• Important Plan Limits for 2024

    Important Plan Limits for 2024

    December 20, 2023

    On November 9,2023, the IRS issued IRS Revenue Procedure 2023-34, which address annual inflation adjustments for more than 60 tax provisions. Included are new limits for Flexible Spending Accounts, Commuter Benefits and various other code provisions.

  • PCORI Fee Update  for Plan Years Ending October 1, 2023, - September 30, 2024

    PCORI Fee Update  for Plan Years Ending October 1, 2023, - September 30, 2024

    December 20, 2023

    On October 18, 2023, the IRS issued Notice 2023-70, announcing the adjusted applicable dollar amount for determining the Patient-Centered Outcomes Research Trust Fund (PCORTF) fee for policy years and plan years ending on or after October 1, 2023, and before October 1, 2024.

  • Avoid Compliance Mistakes During Open Enrollment

    Avoid Compliance Mistakes During Open Enrollment

    December 20, 2023

    Open enrollment is one of the busiest times of year for employee benefits professionals. It’s a stressful season that typically results in questions and complaints and comes with a high potential for both employer and employee mistakes.

  • A Closer Look at ERISA Requirements – A Review of the Summary of Benefits and Coverage

    A Closer Look at ERISA Requirements – A Review of the Summary of Benefits and Coverage

    December 20, 2023

    The Summary of Benefits and Coverage (SBC) is a document that health insurance companies are required to provide to plan participants and beneficiaries under the Affordable Care Act (ACA). It's designed to help individuals better understand their health insurance coverage by providing a summary of key information in a standardized format.

  • Tax Implications of Lifestyle Spending Accounts

    Tax Implications of Lifestyle Spending Accounts

    December 20, 2023

    Lifestyle Spending Accounts (LSAs) are a relatively new type of benefit that allows employers a great deal of flexibility, allowing employers to give their employees money to spend on products and services that will enhance their lives, but LSAs should not include expenses covered under any other insurance programs or pre-tax benefits.

  • Medicare Secondary Payer Finalized Rules and FAQs

    Medicare Secondary Payer Finalized Rules and FAQs

    December 20, 2023

    Though implementation dates for group health plans (GHP) arrangement information have been in place for several years, on October 11, 2023, the Centers of Medicare Medicaid Services (CMS) finalized regulations specifying when and how it will calculate and impose civil money penalties for violation of the Medicare Secondary Payer (MSP) reporting requirements for GHP and certain non-group health plan arrangements.

  • A Closer Look at ERISA Requirements – A Review of the Summary Annual Report

    A Closer Look at ERISA Requirements – A Review of the Summary Annual Report

    August 24, 2023

    The Summary Annual Report (SAR) is a summary of the information that has previously been reported by the plan on the most recent Form 5500 to the Department of Labor (DOL). Doing so ensures transparency as it requires the plan to regularly communicate funding and financial information to those who are relying on its benefits. 
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    SARs are required each year for pension plans, including 401(k) plans, and for welfare plans unless an exemption applies. The exemption applies to those welfare benefit plans that have less than 100 participants or are completely unfunded (meaning all claims are paid through the employer’s general assets).