You have until the end of business today to:
- Begin or re-enroll in a Flexible Spending Account (FSA)
- Begin a vision plan
- Add or drop eligible family members
- Add, drop or switch medical plans
- Add, drop or switch dental plans
2010 Dollar Limits
The IRS released the maximum 2010 dollar limits for employee benefit plans as follows:
- Social Security Taxable Wage Base taxed at 6.20% $106,800
- Medicare Wage Base taxed at 1.45% on all wages No Limit
- Maximum elective deferral under 403(b) elections $16,500 (under age 50)
$22,000 (over age 50)
- Maximum elective deferral for employees under $19,500
age 50 with 15 years or more of service at Drew
Maximum elective deferral for employees age 50 $25,000
and over with 15 or more years of service at Drew
Important Reminders
Monthly Paid Staff Vacation Accruals. All accrued hours over 175 will be lost on December 31, 2009 and all vacation hours in excess of 140 will be lost as of June 30, 2010. All staff are again strongly encouraged to use their vacation time – you work much too hard to lose such a valuable benefit!
Social Security Numbers are required for every member of your family no later than November 30, 2009. See April 16 issue of HR News for additional information.
Happy Thanksgiving!