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The Affordable Care Act (aka “the ACA”) has been with us for over 8 years, and there remains confusion about some of the key provisions. It hasn’t helped that there have been repeated legislative efforts to repeal the law entirely, or at least poke holes in key provisions. The result of this confusion coupled
It’s the time of year where open enrollment is well behind us and probably isn’t top of mind until we have to start preparing again for next year. This is great time to reflect and ask ourselves: How many employees truly understand the benefits choices they have made? Most employees do one of two
When it comes to ERISA compliance, many employers have misconceptions surrounding when they must have plan documents and SPDs for benefits they sponsor, who is responsible for creating documents and SPDs and what information must be provided to employees and when. Myth #1 The Affordable Care Act (ACA) requires the Plan Document and SPDs. This is not true. Although some
If an employee participated in a standard health Flexible Spending Account (FSA) in their prior plan year and is looking to contribute to a Health Savings Account (HSA) in their new plan year, if and when they can open and contribute to the HSA may be impacted. Employees with a $0 balance at the
When it comes to ERISA compliance, there are many misconceptions and questions surrounding plan document and SPD requirements. To help answer some of these questions, we have compiled a Q&A: Q: I am an employer with less than 100 participants, will I be subject to ERISA plan document and SPD requirements? A: Yes, regardless
What Does This Mean for You? In December 2017, President Donald Trump signed a tax reform bill into law, which eliminated the individual mandate penalty beginning in 2019. The individual mandate penalty was a provision of the Affordable Care Act that required individuals to obtain acceptable health insurance coverage for themselves and their family