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January 2008 Newsletter - Checklist of 2008 HR Must-Do's

HR New Years Resolutions

What things must an HR professional do to start the new year right?

Magna HR

2008 HR New Year's Resolutions

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.


Benefits

  • 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.

Compensation

  • 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

 

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HR Tip:

During 2007, the most common problem we found when editing employee han

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