IMPORTANT NOTICE REGARDING OPNAD DRAFTS:

Effective 6/15/2024, OPNAD Fund will transition the payment system from Chase Pay Connexion to Paymentus. The description on your bank statement will remain “OPNAD Fund”. For new stores or bank changes, please click below.

Operators using a debit block will need to update the following with their financial institution:



Company Name: OPNAD Fund

Company ID: 0000408976

Operators that had previously accessed Pay Connexion online will need to email OPNAD at accounting@opnad.com for a password reset.

If you have any questions, please feel free to contact the OPNAD Financial Services team: Kathie Peppi, OPNAD Assistant Treasurer, k.peppi@opnad.com or Heather Cronin-Conaway, Finance Manager, h.cronin-conaway@opnad.com.

Federal News

New Exempt Salary Threshold Effective July 1

Don’t forget the new salary thresholds going into effect July 1, 2024 that determine whether an employee can be exempt from overtime. The minimum weekly threshold will be $844, which translates to $43,888 per year. The threshold will increase to $58,656 on January 1, 2025.

The minimum salary threshold is only one component for complying with the overtime exemption. An employee’s job duties must also meet the “white collar” duties test for administrative, professional, outside sales, and computer employees.

There is an alternative test for certain highly compensated employees who are paid a salary, earn above a higher total annual compensation level ($132,964), and satisfy a minimal duties test.

More details can be found on the US Department of Labor’s website by clicking here.

E-Verify Login Page Address Changing

If you use E-Verify as part of your hiring process, be aware that the URL is changing effective June 25 to https://everify.uscis.gov/, so double check any bookmarks you may have set up. The previous URL used a dash in E-Verify.

Designating Your Company’s 401(k) Match as a Roth Contribution

Beginning in 2023, SECURE Act 2.0 allowed companies to designate certain employer contributions (including matching contributions) as Roth contributions.

Employees have long been able to elect the tax treatment for their own salary deferral contributions as long as their company’s 401(k) plan allowed for Roth contributions. But now a company can choose to designate Roth treatment for its nonelective and matching plan contributions.

But there’s a catch. If a company makes a Roth contribution to an employee’s 401(k) plan account, the employee must be taxed on the value of that contribution. This happens by issuing a Form 1099-R to the employee at the end of the year in which the Roth company contribution occurred, thereby including that amount in the employee’s taxable income.

If this is a feature you would like to add to your company’s 401(k) plan, contact your plan’s third-party administrator.

State By State News

Paid Sick Leave Program Updates for 2025 – Currently, Connecticut employers with 50 or more employees in specific retail and service occupations are subject to the state’s paid sick leave program. Effective January 1, 2025, this requirement will apply to employers in nearly every industry with 25 or more employees. The requirement is set to update to 11 or more employees beginning January 1, 2026 and 1 or more employees effective January 1, 2027.

Other provisions of the paid sick leave program include expanding the definition of family members and the purposes for which an employee can use paid sick leave.

You can read the press release announcing the updates by clicking here.

Pay Statement Requirements – Beginning October 1, 2024, employee pay stubs (either physical or digital) must include the following information:

• Employer official name (as registered with the state)
• Employer address and telephone number
• Date of payment along with beginning and ending dates of the pay period
• Number of hours worked during the pay period (unless the employee is exempt from overtime)
• Rate of pay
• Gross and net pay earned during the pay period
• Amount and name of all deduction
• Lists of additional bases of pay including bonuses and commissions
• Applicable piece rates and number of pieces completed for employees paid by piece rate

Here are the highlights of the program:

Employers:

• Company is registered to conduct business in the state of New Jersey.
• Company has not employed fewer than 25 employees at any time in the previous calendar year.
• Company has been in business for two or more years.
• Company doesn’t currently have a qualified retirement savings program for its employees.
• Employer matches are not allowed.
• The company will be notified by RetireReady NJ when it’s time to register the business.

To register you will need:

• Your company’s FEIN
• RetireReadyNJ Access Code from the notification (sent either via email or letter)

Employees:

• Employees must be at least 18 years old to participate.
• Employees may opt out once they have been added to the program by the employer.
• Employees may decide how much to contribute.
• The default contribution rate is 3% of their gross pay.
• The contribution is a Roth IRA and has limits up to $7,000 per year.
• For those 50 and above, the limit is $8,000 per year.
• Contributions are post-tax.

Mize CPAs Services for Payroll Clients:

• Once you receive the notification letter, Mize can help you register and facilitate the reporting to RetireReady NJ.
• Mize will need to be added as a teammate in the Employer RetireReady NJ Account to help facilitate employee registration and upkeep.

RetireReady NJ is offering webinars for employers to prepare for enrollment.

Webinars are available on June 27 and July 17 and registration is available at https://www.nj.gov/treasury/securechoiceprogram/

When it comes to Mize Payroll 2.0, Ann knows it all! Check out her latest 2.0 tips:



• Tips & Tricks



Have a tip or trick you'd like Ann to cover? Let her know, ahobart@mizecpas.com

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