Year-End Review Steps
As the year comes to a close, employees should take the opportunity to review and update their employment paperwork to ensure everything is in order for the new year. Here are key items to check or change:
1. W-4 Tax Form: Review your W-4 form to ensure the tax withholding allowances are accurate based on any changes in your personal life (e.g., marriage, having children). Adjusting your withholding can affect your tax return.
2. Health Insurance Information: Check your health insurance coverage for the upcoming year. If there are any changes to plans or providers, ensure you understand your options and make any necessary enrollments during open enrollment periods.
3. Retirement Plan Contributions: Review your contributions to your retirement plans, such as a 401(k). Consider increasing contributions if you haven’t reached the annual limit and take advantage of employer matches.
4. Beneficiary Designations: Verify that your beneficiary designations for life insurance, retirement accounts, and other benefits are up to date. This is essential to ensure that your wishes are honored.
5. Personal Information: Update any personal information that may have changed throughout the year, such as your address, phone number, or emergency contact. It’s important that your employer has accurate and current contact information. Double check social security number is accurate in our iAS portal.
6. Training and Certification Documents: If you’ve completed any relevant training or earned certifications in the past year, ensure that these documents are submitted to HR to keep your records current.
7. Performance Reviews and Goals: Reflect on your performance review and any professional development goals discussed with your manager. Consider documenting your achievements and areas for growth before year-end.
8. Vacation Days and Leave Balance: Check your remaining vacation days or paid time off (PTO) balance before the year ends, as many companies have a “use it or lose it” policy on accrued leave.
9. Expense Reimbursements: Submit any outstanding expense reimbursements before the end of the year to ensure they are processed in the current fiscal year.
10. Review Company Policies: Familiarize yourself with any updates or changes to company policies, benefits, or procedures that may be implemented at the start of the new year.
By taking these steps, employees can ensure that their employment paperwork is accurate and up to date, setting the stage for a successful year ahead.
