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Employer Action Code: Act Employer contributions for supplemental benefits increasedEmployer contributions for supplemental employee benefits were raised on January 1, 2009. These new contributions are part of a law that was approved on July 1, 2007, but the implementation of which was delayed until 2009. Key Details:
The benefits that are now subject to higher contributions are:
The contribution rate will change in the following way: it will be 2.5 percent in 2009, starting January 1, 2009; it will rise to 5.0 percent in 2010, starting January 1, 2010; and finally, it will rise to 7.5 percent on January 1, 2011. The law also establishes that these extra benefits need to be taken into account when calculating income tax. January, 2009 The information included in this report is general information only and should not be relied upon without further review by the appropriate professional advisers. Watson Wyatt is not a law firm or an accounting firm and is not engaged in providing legal, accounting or tax services or advice. |
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