The Internal Revenue Service recently announced employee annual contribution limits will increase in 2020. Each year, the IRS sets limits on the amount of wages employees can contribute to their retirement plans. See the updated limits below.
These limits are tied to inflation statistics, which are recalculated each fall for the following calendar year. Read more about the new contribution limits from the IRS here,so you can provide your staff with the updated information for next year and update your payroll systems.
Annual Leave Cash-Out Deferral
Many employers allow their staff to cash out unused sick leave and vacation time, either periodically or when they retire. If you're one of those employers, encourage your staff to invest that money in their future, rather than spending it on something spur of the moment that they'll soon forget. If you would like to help your staff learn how to invest their unused leave, you can send themhere.
Share Deferred Compensation-Related Articles with Your Employees
Ohio DC can provide monthly information on financial issues for your newsletter or Intranet. This month, we'd like to give you some helpful information for your employees near retirement or any former employees who've already retired: Rewards Newsletter.
Download articles on health care in retirement, what is deferred compensation, fees, and more. Learn more.
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Message from the Executive Director: Keith Overly
Ohio DC Representatives Can Visit Your Office
Providing effective educational materials and resources to our participants is something we take very seriously at Ohio DC, as it's one of our goals as an organization. Another reason we're so passionate about providing effective education materials and resources to our participants is the fact that so many people find the topics of finance and saving for retirement to be complicated or confusing.
As part of Ohio DC's mission to help your employees prepare for a more secure retirement, we can provide onsite visits by our Field Account Executives. If you or your employees would like to learn more about what Ohio DC has to offer you can visit our website at Ohio457.org, or if you'd like to schedule a visit, give us a call at 877.644.6457 to speak with someone in our Service Center.