In October 2022, I circulated “An In-Depth Examination of Inflation Relief for a Government Contractor[.]” Much has occurred since. Inflation remains an acute problem. In turn, contractors and subcontractors continue...more
The Internal Revenue Service recently issued its annual cost-of-living adjustments (COLAs) for the 2023 tax year for retirement plans as well as health and welfare benefit plans. These COLAs reflect significant...more
As inflation and expectations of further interest rate increases by the Federal Reserve continue to challenge the U.S. economy, a silver lining of sorts is the opportunity to save at record levels, on a tax-deferred basis. In...more
Customers should look closely, in their new and existing contracts, at the charges and fees that are eligible for escalation under the COLA provision and beware of COLA provisions that apply to “all” charges in a contract. ...more
Today, the Social Security Administration announced in a press release that approximately 70 million Americans who receive Social Security and Supplemental Security Income (SSI) will receive a cost-of-living adjustment...more
The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s. Cost-of-living increases are tied to the consumer price index, and a modest upturn in...more
Cuts in Mandatory Entitlement Programs Center of Budget Negotiations: As budget negotiators from both sides of the Hill come together to work out a two-year budget deal, determining how sequestration relief will be paid for...more
New Jersey voters overwhelmingly approved a measure that will increase the state's minimum wage rate from $7.25 to $8.25, effective January 2014. The measure also included a constitutional amendment that will tie the minimum...more