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HR Planning for 2022 – Below are some helpful HR reminders when planning for 2022

IRS Limits:

• The 401(k) maximum employee elective deferral is increasing to $20,500.00.
• The 401(k) Employee Catch-up contribution limit for participants age 50 or older remains unchanged at $6,500.00. This applies from the start of the year
  for those turning 50 at any time during the year.
• The Employee Compensation limit is $305,000.00. This is the maximum compensation the company can base contributions on.
• The defined contribution maximum limit, employee + employer (age 49 or younger) is $61,000.00.
• The defined contribution maximum limit (age 50 or older), all sources + catch-up is $67,500.00.
• The Social Security Wage base for computing Social Security tax will increase to $147,000 for 2022.

Source: IRS Notice 2021-61 and Social
Security Administration.

401(k) Contributions
If you wish to change your 401(k) percentage at any time during the year, please go to www.401k.com and make your elections. Your elections will be uploaded into ADP during the next weekly file transfer. NOTE: Elections must be made as whole percentages – the system does not accept dollar amounts or partial percentages.

Beneficiary Changes
Please be sure to update your beneficiary information if you have any changes to make.

• Beneficiary information must be updated in ADP for the Company or Voluntary Life and AD&D policies.
• Beneficiary changes for the 401(k) plan must be made in the Fidelity site at www.401k.com.
• Beneficiary changes for the ESOP plan must be made in the ESOP Connection site at https://www.esopconnection.com/tmbhq/index.php?module=participant_admin.

Direct Deposit and Tax Changes
All direct deposit or Federal and/or