Employees can contribute even more to their 401(k) plans in the upcoming year. Adjusted for the cost of living, effective Jan. 1, 2025, employees can contribute up to $23,500 into their 401(k) and 403(b) plans, most 457 plans and the Thrift Savings Plan for federal employees. This is a $500 jump from the $23,000 limit […]

The IRS released its annual inflation adjustment to the percentage-of-household income used to determine whether an employer offers affordable health care coverage under the Affordable Care Act (ACA). For plan years beginning in 2025, the percentage-of-household income increases to 9.02%. The household income percentage for plans beginning in 2024 was 8.39%. After three years of […]

In a recent ruling, the Michigan Supreme Court elected to reinstate a ballot initiative previously adopted by the state legislature and subsequently watered down. This ruling marks a significant shift for Michigan employers and reinstates the 2018 voter-initiated version of the Earned Sick Time Act (ESTA), which generally provides more paid sick leave and requires […]

For companies providing benefit plans to over 100 eligible employees, this time of year usually means annual audit season is just around the corner.  Undergoing a benefit plan audit can be a stressful time for any plan administrator — especially if you’re scrambling to compile the required documentation and meet deadlines. The best strategy for […]

The IRS announced the 2025 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits as well as deductible minimums for high deductible health plans (HDHPs) that must be used in conjunction with HSAs. These updated contribution limits are effective for HSAs in the calendar year 2025.   The Basics An HSA is an account created […]

At the end of August 2023, the IRS announced an administrative transition period for catch-up contributions, extending the deadline to 2026. This will allow higher earners, age 50 and up, to receive two more years to use pre-tax dollars for their retirement savings in 401(k) and similar plans. Employers had been warning officials, after the […]

There are many advantages to both your business and employees by offering a Health Savings Account (HSA) solution as part of your overall benefits package. With inflation leading the headlines over the last few months, most business owners are keeping a close eye on costs. Although it can be difficult to control the costs of […]

The Internal Revenue Service (IRS) announced the largest increase in recent years to the amount individuals can set aside in a health-savings account (HSA) each year. The new limits are a significant jump, but they are not particularly surprising in the context of months and months of rising inflation, which has contributed to growing costs […]

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 […]

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 […]