May 2024 Meeting
WHERE: Te’Kela’s, 5147 Main Street, Sylvania, OH 43560
WHEN: Thursday, May 16, 2024
11:30 am – 1:00 pm
TOPIC: Social Security Updates
SPEAKER: Erin, Thompson, Social Security
COST: Members $20 and Non-Members $35 Per Person
| Don’t miss out on the early bird rate! |
| Registration fees for the 2024 OCPP “The 80s” are: Early Bird Registration – $300 until 5/4/24 Regular Registration – $350 until 7/20/24 Late Registration – $400 after 7/21 NOTES (Please read before you register): 1. If you are registering more than one person, please register each one individually, not as a group. 2. If paying by check, check must be received within 14 days of registration. You must be paid in full prior to the conference. HOTEL INFORMATION OPP has secured a room block for all attendees needing to book a hotel. This room block is good until August 3rd, 2024. Click the link below to secure your room at our discounted rate! HILTON – ROOM BLOCK |
We will hear from Matt Kaufer and he will be speaking on “Unemployment Tax Review – 2024 and Beyond”. This is a virtual meeting and will be held on Zoom. You will receive a email with the link to join the meeting.
You can register here. https://docs.google.com/forms/d/e/1FAIpQLSdiObyiaxvN3qjaPZBfGWyAS4Qy9rqFmeJ2hr6Mu4YYkVoRsw/viewform?usp=sf_link
The meeting will be held at the Maumee Bay Brewing Company located at 27 Broadway St, Toledo from 11:30-1:00. Carrie Urrutia will be speaking about the Department of Labor updates. You can register here. https://docs.google.com/forms/d/e/1FAIpQLSfPrdM7dghHvPaGmwhWn2GEWPr2SnSDiNnG-rLg9Po15Y1ptg/viewform?usp=sf_link
Click this link to pay. Payments
Hope to see you all there!
Our next meeting is November 16, 2023 – this will be a virtual meeting. You can join the meeting from the comfort of your workplace or home. In your pajamas or work wear. Michael Schoelles, CPP is our speaker.
Michael is a payroll director at Bright Horizons and was the Payroll Man of the Year with Payroll Org. He is skilled at Tax Reporting · Strategy Execution · Strategic Thinking · Garnishments · Reporting Requirements · Presentations and Operational Excellence therefore is the perfect person to talk to us about process mapping and its importance in the payroll workspace.
Click HERE to register for the meeting.
Take advantage of prepaid membership (other membership option are available) in 2024. Watch your email for the link.
Join us for an In Person meeting at The Casual Pint. We will learn what’s new with the Secure Act 2.0 and Convenience of Employer. Our speaker is Ginnette Clark, CPP.
Come early to network and catch up at 11:30. Our presentation begins at 12:00.
Register HERE to attend!
Register HERE to attend the event.
On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) as part of the Consolidated Appropriations Act of 2023, which President Biden signed into law. This Act will require many changes to your retirement plans and options.
A new category of catch-contributions is being introduced in 2025. Employees aged 50 or older the receive the standard increase in catch-up contribution of $7,500. The catch-up limit for employees aged 60-63 will be the greater of $10,000 or 150% of the standard catch-up limit and they increase each year with inflation.
Today, employees can choose to deposit catch up contributions in either pre-tax accounts or after-tax Roth accounts but in 2024 employees who whose compensation is more than $145,000 all catch up contributions must be deposited into a Roth account.
One of the biggest impacts to Secure 2.0 legislation is 401(k) automatic enrollments. Employers starting new plans will have to automatically enroll participants in a 401(k) with a default contribution rate of 3% and an annual increase of 1% until they reach 10%. If the employee does not want this, then they will be required to proactively opt out. Small businesses with 10 or fewer employees will be required to utilize automatic enrollment in 2025.
Thanks to Secure 2.0, employees will be able to withdraw up to $1,000 without penalty as an emergency distribution and the option to repay the distribution within three years. Employees will not be able to take out any other distribution within that three-year period until the original withdrawal is repaid.
Big student loan payments keep many workers from being able to save for retirement. Secure Act 2.0 allows employers to consider student loan payments as elective retirement contributions for the purpose of making employees eligible for matching contributions. Employers will still be able to put an employer matching contribution on the employee’s behalf.
To read on for more information and understand the dates at which these changes are in effect visit The CPA Journal here or review the legislation text here.
Toledo Payroll Organization 