VanStone & Associates

The U.S. Department of Labor (DOL) has announced a new ruling on overtime regulations that will take effect on July 1, 2024. This ruling significantly impacts the Fair Labor Standards Act (FLSA) by raising the salary threshold for overtime pay eligibility. Key aspects of the new rule include: 1.Increased Salary Thresholds Starting July 1, 2024, the salary threshold for exemption from overtime pay will increase to $43,888 per year (or $844 per week). On January 1, 2025, this threshold will further rise to $58,656 per year (or $1,128 per week). 2.Highly Compensated Employees  The total annual compensation required for highly compensated employees to be exempt from overtime will increase to $132,964 on July 1, 2024, and to $151,164 on January 1, 2025. 3.Regular Adjustments  Starting July 1, 2027, and every three years thereafter, the salary thresholds will be updated using current wage data from the Bureau of Labor Statistics to ensure they remain relevant and fair. The intent of these changes is to ensure that more lower-paid salaried workers receive fair compensation for overtime work. The DOL conducted extensive engagement with various stakeholders, including employers, workers, and unions, to shape this rule, which they believe will provide clearer guidance for employers and more economic security for workers. https://lnkd.in/gd6CS6X7.

🎆 **Happy 4th of July!** 🎆 As we celebrate this Independence Day, we reflect on the values that define our great nation: freedom, innovation, and unity. At Vanstone, these principles inspire us every day to push boundaries and strive for excellence. On this special day, we honor the courage and dedication of those who have fought for our freedoms and continue to work towards a brighter future for all. Whether you’re enjoying fireworks, a family BBQ, or some much-needed relaxation, we hope your day is filled with joy and pride. Here's to the red, white, and blue! #IndependenceDay #4thOfJuly #CelebrateFreedom #Vanstone

The EEOC's best practices for employers and HR/EEO professionals to prevent race and color discrimination include: 1. Training all employees on EEO laws and implementing a robust EEO policy. 2. Promoting an inclusive workplace culture. 3. Utilizing objective criteria in employment decisions. 4. Widening the pool of candidates in recruitment and promotion. 5. Monitoring compensation and performance appraisal systems. 6. Providing equal access to training and mentoring. 7. Enforcing strong anti-harassment policies. For more details, visit the EEOC https://lnkd.in/gy9Q3p2D

🌟Exciting Update: 2025 HSA and FSA Contribution Limits Announced!🌟 Great news for all Health Savings Account (HSA) and Flexible Spending Account (FSA) users! The IRS has announced the new contribution limits for 2025, offering more opportunities to maximize your tax-advantaged savings for healthcare expenses. 🔹 **HSA Contribution Limits:**   - **Individual Coverage:** $4,150 (up from $3,850)   - **Family Coverage:** $8,300 (up from $7,750)   - **Catch-up Contribution (55+):** $1,000 (remains the same) 🔹 **FSA Contribution Limits:**   - **Healthcare FSA:** $3,200 (up from $3,050)   - **Dependent Care FSA:** $5,150 (up from $5,000) These increased limits mean more flexibility and potential savings for managing your healthcare costs. Whether you’re covering medical expenses, saving for future healthcare needs, or planning dependent care, these enhancements can help you make the most of your benefits. **Tips to Maximize Your Benefits:** 1. **Review Your Current Contributions:** Assess your current HSA/FSA contributions and adjust them to take full advantage of the new limits. 2. **Plan for Upcoming Expenses:** Estimate your healthcare needs for 2025 to ensure you’re setting aside enough funds. 3. **Educate Yourself:** Understand the eligible expenses for HSA and FSA to maximize your savings potential. 4. **Leverage Employer Contributions:** If your employer offers matching contributions, ensure you’re contributing enough to receive the full match. Stay informed and proactive in managing your healthcare finances. These new limits are designed to provide greater support for your health and financial well-being. #HSA #FSA #HealthcareSavings #FinancialPlanning #TaxAdvantage #2025Updates #EmployeeBenefits

Happy Memorial Day from the Vanstone Team

🔍 Delving into HR Solutions: ASOs vs. PEOs 🔍 When it comes to HR outsourcing, understanding the nuances between Administrative Services Organizations (ASOs) and Professional Employer Organizations (PEOs) is paramount. ASOs primarily offer HR services without co-employment, meaning they provide support in areas like payroll, benefits administration, and compliance, but without assuming legal responsibility as the employer. On the other hand, PEOs provide comprehensive HR solutions with co-employment, where they become the employer of record for tax and insurance purposes, sharing employment responsibilities with the client. While ASOs provide flexibility and control over HR functions, PEOs offer a broader range of services, including access to employee benefits, risk management, and compliance assistance. However, PEOs also entail a co-employment relationship, where they share liability and legal responsibility with the client. Considering factors such as cost, scalability, and compliance needs is crucial when deciding between ASOs and PEOs. Looking for expert guidance in navigating HR solutions? Vanstone can help. Connect with one of our consultants today. #HRsolutions #ASO #PEO #BusinessSolutions #Vanstone #GroupBenefits #CoEmployment #EmployerofRecord #EmployeeBenefits #Compliance #Payroll #HumanResources

