The IRS has released its annual guidance on inflation adjustments for retirement provisions in 2024. The key updates include: For 401(k) and similar defined contribution plans, the contribution limit for participating employees will rise to $23,000 from $22,500. The [...]
On August 30, the White House proposed a rule through the Department of Labor to extend overtime pay eligibility to an additional 3 million workers. This move echoes an attempt by the Obama administration eight years prior to modify [...]
The automotive industry encompasses a diverse workforce that requires a specialized approach to employee benefits. NARFA, with its longstanding history and expertise, stands as an invaluable ally for businesses navigating the complexities of employee benefits. The Challenge of Diverse [...]
The IRS has announced a two-year delay of the SECURE 2.0 Act's Roth catch-up requirement, which was set to take effect on January 1, 2024. This means that higher-income employees who are currently eligible to make catch-up contributions to [...]
Trade associations play a pivotal role in strengthening industry sectors by uniting companies around common goals and interests. For businesses in the automotive, roads, and fuel sectors, NARFA stands as an example of how a trade association can be [...]
The following changes to Colorado employment law apply to employers of all sizes. While our math indicates that these laws take effect August 8, the state legislature’s website says they are effective August 7, 2023. PAID SICK LEAVE USES [...]
Employees will be able to save more money in their health savings accounts (HSAs) in 2024, thanks to inflation-driven increases in contribution limits. The IRS announced on May 16 that the annual limit on HSA contributions for self-only coverage [...]
The Pregnant Workers Fairness Act (PWFA) is a federal law that prohibits employment discrimination on the basis of pregnancy, childbirth, or related medical conditions. The PWFA was signed into law by the White House on December 29, 2022, and [...]
The U.S. Department of Labor (DOL) Office of Foreign Labor Certification (OFLC) recently held webinars to guide users on upcoming changes to the Form ETA 9089. The objective of these changes is to streamline and standardize the information that [...]
On December 23, 2022, the House passed a 4,155-page funding bill, the Consolidated Appropriations Act of 2023 (“CAA-23”), that includes a two year extension on telehealth relief for high deductible health plans (“HDHPs”) offered with health savings accounts (“HSAs”). [...]
