December 2022 Ohio DC In the Know Newsletter

December 2022

Ohio DC News & Updates

Stay informed about the latest Ohio DC employer news. Find information about saving with Ohio DC, surveys, and retirement planning for your employees.

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IRS Announces Increases to Contribution Limits for 2023

The Internal Revenue Service recently announced increases to employee annual contribution limits for 2023. Each year, the IRS sets limits on the amount of wages that employees can contribute. These limits are tied to inflation statistics, which are recalculated each fall for the following calendar year. Learn more about the IRS announcement regarding contribution limits for next year so you can provide them to your staff.

Make Sure Your Pay Dates are Correct

Will your organization have a pay date on or within a few days of December 31, 2022? As we approach the end of the year, please review your bill and notify us if contributions related to bills posted after December 19 will be reported on employee W-2s in a year other than the pay date year. It is vital that your pay date is correct in our records, so we can verify your employees’ contributions will not exceed the annual limits. Email us at [email protected] if the payroll date on your bill, near year-end, needs to be corrected in our records. When contacting us, please include your employer name

or employer number in the email.

Saver's Credit

The Saver's Tax Credit rewards low- and moderate-income taxpayers saving for retirement who meet certain qualifications.

The Saver's Tax Credit depends on your adjusted gross income level, your filing status, and your contribution amount. The amount can be up to $1,000 based on contributing $2,000 (double those numbers if married, filing jointly).

To learn more about Saver's Credit visit the IRS website.

Ohio DC Related Information for Your Employees

Ohio DC provides monthly information on finance-related issues for your employee newsletters or Intranet. This month, we would like to provide you with an article on ways to shop safely online this holiday season: Shopping Safely

You can also download articles on health care in retirement, understanding deferred compensation, fees, and more from the Ohio DC website.

Message from the Executive Director

Christina Elliott

Executive Director

As the year closes, so does my time with Ohio DC. It has been an incredible honor to serve all of our participants in my role as Executive Director. We navigated unprecedented waters with the pandemic and made some incredible accomplishments. I will continue to serve Ohio in a new capacity as the Chief Benefits Officer for Ohio STRS. I will not be going far and look forward to continuing to work with Ohio DC in the future. Thank you for putting your trust in me and thank you for all that you do as government employees in the great State of Ohio.