🔍 Exploring HR Outsourcing: PEOs vs. EORs 🔍 Considering outsourcing your HR functions? Understanding the difference between Professional Employer Organizations (PEOs) and Employers of Record (EORs) is essential. PEOs typically handle HR tasks like payroll and benefits administration, while EORs focus more on legal compliance and risk management. Here's a quick breakdown: 1️⃣ HR Responsibilities: PEOs manage payroll, benefits, and employee relations, while EORs focus on compliance and risk management. 2️⃣ Employee Benefits: Both PEOs and EORs offer benefits like healthcare and retirement plans, but PEOs may provide more comprehensive options. 3️⃣ Legal Compliance: PEOs and EORs assist with staying compliant with labor laws and regulations, but their approaches may vary. 4️⃣ Risk Management: PEOs and EORs help manage risks associated with employment, such as workers' compensation and liability insurance. Understanding the pros and cons of each option can help you make an informed decision for your business. Need guidance? Let's connect and discuss your HR outsourcing needs! #HRoutsourcing #PEO #EOR #BusinessSolutions #Vanstone #Broker #HumanResource #RiskManagement #EmployeeBenefits #Compliance

🌟 Important Business Update! 🌟 🚀 Key Developments: FTC Ruling on Non-Competes & New Overtime Rules 🚀 👋 We're excited to bring your attention to significant updates in the regulatory landscape that could impact approaches to talent management and workforce policies. 🌐 🔍 **FTC Decision on Non-Competes**: Let's start with the recent decision from the Federal Trade Commission regarding non-compete agreements. 📜 The FTC's action represents a notable shift in addressing the potential drawbacks of overly restrictive non-compete clauses, which can impede employee mobility and innovation. This decision underscores the importance of fostering a dynamic labor market where individuals can pursue opportunities aligned with their skills and aspirations. 🌟 It's a step towards empowering employees and cultivating a culture conducive to innovation and growth. 🕒 **New Overtime Rules**: Additionally, we have updates on new overtime regulations that demand our attention. ⏰ These rules aim to ensure equitable compensation for employees, particularly those in salaried positions, by broadening eligibility for overtime pay. 💰 By prioritizing fair treatment and acknowledging the value of employees' time and efforts, these regulations promote financial stability and uphold principles of fairness in the workplace. 🤝 This represents a significant stride towards creating inclusive and equitable work environments for all. 🌟 **Implications for Your Business**: As business leaders, it's imperative to remain informed about these regulatory shifts and adjust our strategies accordingly. 💼 Whether it involves revisiting employment contracts, reviewing compensation structures, or refining talent acquisition practices, proactive measures are essential to ensure compliance and uphold principles of fairness and transparency within our organizations. 📈 Let's embrace these changes as opportunities to foster trust, empowerment, and organizational resilience. Together, we can navigate these shifts and create workplaces where everyone can thrive! 🌱 💡 Food for Thought: Amidst these regulatory shifts, have you considered how a Professional Employer Organization (PEO) could be instrumental in navigating these changes effectively? 🤔 PEOs offer comprehensive HR solutions that can streamline compliance efforts and optimize workforce management strategies, particularly in light of the recent FTC ruling on non-competes and the implementation of new overtime rules. #FTC #NonCompete #OvertimeRules #BusinessUpdates #WorkforceRegulations #EmployeeEmpowerment #Vanstone #PEO #PEOBroker

🚀 **7 HR Trends Shaping the Workforce in 2024** 🚀 1. **Rebuilding Trust**: With the surge in remote work, trust becomes paramount. Rebuilding trust requires fostering open communication and transparency, especially after recent layoffs eroded confidence in leadership. 2. **New Generational Leadership**: Gen Y and Gen Z are taking the reins in management, bringing fresh perspectives. They prioritize open communication, inclusivity, and data-driven decision-making, reshaping leadership dynamics. 3. **Tech Integration**: Collaboration between HR and IT is driving tailored tech adoption, from hardware like Apple Vision Pro to AI-driven software. This enhances productivity and provides insightful data for HR leaders. 4. **Office Experiences Revamped**: Offices are transforming into hubs for connection rather than mere workspaces. Creating compelling experiences worth commuting for is crucial, fostering collaboration and growth. 5. **AI's Ubiquity**: AI permeates various work aspects, revolutionizing recruitment to performance management. While boosting efficiency, organizations must ensure it complements human capabilities, fostering adaptability. 6. **Transparency in Pay**: Greater transparency in pay and leveling fosters trust and fairness. Driven by initiatives like the EU Pay Transparency Directive, this revolutionizes the employee experience. 7. **Human-Centric Tech Adoption**: Encouraging curiosity, experimentation, and learning is vital as AI becomes commonplace. Balancing tech integration with preserving employee autonomy ensures a harmonious transition. #HRTrends #Workforce #Leadership #Technology #Transparency #AI #HumanCentric #Collaboration #Inclusivity #Vanstone #HR #PEO