2014 is coming to an end and the Robin S. Weingast & Associates team has been busy preparing for 2015. We value working with our clients and want to give you the most current information on what you have to look forward to in the new year.
As we told you in October, the IRS issued information geared towards helping to increase the use of income annuities in 401(k) plans. Plan sponsors can now voluntarily include deferred income annuities in a target date fund used as a default investment, making it easier for employees to consider using lifetime income. We posted the full announcement and would be happy to speak with you about how to take advantage of these new important guidelines.
Beginning in 2015, the IRS increased retirement fund contribution limits. This change reflects cost-of-living increases and could have major implications for you and your employees. Click to expand this graphic and se what the new limits are.
New York-based businesses should know that on December 31, the statewide hourly minimum wage for non-exempt (i.e., hourly) employees will rise from $8.00 to $8.75 (and then to $9.00 on December 31, 2015). Just as significantly, the minimum weekly salary for certain exempt employees – executives and administrators – will also increase on December 31: from $600.00 to $656.25 (and then to $675.00 on December 31, 2015). The wage increase also affects those in the food service and hospitality industries. You can read more about it here (the post also contains information about minimum wage changes in other states).
There are some small changes to the Affordable Care Act that may impact your business. This site summarizes everything that will change in 2015, and we are happy to talk through what these changes mean for your benefits plans and for your business.
Earlier this year, we let you know that the IRS announced an 2016 deadline for pre-approved document restatements. Here’s a refresher on what that means for you. Remember that our team is here to help you with this process.
We hope you found our Need to Know Blog, monthly resources, and updated newsletters a valuable source of must-have information. If you have any suggestions for topics we should cover, please contact us and we’d be happy to cover them on our website.
The Robin Weingast team is ready to offer guidance and help you develop solutions and innovative approaches to respond to any new regulatory changes. We look forward to making 2015 a happy and successful year for you.