Benefit & Payroll Reminders (US)

As we wind down 2020 and approach 2021, the HR team would like to provide a few courtesy reminders.  Contact your HR Business Partner or HR@avenuinsights.com with any questions regarding the following information.

  • Floating Holidays: Floating Holidays do not carry over from year to year; therefore, any balance after December 31, 2020 will be forfeited. On January 1, 2021 eligible employees will receive two new (16 hours) floating holidays. Floating Holidays must be taken in 8-hour increments.
  • Personal Information Located within ADP: Please ensure your name, SSN, phone number(s), home address, and emergency contact are correct within ADP.  To review this information, log-in to https://workforcenow.adp.com and go to MYSELF > My Information > Profile.
  • Annual Statements: The W-2 will be mailed to your home address by January 31, 2021.  Form 1095-C will be available by March 2, 2021. If you would like to receive these statements electronically, log-in to ADP and select MYSELF > Pay > Annual Statements.
  • Benefit Open Enrollment: The current benefit plan year will end February 28, 2021. Open Enrollment will be held in Q1 2021. More information will follow after the start of the new year.
  • For medical and dental, although the plan year ends February 28, 2021, the out-of-pocket and deductibles reset effective January 1, 2021.
  • 401(k): The 401(k) contribution limit for 2020 is $19,500; and the catch-up contribution limit for employees aged 50+ is $6,500. We have three pay periods remaining in 2020. If you want to increase/decrease your 2020 401k contribution, you must log in to the Vanguard site at  https://my.vanguardplan.com or by calling Vanguard Employee Services at (866) 794-2145 to make this update no later than the Thursday the week prior to the pay date.
  • The 2021 401(k) and catch-up contribution limits will remain the same as 2020.
  • For retirement plan assistance, you can contact Faircourt Partners. Click here to access the video containing their contact information.
  • Healthcare Flexible Spending Accounts (HCFSA) & Dependent Care Flexible Spending Accounts (DCFSA): If enrolled in a HCFSA or Limited Purpose FSA, the plan year ends on February 28, 2021.  The run-out period for submitting claims is April 30, 2021. There is a maximum rollover of $500 to the next benefit plan year. Funds in excess of $500 past the April 30th claim cutoff date will be forfeited.

The 2021 HCFSA contribution limit will remain the same as 2020 at $2,750, but the maximum carryover will increase to $550.

The DCFSA is a “use it or lose it” benefit, so remember to submit your claims! The run-out period for submitting expenses incurred through February 28, 2021 is April 30, 2021. Any funds in your account past the run-out period cutoff date will be forfeited.

The 2021 DCFSA contribution limit remains at $5,000 a year for individuals or married couples filing jointly, or $2,500 for a married person filing separately.

  • Health Savings Account (HSA): The calendar year contribution limit for 2020 is $3,550 for employee only coverage and $7,100 for employee + coverage. The catch-up contribution limit for age 50+ is $1,000.
  • Effective January 1, 2021 the HSA contribution limit will increase to $3,600 for employee only coverage, and to $7,200 for employee + coverage. The catch-up contribution limit for age 50+ will remain the same as 2020 at $1,000.
  • You can increase/decrease your HSA contributions at any time within the Benefits section of your ADP account.  To view your current HSA balance or to submit a claim, access your BenefitWallet account at https://mybenefitwallet.com.
  • Beneficiaries: Circumstances change – marriage, birth of a child, divorce, etc. Please remember to check your life insurance, retirement and HSA beneficiary elections on a regular basis to ensure they are current. If you need to add or update your beneficiary elections, please follow the steps below.
    • ADP:
      Step One: You can add/view your current Dependents & Beneficiaries by logging in to your ADP account and selecting MYSELF > Personal Information > Dependents & Beneficiaries.
    • Step Two: You can then assign/update your beneficiaries for your Life/AD&D within ADP by going to MYSELF > Benefits > Enrollments. Click on “View Benefits” and scroll down to Life/AD&D to view your current beneficiaries. To make changes to your beneficiaries click on the ‘pencil’ next to the dollar amount on the left-hand side.
    • 401(k): Log-in to your Vanguard account and click on your name in the top righthand corner. From the dropdown menu click ‘Beneficiary Designation.’
    • HSA: Log-in to your BenefitWallet account.