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Dependent Care Flexible Spending Accounts: What Now?
August 31, 2020
Due to COVID-19, there has been a dramatic increase in work-from-home arrangements over the last five months. Employers now have increased flexibility to make changes to their Dependent Care Flexible Spending Account (DCFSA) programs and allow employees to spend down their prior plan year DCFSA accounts. Here are some options available to employers based on IRS Notice 2020-29 and additional guidance.
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From the Compliance Officer: Plan Document Amendment Survey
August 31, 2020
The year 2020 has thrown us all more than a few curve balls and surprises. The health benefits industry has not been immune, with many COVID-related legislative changes passed over the last five months impacting benefits. Some changes to benefit plans are now mandatory, while others are optional. To maintain plan compliance, Chard Snyder will conduct a survey of our Savings & Spending account clients to clarify what benefit plan revisions are mandatory and collect client preferences regarding optional changes.
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Health Savings Accounts & Medicare
August 31, 2020
As the population ages, a growing number of Americans will soon become eligible for Medicare. Those enrolled in a high-deductible health plan (HDHP) with a Health Savings Account (HSA) will have to choose between electing Medicare or continuing to contribute tax-free dollars to their HSA. Navigating current regulations and being aware of pending legislation is a must.
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PCORI Fees Increased
June 11, 2020
Employer Payments Due by July 31, 2020
A less-talked-about piece of the SECURE Act was the extension of PCORI fees to continue through plan years ending before October 2029. On June 8, 2020, the IRS announced an increase to the PCORI fee amount to be paid by plan sponsors with a plan year end date between October 1, 2019 and December 31, 2019.
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COVID-19 Resource Library
June 5, 2020
In response to questions we have received related to the benefit plans we administer, Chard Snyder has compiled these helpful resources to provide guidance for our partners. Answers include the most recent information shared by the U.S. government and its agencies regarding the impact of COVID-19 on these services.
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COVID-19 Relief for Employee Welfare Benefit Plans
May 21, 2020
During the last few months, the Department of Labor (DOL), Treasury Department, and Department of Health and Human Services (DHHS) have jointly issued multiple pieces of guidance intended to provide relief to those suffering economic hardships from the coronavirus pandemic.
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IRS Releases 2021 Contribution Limits for HSAs
May 21, 2020
The IRS has issued Revenue Procedure 2020-32, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2021:
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COBRA FAQs Regarding IRS & DOL Deadline Extensions
May 13, 2020
Chard Snyder has created FAQs regarding COBRA deadline extensions for participants and health plan sponsors in response to a joint ruling issued by the DOL & IRS on April 28.
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IRS Guidance Provides Section 125 Cafeteria Plan Flexibility in Response to Coronavirus
May 13, 2020
The Internal Revenue Service has released two notices to allow temporary changes to section 125 cafeteria plans and provide additional flexibility to participants