Our Prestige Perspective newsletter will share our ideas for inspiring your team, provide answers to frequently asked questions, and keep you updated on the HR information you need to know. We hope you find this newsletter helpful! If you have any questions or would like to learn more about partnering with PrestigePEO, please feel free to contact us at any time.

As 2023 comes to a close and you reflect on the past year, consider your employees and how they performed. Did some take on more responsibilities? Did others fall back and do the bare minimum? As we look to 2024, it’s time to check in with your team, review their roles, and see what their goals are in the upcoming months. These conversations can naturally navigate their performance and your expectations.

If you are looking for HR guidance, like how to handle performance management, annual reviews, and more, look no further. When you partner with PrestigePEO, you gain a team of HR experts on call to assist with your needs. In addition to our HR services, we also offer easily accessible performance management software. Reduce your review stress and maximize efficiency for all your administrative duties by partnering with a PEO. Contact us today to learn how we can help.

Each year, based on the cost-of-living increases, the IRS reevaluates the maximum amounts employees are permitted to contribute to: flexible spending accounts, daycare costs, adoption assistance, and commuter benefits. The benefits allow employees to reduce their taxable income with funds dedicated to healthcare costs, childcare, adoption, and commuter costs.

The IRS has announced the following new contribution limits for 2024:

Flexible Spending Accounts

• Healthcare Flexible Spending Account – $3,200 (increase of $150)
• Flexible Spending Account Carryover Maximum – $640 (if applicable; increase of $30)
• Dependent Daycare Account – $5,000 (no change)
• Adoption Assistance – $16,810 (increase of $860)

Commuter Benefit Accounts

• Parking Benefit – $315 (increase of $15)
• Transit Benefit – $315 (increase of $15)

The deadline to enroll or re-enroll in FSA for 2024 is December 31, 2023. Note: If you are currently enrolled and have unused 2023 funds available, you may roll over up to $610 in funds into 2024.

These updates and alerts can be easily sent to your employees through a partnership with PrestigePEO.  We stay on top of ever-changing federal guidelines and communicate them to your employees with ease.  Forget about managing and administering this part of your business and focus on everything else on your to-do list. Click here to be contacted by one of our HR experts today.

The holidays are here, and while you’re still prepping your gifts and home for family and friends, cybercriminals are having a field day with phishing attacks. No need to worry, however, because with our 3 tips to prevent these costly and damaging incidents, you’ll be prepared this holiday season and beyond. Click below to read now.

A proposed ban on Non-Compete Agreements was passed last summer by the New York State Assembly (A1278B) and is currently awaiting signature from New York’s Governor Hochul. The new provision would amend the state’s current labor law to prohibit non-compete agreements for all workers in the state, regardless of salary, with very few express exceptions. If signed, the bill would become effective thirty (30) days later and would make any non-compete agreement signed or modified after the bill’s effective date unlawful.

When you become a client of PrestigePEO, we’ll monitor mandates like this one and ensure you are regularly updated. We send these alerts monthly, and more frequently for urgent matters. We’re always available to answer any questions you may have. To partner with PrestigePEO for all your HR management needs, including compliance updates like the above, click here.

Are your federal and state compliance posters up to date? These posters must be hung in a conspicuous area, like a kitchen or a break room, so that your employees can see them easily. If you have remote workers, you must ensure that they receive them digitally and can access them whenever needed.

Many states are raising their minimum wage in 2024, which means that their posters will soon be updated, and new posters will be required. When you partner with PrestigePEO, all clients receive all relevant federal and state posters as a part of their relationship with us. Through our HR technology portal, PrestigePRO, we also ensure that your remote employees can find poster resources and more online, keeping your business compliant. Learn more about our compliance services here.

Interested in learning more about workplace compliance posters and why they’re important in your office? Read our blog post below!