Employers

Posted November 27th, 2019 in Employers, Producers
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).
 
Posted November 19th, 2019 in Employers, Producers

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.

Posted November 13th, 2019 in Employers, Producers

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.

Posted November 6th, 2019 in Employers, Producers, Individuals

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:
Posted October 23rd, 2019 in Producers, Employers

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]
Posted September 17th, 2019 in Employers, Producers

The Affordable Care Act (ACA) created a research institute known as the Patient-Centered Outcomes Research Institute (PCORI). The goal of PCORI is to help patients and those who care for them make better-informed decisions about healthcare choices. PCORI is funded by temporary fees which are charged to health plans. The following information is designed to help employers understand their upcoming payment obligations in 2020.

Posted September 3rd, 2019 in Employers, Producers

Each year employers must provide a written notice to Medicare-eligible employees who are covered under their group health plan. The notice must include information about the creditable coverage status of the prescription drug benefit. In other words, the notice tells employees if the prescription drug benefit on the group health plan is at least as good as the standard Medicare Part D plan.

Posted August 22nd, 2019 in Employers, Producers

It’s no surprise that more and more employers are offering qualified high deductible health plans (HDHPs) to their employees, and some employers are combining Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs) to alleviate a portion of the deductible and/or out-of-pocket expenses that employees are exposed to. However, you have to be very careful with the HRA plan design in order to preserve HSA eligibility for employees.

Posted August 13th, 2019 in Employers, Producers

Senator Susan Collins (R-ME) submitted an inquiry to the Internal Revenue Service (IRS) earlier this year asking two very specific questions. She wanted to know if penalties related to the Employer Mandate could be reduced or waived if it would cause a hardship on an employer. She also wanted to know if the IRS would extend the transition relief that was previously available to employers with 50-99 employees. Previous transition relief exempted most employers of this size from the Employer Mandate during its first year of implementation in 2015.

Posted August 6th, 2019 in Employers, Producers

The Internal Revenue Service recently released Revenue Procedure 2019-29 which included details on the affordability percentage related to the Employer Shared Responsibility provisions of the Affordable Care Act (ACA), also known as the Employer Mandate. In 2020, an applicable large employer (ALE) will be considered to offer affordable coverage to its full-time employees if the cost of coverage is 9.78% or less of the employee’s household income.

Benefits Buzz

Enter Your Email

Tag Cloud

Archives