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Administered by the International Foundation of Employee Benefit Plans (IFEBP) and Dalhousie University, this program provides a comprehensive education on employee benefits, retirementplans, and health benefits. Key Benefits: Comprehensive coverage of group benefits, retirementplans, and compensation.
Watch the video to hear more from our own Jason Cook about the retirement-planning potential of an HSA. Exploring HSAs and FSAs HSAs and medical flexiblespendingaccounts (FSAs) let you save money because the funds you contribute to them are pre-tax.
Flexiblespendingaccounts (FSA) Flexiblespendingaccounts (FSAs) offer a valuable tax-advantaged benefit, but the IRS use-or-lose rule can result in forfeited funds if employees dont use their balances by the deadline. Retirementplan compliance (SECURE 2.0 Act updates) The SECURE 2.0
With political campaigns often influencing policy proposals from healthcare to retirementplans, this episode dives into what employers and professionals can expect and how they can prepare for potential changes. It is not legal or tax advice. Keep reading and check out our podcast episode below to learn more.
And just because you have an entire plan year ahead doesnt mean you should wait until November or December to put time and energy into your employee benefits. In fact, staying on top of your health savings account (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you.
Schedule workshops or webinars to break down complex topics like: Health savings accounts (HSAs) Flexiblespendingaccounts (FSAs) Retirementplanning options Emphasize the total rewards picture Highlight how your benefits program fits into your companys total rewards strategy. It is not legal or tax advice.
Traditional Health Plan Calculator , which lets you input your annual doctor visit and prescription expenses to see the plan that’s right for you. Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. Are you comparing an HDHP versus a traditional PPO or other type of traditional health plan?
The platform streamlines HR processes and benefits administration by offering a single, centralized platform for employees to access and manage their benefits, from health insurance and retirementplans to time-off tracking and more. One of the key benefits of GoCo is its ease of use.
The platform automates the entire payroll process, from calculating earnings and deductions to generating pay stubs and tax forms. It simplifies the enrollment and management of employee benefits programs, such as health insurance, retirementplans, and flexiblespendingaccounts.
It enables businesses to handle complex payroll processes with ease, including payroll calculations, tax management, direct deposits, and payroll reporting. The platform enables HR teams to manage employee benefits, such as health insurance, retirementplans, and flexiblespendingaccounts.
On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirementplans. The table below provides an overview of the key adjustments for qualified retirementplans. Qualified Defined Benefit Plans. Qualified Defined Contribution Plans.
The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexiblespendingaccounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirementaccounts. Retirementplan maximums.
The Birth of HSAs HSAs were created with the vision of empowering individuals to take control of their healthcare expenses while providing tax advantages. The idea was to combine a high-deductible health plan (HDHP) with a tax-advantaged savings account, allowing individuals to set aside pre-tax dollars for qualified medical expenses.
To drive company’s success, benchmark and budget a benefit plan that attracts the skilled employees, is needed to keep the employees performing at their best. Payroll taxes 2. Health care flexiblespendingaccounts 3. RetirementPlans Employers usually offer retirementplans.
And just because you have an entire plan year ahead doesn’t mean you should wait until November or December to put time and energy into your employee benefits. In fact, staying on top of your health savings account (HSA) , flexiblespendingaccount (FSA) , or any other plan you signed up for throughout the year can pay off for you.
Flexible work options. Employees still want traditional options such as retirementplans, educational assistance, and health insurance. However, by implementing a Cafeteria Plan, you can also allow employees to select the additional benefits they prefer. . Cafeteria Plan benefits often include. Adoption Benefits.
The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spendingaccounts, retirementplans, and other employee benefits such as adoption assistance and transportation benefits. 2023 RetirementPlan Limits Increase.
This allows the PEO to handle functions such as payroll, benefits, tax remittance and related government filings. Typically, with PEO-sponsored benefit plans, your employees will have access to a wider variety of benefits than your company could obtain on its own. I-9 requirements. EEO reporting and claim resolution.
Although most businesses in a HR outsourcing arrangement take advantage of health insurance benefits, many other offered benefits, such as retirementplans and flexiblespendingaccounts are ignored. Employees can save significantly by using pre-tax dollars to pay for medical expenses and even child care.
On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexiblespendingaccounts and the monthly limit for qualified transportation fringe benefits. The new limits are set forth below. Health FSAs. . Increase from 2022 to 2023.
This alone can help ease some of your employees’ money concerns because they will have the opportunity to get things like medical insurance, disability, flexiblespendingaccounts, retirementplans and more. They’ll have even more money at retirement thanks to your company, plus you’ll receive a tax benefit.
Health Savings Accounts (HSAs) and FlexibleSpendingAccounts (FSAs) are two of the most effective instruments for optimizing health savings and financial flexibility for both employers and employees among the different components of a comprehensive benefits strategy.
