Read Time: 5 MINUTES The IRS recently issued Revenue Procedure 2024-25 to announce the 2025 inflation-adjusted amounts that apply to health savings accounts (HSAs), excepted benefit health reimbursement arrangements (EBHRAs), and high-deductible health plans (HDHPs). The newly announced figures result in increases in the applicable limits for 2025, including the maximum contribution limit for an […]
Read moreRecent Insights
IRS Answers Questions Regarding Tax- Favored Educational Assistance Programs
READ TIME: 4 MINUTES Employers can leverage educational assistance programs to enhance their workforce’s skills while providing tax benefits. On June 17, 2024, the IRS answered frequently asked questions related to educational assistance programs. Overview of Educational Assistance Programs An educational assistance program (EAP) is a written benefits plan provided by an employer to offer […]
Read moreAugust 2024 Compliance Recap
READ TIME: 7 MINUTES In August, the FTC ban on non-compete agreements was struck down by a court stating that the FTC did not have the power to implement the ban and that its application was too broad. The FDA approved new and updated COVID-19 vaccines for adults and children as part of the preventive […]
Read moreThe Importance of a Wrap Plan
READ TIME: 3 MINUTES Section 402 of the Employee Retirement Income Security Act (ERISA) requires that every health and welfare plan must have a written plan document. A wrap plan is a document that bundles or “wraps” ERISA health and welfare benefits (medical, dental, and vision, for example) into a single plan. It is an […]
Read moreWhat Health Plan Sponsors Need to Know about the New Fiduciary Rule
READ TIME: 4 MINUTES The Department of Labor (DOL) recently released a final rule, expanding the definition of “investment advice” under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. While the rule is aimed at retirement plans, the final rules failed to provide an exception for health and welfare plans that […]
Read moreWebinar: ERISA – It’s Not Just About Retirement
Tuesday, September 10, 2024 1 – 2PM CST Register Now Registration Code:UBA410EW Gain insights into: An employer’s fiduciary responsibilities under a group health plan Reporting and disclosure requirements for all employers Preparing for a Department of Labor audit Be able to answer these questions: What happens if an employer fails to submit Form 5500? How […]
Read moreJuly 2024 Compliance Recap
July was a busy month for sponsors of group health plans. The final DOL rule on overtime exemption requirements went into effect July 1. IRS Form 5500, due on July 31 for calendar year plans, applies to most public and private sector businesses providing plans to 100 or more participants. Also due by July 31 […]
Read moreEmployee Classifications Guide for Group Health Plans
READ TIME: 10 MINUTES It is essential for an employer to correctly classify workers as employees or independent contractors for it to comply with federal, state, and local laws. Misclassifying employees can have significant financial and legal consequences for employers, leaving them open to liability for unpaid overtime pay, payroll taxes, unpaid benefits, for example. […]
Read moreGuide to Controlled Groups and Affiliated Service Groups
Controlled group rules apply to many types of employee benefit plans governed under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, such as cafeteria plans, health savings accounts, and self-insured medical reimbursement plans. The rules treat two or more employers as a single employer because of their relationship to […]
Read moreUpcoming Changes for HDHP Plan Sponsors under Medicare Part D
READ TIME: 8 MINUTES Employers who sponsor group health plans must act now regarding the status of their prescription drug coverage in advance of changes to Medicare Part D that go into effect for 2025. The Inflation Reduction Act of 2022 (IRA) made changes to Medicare Part D to enhance benefits and enrollee cost savings, […]
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