New Jersey Raises Minimum Wage By Constitutional Amendment

On November 5, 2013, New Jersey voters overwhelmingly approved (by a 61% to 39% margin) a constitutional amendment to raise the state minimum wage to $8.25 per hour starting on January 1, 2014. The amendment further mandates an automatic yearly increase based on the Consumer Price Index (“CPI”)[1] beginning on September 30, 2014. These annual adjustments will take effect every January 1st in perpetuity. Moreover, should the federal minimum wage (presently $7.25 an hour) exceed […]

By | November 8th, 2013 ||

IRS Announces Employee Benefit Plan Limits For 2014

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans for 2014. Although many dollar limits currently in effect for 2013 will change, some limits will remain unchanged for 2014. This On the Subject provides a chart of these 2014 cost-of-living changes.

Recently the Internal Revenue Service (IRS) announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans […]

By | November 2nd, 2013 ||

IRS Publishes 2014 Pension Plan Limitations

Yesterday, the IRS announced cost-of-living adjustments applicable to certain dollar limitations for employee pension benefit plans for 2014:

The annual benefit limit for defined benefit plans is increased from $205,000 to $210,000.
The annual addition limit for defined contribution plans is increased from $51,000 to $52,000.
The annual limit with respect to the exclusion for elective deferrals to a 401(k), 403(b) or 457 plan remains unchanged at $17,500.
The annual limit on contributions to an individual retirement account […]

By | November 1st, 2013 ||