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2008 HR New Year's Resolution
New Year’s HR 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 |
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.
Safety
- 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.
Copyright © 2010 Magna HR.
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