The IRS has increased voluntary retirement plan contribution limits from $17,500 in 2014 to $18,000 in 2015, meaning employees may contribute up to $36,000 total to CU’s optional plans in the New Year.
Do your employees know that CU automatically enrolls them in its 401(a) Retirement Plan and contributes 5 percent of their pay to that plan if they're eligible for it? Educate your employees so they're not caught off guard by this deduction from their pay.