Penalties Under ACA Rising in 2024
The Internal Revenue Service (IRS) recently announced it will be increasing the penalties for employers who fail to comply with the Affordable Care Act (ACA) employer-shared responsibility provisions in 2024. The employer-shared responsibility provisions, also known as the employer mandate, require certain employers to provide affordable health insurance coverage to their employees or face penalties. Qualifying as […]
How the End of the COVID-19 National Emergency Impacts Your Employee Benefits
On April 10, 2023, President Joe Biden signed a bipartisan congressional resolution to end the COVID-19 National Emergency after three years. The national emergency was tied to the extension of many deadlines related to employee benefits including COBRA, special enrollment, and claims and appeals, just to name a few. The Public Health Emergency (PHE), which […]
5 Ways to Streamline HR Processes with Benefits Administration
Most HR departments handle recruitment, workplace safety, employee relations, labor law compliance and payroll, amongst other things. When it comes time to add-on managing benefits, especially for smaller companies with limited resources, an additional challenge is created. Monitoring benefit eligibility for employees is complex and requires accurate and timely tracking of hours worked, plan policies […]
Excluding Part-time Employees From 401(k) Plan Eligibility
Under some circumstances, an employer that sponsors a 401(k) might wish to amend its plan to exclude part-time employees and offer the benefit only to full-time staff members. Is such an approach allowed under the rules for qualified plans? Coverage and Service Rules Employers have considerable freedom to decide which categories of employees can participate in […]
Top 3 Benefits of Integrating 401(k) Administration with Your Payroll Solution
If you administer a 401(k) plan to your employees, you know it’s centered around payroll deductions. However, there’s much more to it than that, including tracking employee eligibility, keeping records of both employee and employer contributions, calculating and depositing contributions, and reporting payroll data each pay period. On top of these important tasks, business owners […]
IRS Issues New 2023 HSA Limits
The Internal Revenue Service (IRS) recently released its 2023 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans (HDHPs) that must be used in tandem with HSAs. The IRS also announced the maximum amount that can be made newly available for excepted benefit health […]
How Often Must a HIPAA Notice of Privacy Practices Be Updated?
Employers that sponsor a health care plan know they must comply with various provisions of the Health Insurance Portability and Accountability Act (HIPAA). One of these is that you must notify all persons from whom you collect medical information — whether directly or indirectly (such as when filling a prescription) — of their rights to […]
How to Look for Missing 401(k) Plan Participants
It’s a common problem every year. Employers discover that when their 401(k) plans must make required minimum distributions, the addresses on file for some distributees have become invalid. The U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) have both offered guidance about dealing with participants and beneficiaries who are unresponsive or cannot […]
IRS Announces Adjustments to Key Retirement Plan Limits
In Notice 2021-61, the Internal Revenue Service (IRS) recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified […]