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   Click to continue... SERVICES: HR Tip: During 2007, the most common problem we found when editing employee handbooks was the inclusion of detailed information on the various employee benefits offered by the Company.  Click to continue...

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