Updated DOL Guidance on Indexed Statutory Penalties for ERISA Plans

On January 15, 2019, the US Department of Labor issued pre-publication guidance on the indexed statutory penalties for certain violations applicable to ERISA welfare plans, under the Civil Penalties Inflation Adjustment Act. The 2019 inflation-adjusted penalties that are applicable to health and welfare plans for 2019 include (but are not limited to) the following key […]

Hays Companies Employee Benefits Presents: Upcoming Webinars in 2019

We are pleased to announce the upcoming Hays Companies Webinar schedule for the first half of 2019. Registration information for each webinar, actual dates, and complete details will be made available closer to the event. As always, please reach out to your Hays Companies representative with any questions. Date Topic January Employer Reporting: a 1094-C […]

Biometrics: The Inside Story

In this age of technological and scientific breakthroughs, the most revealing medical insights may come from a single drop of blood. Biometric screenings provide employees with a detailed analysis of their current state of health, as well as insights into what the future might hold. By understanding potential issues, blood screenings could help address concerning […]

Entire ACA Ruled Invalid

On December 14th, a judge in the United States District Court for the Northern District of Texas, Fort Worth Division, ruled that the Affordable Care Act’s (ACA) individual mandate is unconstitutional and that the remaining provisions of the ACA are inseverable and therefore invalid. The ruling is based upon the change to the individual mandate […]

IRS Announces Employee Benefit Plan Limits for 2019

Highlights The IRS recently announced cost-of-living adjustments to the annual dollar limits for employee benefit plans. Many of these limits will increase for 2019. In 2019, employees may contribute more money to their HSAs, health FSAs and 401(k) accounts. Overview Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. […]

HSAs & FSAs: Eligibility and Contribution Limits

Introduction HSAs (Health Savings Accounts) and FSAs (Flexible Spending Accounts): Are both accounts designed to help employees put aside money to pay for extra medical expenses on a pre-tax basis, both have rules around maximum contributions and permissible distributions, and both have remarkably similar sounding acronyms. However, the similarities for the most part, stop here. […]

IRS/DOL Disaster Relief for Victims of California Wildfires

Yesterday, the IRS issued new guidance expanding tax deadline relief to taxpayers in California who were affected by wildfires, including an extension for filing Form 5500 for their employee benefit plans.  The following California counties are included in the disaster relief area: Butte, Los Angeles and Ventura.  Affected businesses with upcoming deadlines for filing 5500s […]

2018 W-2s and Your Employee Benefits

The January 31st W-2 deadline will be here before you know it, and there’s a lot your team needs to prepare between now and then. There are employee health and wellness benefits to keep in mind, much of which is outlined in the IRS’s 2018 General Instructions for Forms W-2 and W-3. Below are the […]

airplane

2019 Retirement Plan Contribution Limits

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for defined contribution and defined benefit plans for tax year 2019.  These items were detailed in Notice 2018-83. Highlights of Changes for 2019 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings […]

Compliance Bulletin: Proposed Rule Would Expand Options For HRAs

Overview On Oct. 23, 2018, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a proposed rule that would expand the usability of health reimbursement arrangements (HRAs). Effective in 2020, the proposed rule would: Allow HRAs to be used to reimburse the cost of individual market premiums on a […]