Categories: Benefits Management, Policy & Regulation,
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What Small Businesses Need to Know About 401k Testing

ERISA requires a certain set of tests to be performed yearly on every 401(k) plan to confirm that they do not discriminate in favor of Highly Compensated Employees (HCEs) and that IRS contribution limits aren’t being exceeded. The testing is likely to happen at the close of a plan year. Many companies outsource this work to Read More

Categories: Benefits Management, Human Resources, Policy & Regulation,
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ACA Reporting Requirements are Coming…Are You Ready?

The Affordable Care Act (ACA) is the biggest healthcare change in over 100 years. Without comprehensive data integration between these systems, it will become increasingly more difficult to maintain compliance. The ACA reporting and compliance requirements affect companies with 50 or more full-time or full-time equivalent employees. Full-time status is defined as 30 or more Read More

Categories: Benefits Management, Policy & Regulation,
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Are You Maximizing Your HSA Benefits?

People don’t think of health savings accounts (HSA) as a long-term benefits option and they overlook its’ value as a savings tool. A study from UMB Healthcare Services found that less than one percent of participants maxed out their allowable contributions. People are accustomed to using HSAs in the same manner they use their flexible Read More

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Individual 401k Contribution Limits Increased for 2015

Can you believe that the year is almost over? Before you know it, Thanksgiving and Christmas will be here and gone, then we’ll be in 2015! Keep an eye out as we’ll be sharing some helpful information to keep your business informed as we move into a new year. In late October 2014, the IRS released Read More

Categories: Benefits Management, Payroll, Policy & Regulation,
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New Overtime Rules on the Horizon

President Barack Obama signed a presidential memorandum last week directing the Labor Department to develop new overtime rules. While the memorandum does not specify what the rules or new salary thresholds should be, it is directed to salaried workers who make more than the $455 a week threshold set by President Bush in 2004 who Read More

Categories: Benefits Management, Policy & Regulation,
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5 Steps Employers Should Take to Ensure Compliance with DOMA Ruling

The U.S. Treasury and the Internal Revenue Service announced new tax rules which went into effect in mid-September, giving same-sex couples all of the federal rights entitled to opposite-sex couples, including workplace benefits. This announcement followed the U.S. Supreme Court striking down a provision of the Defense of Marriage Act (DOMA) that denied same-sex couples Read More

Categories: Benefits Management, Policy & Regulation,
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IRS Announces 2014 Contribution Limits for 401(k) Plans

On October 31, 2013, the IRS announced the 2014 contribution limits that impact retirement plans. These limits are established through IRS requirements based upon annual adjustments for cost-of-living increases. Do you know the limit you can save in your 401(k) for 2014? Everyone should be aware of the maximum amount they can contribute to take Read More

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Treasury Department Changes Use it or Lose it Rule – Good News for Participants

There’s welcome news for workers concerned about losing unused money in their flexible spending account at the end of the year. The US Treasury Department has relaxed the rule on flexible spending accounts (FSAs) allowing participants to carry over $500 in unused funds starting in 2014. The rule ends a 30 year old policy where Read More

Categories: Benefits Management, Human Resources, Policy & Regulation, Strategy & Industry Insights,
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DOMA Ruling on FMLA means It’s Time to Update Your Handbook

The Supreme Court ruled Section 3 of the Defense of Marriage Act (DOMA), which denied recognition of marital status to same-sex couples, is unconstitutional. In doing this, the Court increased the number of employees now entitled to leave under the Family and Medical Leave Act (FMLA). Employers must now review and update their FMLA leave Read More

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Social Security Wage Base Increases to $113,700 in 2013

The Social Security Administration (SSA) announced on Tuesday, October 16, 2012, that the 2013 social security wage base will be $113,700, an increase of $3,600 from the 2012 wage base of $110,100).  As in prior years, there is no limit to the wages subject to the Medicare tax; therefore all covered wages are still subject Read More