Stay informed about the latest Ohio DC employer news. The "Ohio DC Employer Insights" newsletter has information about retirement planning, financial wellness for your employees, Plan changes, and industry news.

Contribution Limits for 2024

The Internal Revenue Service recently announced increases to employee annual contribution limits for 2024. Each year, the IRS sets limits on the amount of wages that employees can contribute. These limits are tied to inflation statistics, which are recalculated each fall for the following calendar year. Learn more about the IRS announcement regarding contribution limits for next year so you can provide them to your staff.

Remember that each employee's combined contributions to pre-tax and Roth accounts must not exceed their one annual limit amount.

Make Sure Your Pay Dates are Correct

Will your organization have a pay date on or within a few days of December 31, 2023? It is vital to ensure that contributions are posted in the same year that they are reported on W-2s. As we approach the end of the year, please review your bill and notify our finance department if contributions related to bills posted after December 18 will be reported on employee W-2s in a year other than the pay date year.

It is vital that your employees' contributions will not exceed the annual limits. Email us at [email protected] if the payroll date on your bill, near year-end, needs to be corrected in our records. When contacting us, please include your employer name and employer number in the email.

Ohio DC Related Information for Your Employees

Ohio DC provides monthly information on finance-related issues for your employee newsletters or Intranet. This month, we would like to provide you with information regarding free one-hour webinars we host on a variety of topics.

Please share this link with your employees, so they can register for any webinar that is of interest. Webinar topics include:

Approaching Retirement - Preparing to Retire
Approaching Retirement - Beyond the Basics
Asset Allocation & Managing Risk
Managing the Taxes on Your Retirement Income
Introduction to Social Security