Proskauer's Employee Benefits & Executive Compensa

JANUARY 4, 2023

The Internal Revenue Code (the “Code”) requires insurance companies, self-insured plans, and applicable large employers (“ALEs,” generally those with 50+ full-time or full-time equivalent employees) to file annual statements with the IRS (via Forms 1094-B and 1094-C for insurance providers and ALEs, respectively).

Insurance 105

Insurance Employee Enrollments Taxes Consulting 105

Business Management Daily

SEPTEMBER 9, 2021

FSAs are primarily funded by employees through pretax deductions, although employers may make contributions. Tax advantage: Employees’ and employers’ contributions are excluded from employees’ wages and aren’t subject to income or FICA taxes. Employees usually contribute to HSAs on a pretax basis.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Employment Flexible Spending 52

InterWest Insurance Services

JANUARY 17, 2023

There are a number of issues that Medicare-eligible workers face that your human resources staff may be asked about, such as: Penalties for late Medicare enrollment, Whether the employer plan is the primary or secondary payer of claims, and. The following are considerations for employers faced with workers nearing 65.

Health Insurance 97

Health Insurance Insurance Health Savings Account Hospitality 97

Benefit Resource Inc.

APRIL 1, 2020

This includes employees’ work benefits, particularly pre-tax accounts. For employees with an HSA, Dependent Care FSA, and/or commuter plan, there may be the opportunity to make changes to their accounts. Here are the main updates employees should know about. Especially compared to other pre-tax accounts, like FSAs.

Taxes 75

Taxes Employee Enrollments Medical Employment 75

InterWest Insurance Services

DECEMBER 9, 2021

As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employees enrolled in those plans. These rules were all not mandatory and employers could choose whether to relax them or not.

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductible 98

HR Digest

MARCH 28, 2023

A 401(k) plan is a type of retirement account offered by employers to their employees. It allows employees to save a portion of their pre-tax income for retirement. The contributions are deducted from the employee’s paycheck before taxes are withheld, which reduces their taxable income.

401(k) 64

401(k) roth 401(k) Retirement Plan IT 64

InterWest Insurance Services

JANUARY 18, 2024

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. HSAs are tax-advantaged accounts that allow enrollees to save up to pay qualified medical expenses.

Out of Pocket Cost 83

Out of Pocket Cost Deductible Deductions Voluntary Benefits 83

Business Management Daily

NOVEMBER 15, 2021

Open enrollment is underway for many companies right now and one benefits offering that may be on the menu this year is an FSA. Employers are constantly looking for ways to remain competitive in their benefits offerings, and an FSA is a great add-on to your benefits package. Employers can choose one, but not both of these options.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Medical Healthcare 98

Benefit Resource Inc.

OCTOBER 7, 2021

Similarly, when it comes to Open Enrollment, there are two big questions to ask: What method or platform are your employees using to enroll? The way your employees enroll will influence how that information is sent to your TPA. This approach is great for employers who want to offer the analog option.

Employee Enrollments 74

Employee Enrollments Benefits Package Taxes Education 74

Benefit Resource Inc.

JUNE 1, 2023

” Although rising premium rates are an on-going challenge for employers, a primary (and popular) method to overcome this is to implement a high-deductible health plan (HDHP). Overcoming the Challenge Implement an HDHP with Complementary Accounts A growing number of employers have implemented an HDHP as a choice for employees.

Flexible Spending Account 52

Flexible Spending Account Healthcare Health Savings Account Deductions 52

Benefit Resource Inc.

AUGUST 13, 2019

According to a recent article from SHRM covering research from the Employees Benefit Research Institute (EBRI), enrollment in an HDHP promotes more conscious health care purchase decisions. For example, 55% of employees enrolled in an HDHP checked whether their health plan would cover their care or medication.

Deductible 45

Deductible Deductions Health Savings Account Employee Enrollments 45

Fringe Benefit Analysts

AUGUST 15, 2022

Many receive this coverage as a benefit of their employment. Employers who do not offer coverage can have a more difficult time attracting recruits and retaining employees. All members contribute to the plan, as well as the employer, to help reduce health care costs for every member. Read on for a thorough overview.

Insurance 52

Insurance Health Insurance IT Deductions 52

Higginbotham

JULY 12, 2022

For example: In an individual coverage health reimbursement arrangement, the health reimbursement arrangement is offered in place of a group health plan, allowing employees to purchase a health plan on their own. Healthcare.gov says that employees must be enrolled in individual health plans, such as a Marketplace plan, to use the funds.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Business Management Daily

NOVEMBER 30, 2021

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. The card is issued by the benefits provider that the employer has chosen to work with for the FSA.

