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?
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:
|Maximum Compensation Limit |
|Defined Contribution Section 415 Limit |
|401(k)/403(b)/457 Elective Deferral |
|401(k)/403(b)/457 Catch-Up |
|“Highly Compensated” Employee |
| $105,000 |
|“Key Employee” Officer Compensation |
|Social Security Wage Base |
|Traditional and Roth IRA Limits (Standard) |
|Traditional and Roth IRA Limits (Catch-Up) |
Click to continue...
During 2007, the most common problem we found when editing employee han
Copyright © 2017 Magna HR.