ERISA Compliance: DOL Plan Document and SPD Requirements

2019-04-09T11:35:23+00:00April 9th, 2019|News|

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

HSA Contributions with Delayed HSA Eligibility

2019-04-09T11:26:33+00:00April 9th, 2019|News|

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

ERISA Compliance Q&A

2019-03-12T10:26:50+00:00March 12th, 2019|News|

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

Individual Mandate Penalty No Longer Applies

2019-02-28T14:43:55+00:00February 11th, 2019|News|

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

HSA Eligibility with Prior Plan Year’s Health Care FSA

2019-02-28T14:41:48+00:00January 17th, 2019|News|

To establish and contribute to a Health Savings Account (HSA) an employee cannot have a standard Health Care Flexible Spending Account (HCFSA) because of IRS regulations on benefit coverage. But what if an employee participated in a standard HCFSA in their previous plan year? Can they participate in a HSA in their new plan

Health Savings Accounts (HSAs) and Medicare

2019-02-28T14:52:57+00:00December 10th, 2018|News|

Health Savings Accounts (HSAs) are accounts for individuals with high-deductible health plans (HDHPs). Funds contributed to an HSA are not taxed when put into the HSA or when taken out, as long as they are used to pay for qualified medical expenses. Your employer may oversee your HSA, or you may have an individual HSA that

Employee Benefit Plan Limits for 2019

2019-02-28T14:56:25+00:00December 10th, 2018|News|

Employee Benefit Plan Limits for 2019 Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS. The following commonly offered employee benefits are subject to inflation-adjusted dollar limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and