When it comes to ERISA compliance, employers and brokers frequently ask us: who is responsible for creating documents and SPDs, how is a wrap plan used to satisfy ERISA compliance, and what information must be provided to employees and when. To help navigate some of the more commonly asked questions surrounding when employers must
Employers that offer prescription drug coverage to Medicare-eligible individuals are required to complete an online disclosure form with the Centers for Medicare & Medicaid Services (CMS) on an annual basis and at other select times, indicating whether the plan's prescription drug coverage is creditable or non-creditable. The plan sponsor must complete the online disclosure
Our Compliance team helps you navigate through the complex landscape of healthcare legislation, regulation, and reform. Please enjoy this edition of Compliance Navigator, courtesy of Premier Benefits Group and Benefit Advisors Network. What is Imputed Income? In general, if an employer has adopted a cafeteria plan, their employees are not taxed on the cost of
In order to be eligible to make or receive contributions to an HSA, a participant must (1) be enrolled in a HSA qualified HDHP, (2) not be another individual's tax dependent, (3) not be entitled to (or enrolled in) Medicare, and (4) not be covered by any disqualifying coverage. In addition, eligibility to make
In order to be eligible to make contributions (or receive contributions) to an HSA, a participant must (1) be enrolled in a HSA qualified high deductible health plan, (2) not be another individual's tax dependent, (3) not be entitled to Medicare, and (4) not be covered by any disqualifying coverage. Eligibility to make HSA
The IRS has announced annual inflation adjustments in Revenue Procedure 2019-44. Notable changes include the following for 2020 benefits plans: · Health Care Flexible Spending Account (Health Care FSA): The Health Care FSA annual limit under IRC § 125 cafeteria plans is increasing to $2,750 maximum for 2020. · Parking and Transit Accounts: The
With open enrollment fast-approaching for many employers, it is a good time to review what materials are necessary for open enrollment and what employer notices are required to distribute and when. Some employer notices are provided when participants first become covered under a health and welfare plan and others have an annual distribution requirement.