December 3, 2025
According to the U.S. Department of Labor, 31 states, plus Puerto Rico, the U.S. Virgin Islands, and Guam, have minimum wage laws higher than the federal minimum wage. Many states will raise their minimum wage rates effective January 1, 2026. These changes result from previously enacted laws or annual inflation adjustments and will affect employers across a wide range of industries.
The states that have minimum wage increases effective January 1, 2026: Arizona, California, Colorado, Connecticut, Hawaii, Maine, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New York, Ohio, Rhode Island, South Dakota, Vermont, Virginia, Washington
Many states use automatic formulas tied to cost-of-living or CPI increases. Employers should plan for the possibility that some final 2026 numbers may be announced closer to the effective date. There may be additional states beyond those listed above, or other changes affecting tipped employees.
For employers, these increases mean reviewing wage rates for all non-exempt employees to ensure compliance. Most states also require updated workplace postings or notices when minimum wage rates change. Employers should review state posting requirements and ensure the necessary posters are displayed at the start of the year.
Preparing early for these increases reduces the risk of payroll errors, back-wage liability, and administrative problems after the new year begins. Employers should check local requirements, as other states, cities, and counties, as well as changes for tipped employees, may be different.
November 21, 2025
As the 2026 plan year approaches, the Internal Revenue Service (IRS) has updated key contribution limits for workplace retirement plans. Here are some of the changes:
- The annual contribution limit for employees in a 401(k) plan is increasing to $24,500 (up from $23,500 in 2025).
- For employees aged 50 or older, the general catch-up contribution limit for those plans will increase to $8,000 (from $7,500).
- For participants aged 60-63 in those plans, the higher catch-up limit remains at $11,250.
- The limit on annual contributions to an Individual Retirement Arrangement (IRA) will increase to $7,500 (from $7,000).
- Other necessary adjustments include increasing SIMPLE retirement account limits (from $16,500 to $17,000) and raising catch-up limits for SIMPLE plans.
- Income-based phase-out ranges for traditional IRA deductibility, Roth IRA contributions, and the Saver’s Credit have all been adjusted upward.
Employers should prepare for the 2026 retirement plan contribution increases by updating payroll notices, benefits communications, and plan documents, and verifying that their record-keeper systems can accommodate the higher limits. It may also be helpful to remind employees—particularly those eligible for catch-up contributions—to review their savings strategy, while ensuring internal procedures and compliance checks are aligned with the new thresholds. Employers should communicate the upcoming limit changes to HR and benefits staff and plan administrative reviews, such as open enrollment or year-end communications, to ensure a smooth transition. For full details, see the IRS announcement here: 401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500
October 31, 2024
Fringe Benefit Group (FBG), an industry leader in the design, implementation and administration of benefit plans for government contractors, restaurants, retail, and staffing companies, today announced that Nick Harness has joined the company as Chief Information Officer (CIO). Harness brings extensive technology and business leadership experience to FBG, where he is focused on enhancing platform features, optimizing the user experience and pushing data-driven insights to customers.
Over the past two decades, Harness has served in various technology leadership roles across JPMorgan Chase’s Asset Management Division and Morgan Stanley’s Research Division in New York City where he delivered technology solutions on a global scale. Most recently, Nick served as Chief Information Officer at Kestra Holdings, an Austin-based wealth management company, where he helped the company achieve rapid growth acceleration through technology modernization and innovation.
“We are very excited to have Nick join the FBG team. His vast experience in delivering innovative technology solutions across financial services industries will allow FBG to launch major technology enhancements on our platform and better streamline benefits administration for our customers. We look forward to a steady announcement of new features for our customers in the months ahead,” said Travis West, CEO of Fringe Benefit Group.
“I can’t wait to work with FBG’s leadership to further accelerate our product and technology development strategy and help our customers – hardworking Americans – understand and easily access their benefits. My mission is to give our customers the best features and functionalities through a significant investment in technology and innovation,” said Harness.
Harness received his MBA from New York University and a Bachelor of Engineering (Honors) degree in Electrical and Electronic Engineering from South Bank University, London, UK.
October 24, 2024
Transamerica today announced it has expanded its collaboration with Fringe Benefit Group (FBG) and The Contractors Plan, a $2 billion prevailing wage retirement plan program that administers retirement benefits for nearly 1,500 employers and more than 64,500 American workers.
FBG’s history of providing customized benefit programs for government contractors, restaurants, retail and staffing companies across the United States will complement new service offerings from the expanded collaboration. This includes Transamerica’s Managed Advice® (savings and investment advice for employees), a multilingual website featuring advanced, customizable and intuitive retirement planning tools, as well as a platform with robust investment options to help employees meet their retirement goals.
“We are excited to expand this collaboration, leveraging our pooled plan capabilities as a scalable and efficient model for new plan growth,” said Darren Zino, Transamerica’s head of retirement distribution. “We will lean into FBG and The Contractors Plan’s incredible network to enable us to expand retirement plans and service offerings to even more hardworking Americans.”
“FBG and The Contractors Plan is proud to exclusively partner with a leading institutional retirement and asset management platform in Transamerica,” said Travis West, FBG’s CEO. “Combining Transamerica’s retirement expertise and comprehensive suite of solutions with our industry-specific technology and compliance programs will bring substantial benefits and value to any client or prospect in our industries of focus. This collaboration is paving the way for innovations that we believe will set a new standard.”