Pursuant to Public Act 101-0001

• New employees (first 90 days of employment) over the age of 18 may be paid up to 50 cents less per hour.
• Beginning, January 1, 2020, if a worker under 18 works more than 650 hours for the employer during any calendar year, they must be paid the regular (over 18 wage).
• Tipped employees may be paid 60% of the hourly minimum wage.
• Certain employees must be paid overtime, at time and one-half of the regular rate, after 40 hours of work in a workweek.

 

THE IMPORTANCE OF UPDATING YOUR BENEFICIARIES

When you sign up for health insurance, life insurance, a 401(k) or any other bank or investment account, you are required to list a beneficiary to receive the proceeds should you pass away. Oftentimes, people fill out the form and move on, perhaps even forgetting about which beneficiary is on which account. Life changes such as birth, marriage, and death are inevitable. And when changes occur, your current beneficiary choices may need to be updated.

 

It is highly recommended that you review your beneficiaries on at least an annual basis. It is also wise to designate contingent beneficiaries who will inherit the assets in question should the primary beneficiaries precede you in death. Without living beneficiaries, your assets may be transferred to your estate where state law could determine who receives it. The presumption that the heirs named in your will should receive any proceeds could be challenged as beneficiary designations may supersede your will.

 

While updating your beneficiary forms, be sure to also look at other critical, but often forgotten, documents such as power of attorney, health care proxy, and safe deposit co-signer. By keeping your beneficiary designations and all estate planning documents current, you and your family can have greater peace of mind that loved ones are protected.