Retail 52

Retail Healthcare Medical Flexible Spending Account 52

Corporate Synergies

AUGUST 6, 2018

High deductible health plans (HDHPs) are on the rise as a growing number of employers turn to consumer-directed health plans to try to curb costs—the portion of employees enrolled in HDHPs rose from 26.3% In addition, employers can contribute tax-free dollars if they choose—all of which is employee money.

401(k) 40

401(k) Health Savings Account Retirement Plan Deductible 40

Benefit Resource Inc.

JUNE 11, 2020

Many have started the process of commuting after COVID-19, leaving employees and employers alike wondering how the transition will unfold. Only available to individuals enrolled in a tax free parking account with BRI. ** Only available to employees enrolled in a tax free mass transit or parking account with BRI.

Employee Enrollments 40

Employee Enrollments Taxes Employment IT 40

Hppy

AUGUST 19, 2016

Often these programs are funded by the company and also the employee gets an incentive for joining the course. Continuous learning is beneficial for the employer as well as the workforce. Enhanced productivity and improved performance (for the employer). Tax benefits and other perks. The need for continuous learning.

Education 47

Education Employee Enrollments Finance Salary 47

Benefit Resource Inc.

NOVEMBER 22, 2019

But it was only days ago, November 14, 2019 to be exact, that employers became at risk to pay penalties. Under the Sustainable DC Act of 2014, employers with more than 20 employees (including full and part-time employees) will be required to provide one of three commuter benefit options, including: Employee-paid pre-tax benefit.

Transportation 40

Transportation Employee Enrollments Benefits Package Utilities 40

PeopleStrategy

NOVEMBER 12, 2019

Assessing open enrollment and employees’ overall involvement in benefit offerings should be a big part of any year-end HR checklist. Obviously you and the providers you select for your benefit offerings need to know how many employees enroll in each plan. According to attorney Robert Y. Payroll compliance checks.

Overtime 56

Overtime Payroll Employee Enrollments Deductions 56

Proskauer's Employee Benefits & Executive Compensa

JANUARY 6, 2022

The proposed regulations would now make permanent and automatic the 30-day extension for Forms 1095-B and 1095-C – employers and insurance providers would not be required to demonstrate good cause. Thus, ALEs will still have to furnish the applicable forms to full-time employees in the traditional manner.

Electronics 52

Electronics Insurance Employee Enrollments Taxes 52

Benefit Resource Inc.

DECEMBER 10, 2021

However, it highlights the need to use multiple communication channels – especially when it comes to Open Enrollment. We conducted a survey earlier this year to evaluate how employers planned to communicate during Open Enrollment. Most employers have access to these communication methods already, so there’s no additional cost.

Payroll 40

Payroll Employee Enrollments Deductions Deductible 40

Flimp Communications

OCTOBER 30, 2024

Their tax advantages and investment potential can help employees reduce healthcare costs, save for retirement, and maximize tax refunds. And yet, that’s not how most employees understand them — if they understand them at all. In short, your employees are missing out, and so is your organization.

Deductible 52

Deductible Deductions Taxes Flexible Spending Account 52

HR Professionals Magazine

MAY 4, 2023

A 2022 Harris poll found that 72% of employees said “they wish someone would tell them what the best health insurance for their unique situation is.” AI Enabled Benefits Education According to a recent study by the Hartford, “76% of employers say educating employees about benefits” remains challenging.

Technology 52

Technology Utilities Payroll Deductions 52

Business Management Daily

SEPTEMBER 3, 2021

The pandemic has given employers a lot to think about. While many companies may be ready to move quickly back to a fully on-site workforce, and others are exploring hybrid or fully remote options, employees have their own expectations and are willing to look for a new position if they aren’t met. Almost three-fourths of U.S.

Payroll 90

Payroll Work From Home PTO Software 90

Higginbotham

SEPTEMBER 16, 2024

By opting for a higher deductible, employees can secure lower monthly premiums. Let’s say an employee enrolls in a high-deductible health plan providing self-only coverage with an annual deductible of $2,000. Employers, employees or both can contribute funds to an HSA in the same year.

Deductible 52

Deductible Deductions Health Savings Account Health Insurance 52

InterWest Insurance Services

NOVEMBER 10, 2022

One of the most difficult aspects of annual open enrollment is reaching workers who are disengaged from the process and never bother signing up for your group health plan and other benefits they could take advantage of. Young workers will often forgo their employer’s health plan as they are still covered by their parents’ plans.

401(k) 97

401(k) Health Savings Account Health Insurance Insurance 97

Abel HR

MARCH 5, 2020

In an effort to make 401(K) plans more attainable for small business owners, the new legislation offers businesses with up to 100 employees a tax credit equating to $250 for each non-highly compensated employee eligible for plan participation or $5,000, whichever is less. This bill has you covered!

401(k) 52

401(k) Taxes Retirement Plan Employee Enrollments 52