HR Alert from Frazier International
2010 End of Year Reminders for 2011
Ø The Social Security Wage Base for 2011, beginning January 1, 2011 remains unchanged at $106,800.
Ø The maximum annual amount an employee can contribute to a 401(k) Plan during 2011 is $16,500. Employees age 50 and above can contribute up to $22,000.
Ø The maximum annual amount an employee can contribute to an IRA or a Roth IRA is $5,000; employees age 50 and above can contribute up to $6,000.
Ø Simple IRA’s have a maximum annual contribution of $11,500 for employees in 2011; employees age 50 and above can contribute up to $14,000.
Ø Colorado’s Minimum Wage increases to $7.36 per hour, effective January 1, 2011. The Tipped Employee’s Minimum Wage increases to $4.34 per hour, also effective January 1, 2011.
Ø The 2011 IRS standard mileage rate: $0.51 cents per mile for business miles driven; $0.19 cents per mile for medical or moving purposes; and $0.14 cents per miles driven in service of charitable organizations.
Ø Employers are required to comply with the following federal legislation (number of employees listed in parenthesis):
> Immigration Reform and Control Act (Form I-9) (1 or more employees)
> Colorado Affirmation form (1 or more employees)
> USERRA (1 or more employees)
> Fair Labor Standards Act (1 or more employees)
> Americans with Disabilities Act (15 or more employees)
> Age Discrimination in Employment Act (20 or more employees)
> Family and Medical Leave Act (50 or more employees)
> EEO-1 Reports (100 or more employees; 50 or more for federal contracts)
Frazier International sends the HR Alert to our business clients and colleagues to keep you informed of the latest developments in the Human Resource world. We also post this information on our web site under HR Blogs. Please feel free to contact us if you have any questions about this latest HR Alert, or if we can assist you in any way with your Human Resource needs.