New IRS limits for pension plans & social security

IRS Announces 2015 pension plan amounts. 401k, 403b & 457 plans will have a maximum contribution of $18000. up from $17000 last year. For those 50 and over, they can contribute another $6000. up from $5000. last year.

Taxable wage base for social security wages increases in 2015 to $118,000, from $117,000. The rates remain the same @ 6.2% plus 1.45%. 6.2% goes until $118,000. but the 1.45% is on all wages.

NYC Earned Sick Time Act (modified)

 Overview of the NYC Earned Sick Time Act

Effective Day and Accrual:

Effective April 1^st 2014 all employers of 5 or more employees or an employer of 1 domestic worker must provide paid sick time. All other employers must provide unpaid sick leave of up to 40 hours. Part time workers are also covered. Business size will be determined by counting all workers in a business.

Workers will earn 1 hour of sick time for every 30 hours worked, up to 40 hours of sick time a calendar year.  An employee will be entitled to begin using sick time on the 120^th day of employment or on July 31^st 2014 whichever is later.

Eligible Use of Sick Leave:

Under the Act, sick time may be used for an employee’s own health needs or to care for a family member (child, spouse, partner, parent, sibling, grandchild or grandparent, or the child or parent of an employee’s spouse or partner).

Sick time may also be applied when there is a public health emergency.

Type of Paid Leave:

Any type of paid leave – paid time off, vacation, personal days, etc will count for purposes of complying with the law as long as they can be used for sick leave.

Employee Notice & Documentation:

An employer may require reasonable notice of planned use of sick time & may require an employee to provide notice of unforeseeable use of sick time as soon as practicable. A note signed by a licensed health care provider indicating the need for the sick time taken is considered reasonable. An employer may not demand documentation specifying the nature of the employee’s injury, illness or condition.

Employers may disciple employees who attempt to use sick time for improper absences.

The Department of Consumer Affairs is charged with enforcing the Act. Employers are required to retain records documenting their compliance with the act for three years. Employers of between 6 and 19 employees will have a grace period for violations until October 1^st, 2014.

This is modified from the original law that was passed only a few months ago

NYC Mandatory Sick time rules effective 1/1/14

• Beginning April 1, 2014, private sector workers in businesses with 20 or more employees will be
able to earn up to 40 hours of paid sick time a year. Private sector workers in smaller businesses
will receive job protection for up to 40 hours of unpaid sick time a year.
• Beginning October 1, 2015, the business size threshold for paid sick time will be lowered, and
workers in businesses with 15 or more employees will earn up to 40 hours of paid sick time a year.
Workers in smaller businesses will still receive job protection for 40 hours of unpaid sick time.
• Workers will earn one hour of sick time for every 30 hours worked.
• Business size will be determined by counting all workers in a business. In certain chain businesses
and franchises, all workers in the chain or franchise will be counted together in determining if the
business meets the size threshold for paid sick time.
• Paid or unpaid sick time can be used to care for a worker’s own health needs or to care for the
health needs of a worker’s spouse, domestic partner, child, parent, or the child or parent of a
worker’s spouse or domestic partner.
• Workers will begin earning sick time as soon as they are hired but will have to work for 120 days
before they are able to use the time.
• Part-time workers will be covered by the bill and earn paid sick time based on hours worked.
• Domestic workers will receive some paid sick time even if they work for a single employer.
• Any type of paid leave—paid time off, vacation, personal days, etc.—will count for purposes of
complying with the law as long as it can be used for sick leave purposes.
• Workers will be protected against retaliation. The law will be enforced by the Department of
Consumer Affairs, which will have the power to take complaints and assess fines and damages for
violations of the law. Complaints must be filed with the agency within 270 days.
• The bill will not cover independent contractors, work-study students, government employees, and
certain hourly occupational, speech, and physical therapists.
• Certain workers in the manufacturing sector are excluded from the paid sick time requirement, but
they will receive job protection for up to 40 hours of unpaid sick time.
• Collective bargaining agreements (CBAs) in the construction and grocery trades may opt covered
workers out of this law, and other CBAs may opt out if the CBA provides comparable benefits