Pre-approved 401(k) plans must be restated every six years, and if you as an employer do not adopt the restatement on time, the tax qualification of the plan could be in jeopardy.
How would you feel if this arrived in the mail? What if you could prevent this problem before it arrived? In 2022, it is likely that many companies may not be compliant with current tax and labor rules. These laws essentially apply to most small and mid-sized businesses, especially those that offer 401(k) plans or...
Fighting unemployment claims is rarely worth your time and talent Employers often get worked up over unemployment claims, and, as a matter of principle, spend (read: waste) significant time and effort contesting them. Why? Employers may mistakenly believe an employee’s receiving unemployment (1) is going to cost the company a bunch of money and/or (2)...
Earlier this year, the U.S. Department of Labor published a new rule that will increase the salary requirements for “exempt” employees under the Fair Labor Standards Act. The time for complying with the new rule is just around the corner – the regulation goes into effect on December 1, 2016 regardless of the pending new...
Affordable Care Act The U.S. Supreme Court affirmed the Fourth Circuit Court decision in King v. Burwell, holding that individuals who get their health insurance through the federal government exchange will be eligible for tax subsidies under the Affordable Care Act. The decision leaves employers in largely the same position they’ve faced since ACA’s passage,...
Employers offering employee benefits to their employees are required to meet virtually innumerable legal requirements under the Employee Retirement and Income Security Act (“ERISA”), the Patient Protection and Affordable Care Act (“ACA”), the Internal Revenue Code, as well as dozens of other federal and state laws related to benefits. These requirements fall into three categories...
The Employee Retirement Income Security Act (ERISA) is a complex and detailed federal law governing the administration of employee benefits. ERISA’s application to a particular plan is itself a complex issue, but the law generally governs pension, “welfare benefit,” and profit sharing plans employers offer their employees, and is supplemented by other federal statutes with...
The Department of Labor has issued temporary guidance outlining the requirements of the notice provision that the Affordable Care Act (ACA) added to the Fair Labor Standards Act (FLSA). Under FLSA Section 18B, employers must distribute notices announcing the existence of the Health Insurance Marketplace (i.e., the “Exchanges”) created by Health Reform, and explaining the...
On January 17, 2013, the Department of Health and Human Services released final regulations which provided sweeping changes to the rules under privacy, security, enforcement, and breach notification requirements of the Health Insurance Portability and Accountability Act (“HIPAA”), the Health Information Technology for Economic Health (“HITECH”) and the Genetic Information Nondiscrimination Act (“GINA”). “Covered entities”,...
Over the past few years, employees across the country have been raising questions about health care reform and how it will impact them. The following communication has been created to help inform and educate employees about the possible changes that may affect them in the future. What is Health Care Reform? The Affordable Care Act...
As an employer, you’re likely aware of the requirement of managing and calculating “imputed income” for your employees. This requirement of the IRS applies to employees who are covered by an employer-provided benefit of more than $50,000 in term life insurance. This requirement is tedious and challenging, especially if you have a payroll or software...
Employer Benefits Compliance – October 15th Deadline Medicare D Creditable Coverage Notification If you are an employer who provides prescription drug coverage as part of your benefit package, you are required under the Medicare Modernization Act to annually disclose to your Medicare-eligible population whether the pharmacy plan is “creditable” or “non-creditable”. “Creditable” means...
Millenium Benefits Consulting offers a different perspective on what is normally one of the biggest headaches in an employer’s year. Take a quick look to see if it helps… Yikes – Open Enrollment is just around the corner! Yep, it’s true – for plans renewing on January 1, 2013 – open enrollment is right around...