March 2018 March was a quiet month in the employee benefits world. The Internal Revenue Service (IRS) released a bulletin that lowered the family contribution limit for health savings account (HSA) contributions. The U.S. Department of Labor (DOL) updated its model Premium Assistance Under Medicaid and the Children’s Health Insurance Program notice (CHIP notice). The […]
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2018 Annual Benefit Plan Amounts *Updated
If you would like a printable version of this guide, please email info@bimgroup.us and we will gladly forward one to you. Contribution & Benefit Limits 2017 Limit 2018 Limit Section 401(k), 403(b), or 457(b) annual deferral $18,000 $18,500 SIMPLE plan annual deferral $12,500 $12,500 Section 415 maximums Annual benefit from defined benefit plan $215,000 $220,000 Annual additions to […]
Read moreKentucky’s Best Bet Winners Announced!
LEXINGTON, Ky. (March 8, 2018) — Business growth throughout Kentucky is critical to the continued expansion of the state’s economy and vital to job creation throughout the commonwealth. In conjunction with The Lane Report, Dean Dorton is proud to recognize the distinct and esteemed companies that are impacting Kentucky’s economic development through Best Bets 2017! The Best Bets […]
Read moreFebruary Compliance Recap
February 2018 February was a quiet month in the employee benefits world. The Internal Revenue Service (IRS) updated its Questions and Answers about Information Reporting by Employers on Form 1094-C and Form 1095-C, its Questions and Answers on Information Reporting by Health Coverage Providers, and its Questions and Answers on Employer Shared Responsibility Provisions Under […]
Read moreHSA Contribution Limits Have Changed!
2018 HSA Contribution Limits for Family Coverage Impacted Retroactively In March 2018, the IRS released Revenue Procedure 2018-10, which, for some tax-related formulas, adjusted the annual inflation factor from the Consumer Price Index (CPI) to a new factor called a “chained CPI.” This is retroactively effective to January 1, 2018. As a result of the […]
Read moreDon’t Forget! Registration Closing Soon! Feb. 20 Compliance Seminar
When Tuesday, February 20, 2018 from 8:00 AM to 9:00 AM EST Add to Calendar Register Now! Where Bim Group 1151 Red Mile Road Lexington, KY 40504 Driving Directions Contact Bim Group & Sturgill Turner info@bimgroup.us Register Now! How to Manage a Compliant Health Benefit Plan: DOL Audits & Your Fiduciary Duties as Plan Manager […]
Read moreJanuary 2018 Compliance Recap
January 2018 January was a busy month in the employee benefits world. On January 24, 2018, the U.S. Senate confirmed Alex Azar as the new Secretary of the U.S. Department of Health and Human Services (HHS). The U.S. Department of Labor (DOL) proposed regulations regarding association health plans. HHS released the 2018 federal poverty guidelines. […]
Read moreIRS Reporting Tip 2
2017 Plan Year Form 1094-C, Line 22 Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum […]
Read more2018 IRS Reporting Tip 1
Reporting Offers of COBRA Coverage The Consolidated Omnibus Budget Reconciliation Act (COBRA) requires employers to offer covered employees who lose their health benefits due to a qualifying event to continue group health benefits for a limited time at the employee’s own cost. COBRA provisions are found in the Employee Retirement Income Security Act (ERISA), the […]
Read moreImportant Compliance Dates for 2018
Compliance Calendar 2018 Important Dates The following are important compliance due dates and reminders for 2018. The laws and due dates apply based on the number of employees, whether or not someone does business with the federal government, and on benefits offered. Other state-by-state laws may also apply. Date Compliance Issue Employer Action 1/1/2018 Social […]
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