McDermott Will & Emery Employee Benefits

OCTOBER 19, 2022

On October 18, 2022, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain account-based health and welfare plans (see Rev. The post IRS Announces Cost-of-Living Adjustments for Health and Welfare Plans appeared first on EMPLOYEE BENEFITS BLOG.

Health and Welfare 79

Health and Welfare Flexible Spending Account Flexible Spending Salary 79

HR Professionals Magazine

MARCH 2, 2022

If benefits compliance seems like a never-ending game of whack-a-mole, 2022 will not disappoint. While challenges related to the COVID-19 pandemic dominate headlines, a number of new 2022 benefits compliance obligations and updates may fly under the radar. Effective for plan years beginning on or after January 1, 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. FSA Employer Contribution Limits for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Increase from 2022 to 2023. Qualified Transportation Fringe Benefits. .

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. In order to have an HSA, an employee must be enrolled in an HDHP. The takeaway.

401(k) 89

401(k) Deductions Deductible Flexible Spending Account 89

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

Perhaps most notably, the annual limit for pre-tax and Roth contributions by employees to 401(k) plans has jumped from $20,500 to $22,500, and the annual limit for “catch-up” contributions to such plans by employees who are age 50 or older has increased from $6,500 to $7,500. Qualified Defined Benefit Plans.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. 2023 Retirement Plan Limits Increase.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

AssuredPartners

OCTOBER 18, 2022

On October 18, 2022, the IRS announced in Rev. 2022-38 the annual inflation adjustments for the 2023 tax year. Although, it should of course be noted that employers have the right to impose a maximum limit on employee contributions to health FSAs that is lower than what the ACA permits. Commuter Benefits.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Benefits Notes

MARCH 31, 2021

Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should take note and which are summarized below. The ARPA contains several new rules which impact COBRA benefits. Health care flexible spending accounts are not subject to the ARPA provisions.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2022

The post Fun For the Whole Family: More ACA Subsidies Apply appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 79

Taxes Flexible Spending Account Employee Benefits Employment 79

Higginbotham

JANUARY 27, 2023

Employees don’t work for free. They want to be fairly compensated for their work, and that usually involves both wages and employee benefits. Although some small business owners may feel overwhelmed by the prospect of offering health insurance and other benefits, the many advantages can make the effort worthwhile.

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

Stratus.HR

OCTOBER 18, 2022

Overall, some employers report an average of 8 hours managing benefits enrollments , with 37% saying benefits administration involves “moderate to heavy paperwork.” . Administering a Flexible Spending Account (i.e., Cafeteria Plan) . Summary of Open Enrollment Administration Tasks . contact-form-7].

Flexible Spending 52

Flexible Spending Flexible Spending Account Health Savings Account Healthcare 52

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. FSA programs can be a good fit for many employee health benefit programs, but before being able to decide, you may have some questions – for example, how do FSAs work? Flexible Spending Account vs. Health Savings Account. Eligible Health Plans.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Higginbotham

NOVEMBER 28, 2022

It can be funded on a pre-tax basis, and the owner can use the untaxed funds for qualified medical expenses. Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. Employers can also choose to contribute to the HSA as an employee benefit. There are significant tax advantages.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

Higginbotham

JULY 12, 2022

Excepted benefit health reimbursement arrangements are designed to cover costs that are not covered under group health plans. According to Investopedia , the maximum benefit in 2022 is $1,800. Employees may enroll in an excepted benefit HRA regardless of if they enroll in the group health plan.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

CorpStrat

OCTOBER 26, 2022

As an employer, the impact of inflation on their employees’ finances may make Open Enrollment more challenging than usual. Inflation has placed Employee Benefits at the forefront of many employers’ attraction and retention strategies. Many employees may not fully understand what this will mean for them. .

Flexible Spending Account 52

Flexible Spending Account Finance Flexible Spending Salary 52

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 7, 2022

On Friday, February 4, 2022, in response to stakeholder feedback, the Departments released—you guessed it— FAQs Part 52 , which clarifies their prior guidance on the new coverage requirements. Shipping costs (and taxes) are included in the $12 reimbursement limit for tests purchased from non-network providers. Fraud and Abuse.

Retail 52

Retail Manufacturing Medical Flexible Spending Account 52

Insperity

MARCH 12, 2024

Launching a successful benefits program in your workplace calls for a savvy employee benefits strategy. Here, we’ll cover everything you need to know about employee benefits. Common employee benefits Here’s a list of the employee benefits that should be on your radar.

Family and Medical Leave Act 57

Family and Medical Leave Act Employee Benefits PTO 401(k) 57

WEX Inc.

JULY 20, 2023

HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexible spending account (FSA). It is not legal, financial, or tax advice. The information in this blog post is for educational purposes only.

Deductions 75

Deductions Deductible Flexible Spending Account Health Savings Account 75

Vantage Circle

NOVEMBER 23, 2023

These programs, focusing on engagement and accessibility, provide a powerful incentive for employees, demonstrating that their organization cares about their financial well-being and quality of life. How to Offer : Two companies, Corporate Offers and Vantage Circle , offer competitive and efficient discount programs to their employees.

Family and Medical Leave Act 64

Family and Medical Leave Act 401(k) Retirement Plan roth 401(k) 64

WEX Inc.

FEBRUARY 2, 2023

From an employee benefits and COBRA perspective, this would mean that temporary extensions introduced during the COVID-19 pandemic will also expire. FSAs and HRAs EBSA Disaster Relief Notice 2020-01 also granted a temporary extension to run-out periods for flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52