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Is Your Flexible Spending Account Configured to Meet Your Company’s Needs?
September 22, 2022
FSA plans must be designed to meet the requirements defined in federal tax code, but employers have several opportunities to choose features that best fit the needs of their organization.
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Philadelphia Adds Commuter Benefit Requirement
September 22, 2022
On June 22, 2022, Philadelphia Mayor Jim Kenney, signed the Employee Commuter Transit Benefit ordinance. The ordinance takes effect on December 31, 2022, and requires employers with 50 or more covered employees to provide commuter transit benefits for their workers.
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What Happens to Unused Amounts in an Employee’s HRA When Their Employment Terminates?
September 22, 2022
When an employee who has a balance in their health reimbursement arrangement (HRA) terminates from the plan the employer is not permitted to “cash out” the HRA, but there are three ways employers may decide to handle this situation.
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ACA Deadline Changes and Elimination of Transitional Good Faith Relief
September 22, 2022
Earlier this year the proposed regulations updating deadlines and ending good faith relief for Affordable Care Act (ACA) reporting became law. Among other things, the regulations require that the deadline for furnishing IRS Forms 1095-C to employees will be March 2 (or March 3 in a leap year) – which is 30 days more than what was previously allowed; and the transitional “good faith relief” for employer ACA reporting would no longer apply to tax years after 2020.
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Health Savings Accounts as a Retirement Plan
September 22, 2022
There has been a focus on Health Savings Accounts (HSA) in recent years. This is a valuable vehicle that extends even beyond the "triple-tax-free" benefit that most employers are aware of. HSAs can reduce taxable income in retirement, which may affect Medicare premiums and the portion of Social Security benefits subject to federal income tax. There are many questions that revolve around HSAs and so we will attempt to address them here.
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Impact of the Inflation Reduction Act on Group Health Plans
September 22, 2022
President Biden has signed the Inflation Reduction Act. Employer-sponsored health plans are only indirectly impacted, but there are three main points to consider: the enhanced ACA premium tax credit, the reduction on Prescription Drug Prices for Medicare, and the expanded safe harbor for HDHPs.
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How to Manage Open Enrollment Mistakes
June 30, 2022
There are several things to take into consideration when an employee wants to make a change to their open enrollment elections. Has there been a life event? Have they truly made an error, or have they just changed their mind?
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What to Do With Unused Commuter Benefits Funds
June 30, 2022
With changes to workplace arrangements and working conditions following the COVID pandemic, employers are seeking ways to allow their employees to use already contributed commuter benefits funds, and to differentiate their welfare benefits package.
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Affordable Care Act (ACA): What You Need to Know
June 30, 2022
What do groups need to know to abide by the ACA? Three important questions determine whether your group falls under the “pay or play” mandates. Do we have to offer insurance? Who gets offered insurance coverage? What kind of coverage do we have to offer?
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IRS Announces Midyear Increase to Standard Mileage Rates
June 30, 2022
Normally the IRS adjusts the standard mileage rates at the beginning of each year, but occasionally they announce changes at other times to correspond with current costs.