IRS Announces 2015 Pension Plan Limitations

In Employee Benefits, General by Coolidge Wall

On October 23, 2014, the IRS announced cost-of-living adjustments for 2015 retirement plan contributions. For 2015, the amounts that individuals will be able to contribute to retirement plans will increase $500 to $18,000. The catch-up contribution limit for employees age 50 and over will also increase $500 to $6,000. This chart summarizes the limitations for 2015: Contribution Limits 2015 2014 Elective Deferral Limit – 401(k), 403(b) and 457(b) Plans $18,000 $17,500 Catch-Up Contribution Limit $6,000 $5,500 Elective Deferral Limit – SIMPLE Retirement Plan $12,500 $12,000 Catch-Up Contribution Limit – SIMPLE Retirement Plan $3,000 $2,500 Contribution Limit – IRA $5,500 $5,500 …

Employee Background Checks: The Importance of Doing Them Right

In Employment Law by Coolidge Wall

Many of us know the name Edward Snowden. He is the Computer specialist accused of espionage and theft of government property. He allegedly revealed large-scale domestic spying efforts conducted by the United States and British governments. As a former contractor with access to highly sensitive information, his actions caused international scandal, a manhunt, and general animosity toward the United States and its secret, sanctioned invasion of the rights of its citizens. This past June, the government Office of Personnel Management noted that Mr. Snowden’s pre-employment background check may have been done incorrectly. This revelation – and the security breach resulting …