Reminders and news as we begin 2023:

2023 Benefit Deductions (US)

Deductions for 2023 benefits begin on the 1/6/23 pay date (for weekly payroll) and the 1/13/23 pay date (for biweekly payroll).  Employees are asked to review their pay statements and check their deductions for accuracy.   If an error is detected, or if there are questions, please get in touch with benefits@stratospherequality.com for assistance.  Our insurance carriers provide some leeway (3-4 weeks) after the start of the year to submit enrollment corrections.  After that time, we are limited in what actions we can take.

Personal Contact Information

We remind employees to make sure that the contact information the company has on record is accurate.  This includes mailing address, personal email address, and telephone number(s).  Changes to information can be made via ADP Self-Service.  Accurate information ensures that employees promptly receive W2s, T4s, 1095-C forms, insurance ID cards, and other company correspondence.

W2 Forms (US)

January 31st is the deadline to distribute Form W-2 (hard copy) to employees.  W2s will be available via ADP Self-Service earlier than the January 31st deadline.  We will send a corporate communication once W2s have been approved and released for online viewing.  Please make sure that you are communicating this information throughout your team as it will help to minimize the number of inquiries coming into the Support Center.

Dental and Vision Benefits (US)

As a reminder, Guardian is the insurance provider for dental and vision benefits (US) in 2023.  Please make sure that you update your insurance information with your dental and/or eye care providers at your first appointment in 2023.  Employees may access their ID dental and vision ID card via Guardian Anytime (www.guardiananytime.com) or by downloading the Guardian app to their mobile devices.

401k Retirement Plan Update (US)

The Secure Act 2.0 was signed into law on December 29, 2022.  This legislation provides a slate of changes focused on employer-sponsored retirement plans and improving employees’ financial readiness for retirement.  The act contains dozens of provisions with effective dates beginning in 2023, 2034, and 2025.  One key change relates to the automatic enrollment of eligible employees into the retirement plan.  The legislation states that all new 401(k) plans must automatically enroll individuals at a contribution rate of at least 3% with an annual escalation of 1% until at least 10%, but not more than 15% of the employee’s pay.  (Employees can always opt-out or affirmatively elect a different contribution rate.)  While current plans will be grandfathered, including SQ’s 401k plan, the company has decided to increase its automatic enrollment contribution rate from 2% to 3% for new employees hired on or after January 1, 2023.  The company has not made any changes to the plan’s automatic escalation schedule, which is currently capped at 5%.

Vacation Policy (US)

As a reminder, the US vacation policy allows for up to 40 hours of unused, accrued vacation time to roll to the following year.  Any unused, accrued hours above 40 are paid out at 25% in January of the following year.  Unused, accrued balances of 40 hours or less (as of 12/31/2022) have now been rolled to 2023.  Employees with unused, accrued vacation hours exceeding the rollover threshold of 40 hours will receive a 25% payout of the remaining balance via payroll on Friday, January 13, 2023.  Any questions on vacation pay may be directed to payroll@stratospherequality.com.

Thank you!