February Issue Highlights
- February note from the editor
- Profile: Commissioner Rebecca Hunter, CPA, SPHR
- SHRM Employment Law and Legislative Conference March 23-25 in Washington, DC
- MSSHRM Leadership Conference February 14 in Biloxi
- TNSHRM Strategic Leadership Conference February 20 in Nashville
- ARSRM HR State Conference and Expo April 8-10 in Hot Springs
- Web Exclusive – 5 Elements of Emotionally Intelligent Negotiating by Harvey Deutschendorf
- The Hazards of the Industry – New Requirements for Reporting to OSHA by Sally F. Barron
- ACA Reporting: An Opportunity in Disguise? by Ashley Pace and Bradley Owens
- Using Technology to Improve the Health of the Workforce
- Is Your HRIS ACA-Ready? by Christy Showalter
- The Importance of NAPBS Accreditation by Susan McCullah
- Time Management – It’s About Time by Donna Tosches
- HIPPA Settlement Underscores the Vulnerability of Unpatched and Unsupported Software by Alisa Chestler and Ted Lotchin
- Have You Scheduled Your HR Checkup for 2015? by Abtin Mehdizadegan
- NLRB Alters Landscape for Employee Use of Company Email by Tanja L. Thompson and Brenda N. Canale
- Records Retention – To Keep or Not to Keep? by Ashley R. Griffith
- Ban the Box Legislation Continues to Spread by Dale Conder, Jr.
- Termination for Possession of Firearm by Timothy Lindsay
- Appellate Court Upholds Recent Amendments to Disability Regulations by Josh C. Harrison
- Healthy Workplaces, Healthy Communities in Mississippi by Murray L Harber and Matt Ginn
- Show Some Love with Critical Illness Coverage by Blake Rogers, Jimmy Hinton, Chris Menard, and Ricky Reynolds
- What Do the President’s Executive Actions on Immigration Mean? by Bruce E. Buchanan
- 2015 Greater Employee Memphis Employee Benefits Board of Directors
Employees May Contribute up to $18,000 to their 401(k) plans in 2015
(Washington) The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because the increase in the index did not meet the statutory thresholds that trigger their adjustment.
Highlights include the following:
- The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000.
- The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $5,500 to $6,000.
- The limit on annual contributions to an Individual Retirement Arrangement (IRA) remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
- The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $61,000 and $71,000, up from $60,000 and $70,000 in 2014. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $98,000 to $118,000, up from $96,000 to $116,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $183,000 and $193,000, up from $181,000 and $191,000. For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
The limitation for defined contribution plans under Section 415(c)(1)(A) is increased in 2015 from $52,000 to $53,000.
HR Professionals Magazine is an exciting monthly trade publication designed to educate and inform HR professionals in every discipline of the Human Resources function. We cover current hot topics on employment law, staffing and recruiting, compensation and benefits, employee relations, diversity, ethics, business leadership, relocation, employee training and development, payroll, and HR technology. Employment law will not only focus on federal legislation, but also on state and local regulations for Tennessee, Arkansas, and Mississippi. Articles are detailed and comprehensive written by local HR specialists, educators, and attorneys who are highly regarded as experts in their respective fields.
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