Employee” Officer Compensation ||$150,000 ||$145,000 |
|Social Security Wage Base ||$102,000 ||$97,500 |
|Traditional and Roth IRA Limits (Standard) ||$5,000 ||$4,000 |
|Traditional and Roth IRA Limits (Catch-Up) ||$1,000 ||$1,000 |
Policies and Procedures
- If you allow Vacation Carryover, make sure that you move any allowable unused vacation to 2008.
- Make sure that you have the latest Federal and State Labor Law posters displayed in a common area for all employees to see.
- Make sure you update your OSHA 300 log and post it in a common area from February 1 to April 30, 2008 for any reportable 2007 injuries or illnesses.
- If you participate in the Ohio Drug-Free Workplace program, make sure you that you have your supervisors retake the online test and hold your ALL HANDS meeting with an authorized representative.