Benefits Buzz

Wrap Documents 101

Posted November 27th, 2019 in Employers, Producers
Close-up Of A Businesswoman Hiding Behind The Stack Of Folders On Desk At Workplace
The Employee Retirement Income Security Act of 1974 (ERISA) requires most employers who offer health and welfare benefits to maintain and distribute Summary Plan Descriptions (SPDs) to all plan participants. This SPD must include certain disclosures and information, such as when the employer may amend or terminate the plan(s).
 
Tags:
Wrap Document, ERISA, Employee Benefits

The Evolving Work-Life World

Posted November 19th, 2019 in Employers, Producers
Busy business woman talking on the phone and holding a baby in her arms

As work and life continue to blend and unemployment remains low, the competition for employee talent is intense. Small businesses are seeking solutions to help their companies stand out as they tackle the challenge of attracting, engaging, and retaining employees.

Strategic benefits can play a pivotal role.

Tags:
Employee Benefits, small businesses, voluntary

Safe Harbor Eligibility Test for Premium Only Plans

Posted November 13th, 2019 in Employers, Producers
Red and Green street signs with blue sky with words Pass and Fail, Pass versus Fail

Premium Only Plans (POP) can generally be defined as a type of Cafeteria Plan where the only pre-tax benefit available to employees are for those of insurance premiums. When non-taxable benefits are involved, the IRS will usually have some strict rules in place that must be followed.

Tags:
Premium Only Plans, nondiscrimination, IRS, pre-tax

IRS Releases 2020 Health FSA and Commuter Limits

Posted November 6th, 2019 in Employers, Producers, Individuals
Computer keyboard with a news button

The IRS has released Revenue Procedure 2019-44 which details the 2020 pre-tax limits for the Health FSA and Commuter Plans. These limits are effective for plan years that begin on or after January 1, 2020.

Tags:
FSAs, Commuter, IRS, HSAs

Disability Benefits Play an Essential Role for Employees – and Employers

Posted October 23rd, 2019 in Producers, Employers
Businesspeople Having Meeting In Modern Open Plan Office

Nobody wants to contemplate becoming disabled and unable to work. But it happens.

  • 1 in 4 of today's 20-year-olds will become disabled at some point before reaching age 67. [1]
Tags:
Employee Benefits, ancillary, Disability

CMS to Pilot Wellness Programs in the Individual Market

Posted October 15th, 2019 in Producers, Individuals
Woman running on a treadmill
The Centers for Medicare & Medicaid Services (CMS) recently announced plans to pilot healthcontingent wellness programs in the individual market, a practice that has been previously prohibited. However, the Affordable Care Act (ACA) included a provision calling for health-contingent wellness programs to be tested in the individual market, and that time has now come.   
 
Tags:
Centers for Medicare and Medicaid Services, individual health plans, Affordable Care Act

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