Welcome to Our Newest Members | |
A warm welcome to our newest members!* We encourage you to connect with them soon and see where your next partnership can be! | |
Join Us! - Upcoming Chamber Events | |
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Wake Up Your Business
Wednesday, November 15
5:30 p.m. to 7:30 p.m.
Take 5 Audio & more
1101 Southford Road
Middlebury
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Social Media Roundtable: Creating Content that Connects
Thursday, November 16
7:30 a.m. to 9:00 a.m.
Waterbury Regional Chamber
83 Bank Street, 4th Floor
Waterbury
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STEM/Manufacturing Expo
Friday, November 17
8 a.m. to 2 p.m.
Naugatuck Valley Community College
750 Chase Parkway Technology Hall
Waterbury
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Wake Up Your Business
Friday, November 17
8 a.m. to 9 a.m.
Calvary Southbury
354 Kettletown Road
Southbury
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Young Professionals Happy Hour
Thursday, November 30
5:30 p.m. to 7:30 p.m.
Clocktown Brewing Company
135 South Main Street
Thomaston
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Watertown Oakville Wake Up Your Business
Friday, December 1
8 a.m. to 9 a.m.
The Local Sixty-Three Bar & Restaurant
465 Main Street
Watertown
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Festival of Wreaths
Wednesday, December 6
4 p.m. to 7 p.m.
The Heritage Hotel, Golf, Spa, & Conference Center
522 Heritage Road
Southbury
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2023 Holiday Gathering
Thursday, December 14
5:30 p.m. to 8 p.m.
;La Bella Vista
380 Farmwood Road
Waterbury
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HR Corner: IRS Announces Increases to Retirement Plan Limits for 2024 | |
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On November 1, 2023, the Internal Revenue Service (IRS) announced the new contribution and benefit limits to qualified retirement plans. The increased limits will allow employees to save more money for retirement. Starting in 2024, the following limits apply:
- Employees can contribute up to $23,000 into their 401(k), 403(b) and most 457 plans. This constitutes an increase of $500 from the 2023 limits. This is a modest increase in the annual limit as compared to the $2,000 increase that occurred in 2023.
- The catch-up contribution limit for employees ages 50 and older who participate in 401(k), 403(b) and most 457 plans, will remain at $7,500, which is the same amount as in 2023. Thus, employees who are age 50 and older and participate in such defined contribution plans can contribute up to $30,500 ($23,000 plus $7,500).
- The combined limit on employer and employee contributions to defined contribution plans will increase from $66,000 to $69,000.
- The maximum annual benefit that a participant may receive under a defined benefit plan will be $275,000, up from $265,000.
- The maximum amount of annual compensation that may be taken into account on behalf of any participant under a qualified plan will increase from $330,000 to $345,000.
- The dollar threshold to identify “highly compensated employees” will increase from $150,000 to $155,000 (i.e., if compensation in 2024 is $155,000, that amount will determine highly compensated for determinations made in 2025).
- The limit on annual contributions to an Individual Retirement Account (IRA) will increase to $7,000, up from $6,500. The catch‑up contributions for individuals aged 50 and over will hold at $1,000 for 2024, allowing individuals aged 50 and above to contribute up to $8,000 to an IRA.
- The Social Security taxable wage base will increase from $160,200 to $168,600.
Plan sponsors should ensure that participant communications reflect the increased limits. Additional information regarding benefit plan dollar limits can be obtained in IRS Notice 2023-75.
This information is for educational purposes only to provide general information and a general understanding of the law. It does not constitute legal advice and does not establish any attorney-client relationship.
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From Our Newsletter Sponsor: Post University
A Window in the Remarkable World of Post University
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We are proud to share the inaugural edition of Post University Magazine. This project has been a labor of love for many, and we are excited to see it come to life.
From our early beginnings as a business school in downtown Waterbury, Post University embraced changing market dynamics. It evolved and innovated over the years as we collaborated on possibilities, not what is probable or predictable. The institution today has been transformed over the decades, especially over the past few years.
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Our online education modality was pioneered almost 25 years ago and has allowed the University to reach thousands more highly diverse students from across the country and internationally, many of whom would not have otherwise had access to higher education, whether because of cost, flexibility in the modality, or geographic reach. Additionally, the University has seen its standings in U.S. News & World Report ascend quickly and earn consistent recognition as an employer of choice by Top Workplace.
Please embrace the magazine as a source of inspiration, and a window into the remarkable world of Post University. Dive in, explore its pages, and share it with your friends, family, and networks.
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Save the Date: 102nd Naugatuck Chamber Annual Meeting & Lewis A. Dibble Sr. Award Dinner: Thursday, January 25, 2024 @ Aria in Prospect
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December 6: Festival of Wreaths: The Heritage Hotel, Golf, Spa & Conference Center
Promote your business as a sponsor of this family-friendly community event
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Watertown Oakville Chamber News | |
Join us on Friday, December 1 from 8 a.m. to 9 a.m. for our free Wake Up Your Business event at The Local Sixty-Three Bar & Restaurant at 465 Main Street. Get a chance to chat with other members, learn more about chamber membership, make new connections, and bring visibility to your business. | |
Hiring & Training Programs Available | |
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Northwest Regional Workforce Investment Board: Connecticut Workforce High tech Industries Partnership Grant (CTWHISP)/Incumbent Worker Training Program
Incumbent Worker Training (IWT) is a type of work-based, employer-driven training for employees who need training to upgrade their skills to
- secure full-time employment,
- advance in their careers, or
- retain their current employment in H-1B occupations and industries.
IWT is developed in collaboration with the employer. It requires long term planning and commitment on the part of the employer's CEO, CFO, HR, supervisors and employees.
The Northwest Regional Workforce Investment Board (NRWIB) reimburses contracted training costs up to $2,000 per employee for IT training, and up to $3,000 per employee for manufacturing training. To get the proposal and contract process started please contact Jeffrey Chorches - chorches@careerresources.org.
The workforce board contracts with the employer to arrange the training. The employer chooses the job training course, the training provider, training schedule, and the employees who will participate. Employers are encouraged to backfill open positions that result from incumbent worker training with unemployed and underemployed individuals. One of the goals of U. S. Dept. of Labor Hl-b grants is to make U.S. employers less dependent upon non-citizens.
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