News

Below are a few HR updates and planning guidance for 2020:

ADP Became TMB’s System of Record for Employee Information ADP is the new system of record for all employee information and elections (other than 401(k)) such as tax forms, benefit elections, and personal information. ADP is currently configuring TMB’s platform, and once complete for ALL services, there will be a formal roll-out and in-person and webinar training. For now, only paystub and basic demographic information will be available on Workforce Now. More to come once this aspect of the transition is complete.

TASC Replaced Flores and Associates

TMB has changed its third party administrator for flexible spending accounts from Flores to TASC.

• Health FSA elections were available on January 1, 2020.
• Transportation and Parking FSA elections will be separately tracked with TASC. Elections for each plan type will be separately listed on pay stubs.

Retirement plans

• The 401(k) IRS Limit is increasing to $19,500.00.
• The 401(k) Catch-up contribution limit remains the same at $6500.00.
• The Annual Compensation limit is $285,000. This is the maximum compensation the company can base contributions on.
• The IRS Overall Contribution limit is the lesser of $57,000 or 100% of annual salary. This is the maximum amount that can be contributed by both you (employee deferrals) and the company (employer contributions).
• The Social Security Wage Base for 2020 is $137,700.00.

401(k) Contributions

If you wish to change your 401(k) percentage, go to www.401k.com and then send an email to HR at hr@tmbhq.com letting us know of the change. There is no longer a need to provide us with different percentages for 401(k) and 401(k) Catch Up contributions (if eligible). Both the Fidelity Retirement and ADP systems will apply an eligible employee’s elected deferral percentage to the maximum 2020 amount of $26,000 based on age.

NOTE: Elections must be made as whole percentages – the system does not accept dollar amounts or partial percentages.

Beneficiary Forms

Please be sure to update your beneficiary forms if you have any changes to make. The beneficiary forms for the Guardian and ESOP plans are posted on the TMBnet SharePoint site on the Forms page. The beneficiary form for the 401(k) plan is located on the www.401k.com site. Select Menu, Profile and then Beneficiaries.

Tax Forms

If you need to make any changes to your Federal or state tax exemptions, the W-4 and state tax forms are located on the TMBnet SharePoint site on the Forms page.