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.’