Important Employee Info

Health Savings Account Info: 
The Town again contributed  $1,500 into employee Health Savings Accounts however this plan year the Town contributed $750 on July 15, 2011 and the remaining $750 was contributed on the first pay day of 2012 on January 13, 2012.

Social Security Payroll Tax Info for 2012:
The Social Security payroll rate for employees will remain at 4.20% of wages at least through February 29, 2012.

New Limits in 2012 for 401(k) and HSA's
The limit on employee elective deferrals for traditional 401(k) plans will increase in 2012 from $16,500 to $17,000.  In addition, if you are age 50 or over at the end of the calendar year you may also make catch-up contributions in the amount of $5,500.

The annual maximum contribution limits for Health Savings Accounts will increase in 2012 from $3,050 for individual coverage to $3,100, and from $6,150 for family coverage to $6,250.  In addition, if you are age 55+ you may also make catch-up contributions of an additional $1,000.  Please remember that annual tax year maximum contribution limits are the combination of employer and employee contributions deducted pre-tax from payroll.