The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). Health flexiblespendingaccounts (FSAs). 401(k) plans. Transportation fringe benefit plans. Health FSA pre-tax contribution limit.
Watch the video to hear more from our own Jason Cook about the retirement-planning potential of an HSA. Exploring HSAs and FSAs HSAs and medical flexiblespendingaccounts (FSAs) let you save money because the funds you contribute to them are pre-tax.
Traditional Health Plan Calculator , which lets you input your annual doctor visit and prescription expenses to see the plan that’s right for you. Pre-tax benefits savings Premiums aren’t the only way you can save on healthcare costs. Are you comparing an HDHP versus a PPO or other type of traditional health plan?
The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spendingaccounts, retirementplans, and other employee benefits such as adoption assistance and transportation benefits. 2022 RetirementPlan Limits Increase.
If certain individuals received raises or promotions, make sure these changes are reflected in their current pay stubs as well as in tax documents and company records. Annual, quarterly or holiday bonuses should also be accounted for. Report benefits enrollment information. Make any necessary updates to FSAs.
As a co-employer, the PEO is able to offer a wide variety of benefits to your employees through PEO-sponsored benefit plans, such as medical, dental and vision coverage, a healthcare flexiblespendingaccount, and life and disability benefits. Retirementplans.
Alongside competitive salaries and career growth opportunities, companies are now offering a wide array of tax free or non taxable employee benefits to attract and retain top talent. In this blog, we will discuss tax free or non taxable employee benefits. In this blog, we will discuss tax free or non taxable employee benefits.
Employers that have gone the HDHP route typically offer a qualified plan that includes a health savings account to help pay for qualifying medical expenses tax-free. Using HSAs as an Investment Strategy for Retirement. In addition, employers can contribute tax-free dollars if they choose—all of which is employee money.
Though the employer mandate provisions of the Affordable Care Act have been delayed, health care insurance costs, taxes and fees are expected to continue to climb. Postponing your decision to provide health care insurance could prove to be very costly for your business.
Some people might want benefits that can be used to support children, like a General or Limited FlexibleSpendingAccount (FSA) or a Dependent Care FSA. But others may be interested in long-term saving goals or retirementplanning. Discuss money and communicate clearly.
Benefits platforms also allow companies to centralize and automate the administration of employee benefits, such as health insurance, retirementplans, paid time off, and more. Flexibility in Benefits: An employee benefits platform can provide greater flexibility in the benefits employers can offer their employees.
The Evolution of Employee Benefits Employee benefits have come a long way since the days of basic health insurance coverage with a savings retirementplan thrown in. But, to offer more, it is not always necessary to spend more. Microsoft offers employees either a Health Savings Account (HSA) or a FlexibleSpendingAccount (FSA).
Insurance types: Medical, dental, vision, disability, and life insurance plans. Tax-preferred plans: Health flexiblespendingaccounts, health savings accounts, health reimbursement accounts, transportation accounts, and more. 401(k) and retirementplans.
For example, some employers are adopting health plans that cover, or at least provide some reimbursement for, reproductive health. Add health savings accounts and flexiblespendingaccounts. Ask your provider if it’s possible to design plans for unique situations and goals.
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirementplans. FlexibleSpendingAccount (FSA). The amount you elect must be used in that plan year. Health Savings Account (HSA). Employers fund and own accounts.
These incentives span a wide array, from health benefits and retirementplans to flexible work arrangements, financial bonuses, and professional development opportunities. Paid parental leave, support for fertility-related expenses, and assistance with adoption or surrogacy costs are also part of the benefitws plan.
Retirementplans. While salary is usually considered the star of compensation packages, employees also realize retirementplans contribute to their overall financial well-being. Large and small businesses alike benefit from sponsoring plans such as 401(K)s and Simple IRAs. Employers also may contribute to this sum.
TurboTax ) 401(k): Retirementplans named for the section of the tax code that governs them. ( IRS ) W-4: A form used by employers to withhold the proper amount of federal income tax from employees’ paychecks. ( TurboTax ) 401(k): Retirementplans named for the section of the tax code that governs them. (
Retirementplans Employees want to be able to save for retirement and plan for their futures. In a 401(k) plan, the most common type of retirementplan, employees can save up to a certain amount set by the U.S. Funds can be withdrawn for non-eligible expenses, but they will be taxed.)
IRS Announces 2024 FSA, RetirementPlan Limits Earlier this month, the Internal Revenue Service (IRS) released cost-of-living adjustments and inflation-adjusted limits for 2024 that affect amounts employees can contribute to health flexiblespendingaccounts (FSAs), 401(k) plans and individual retirementaccounts (IRAs).
The ARPA also allows the employer, insurer, or multiemployer plan sponsor who subsided the premiums to offset the cost by claiming a new federal tax credit. All group health plans that provide major medical benefits subject to federal COBRA rules are subject to the ARPA COBRA rules. Tax Credit.
Tax season is in full swing, and as the April 15 filing deadline approaches, employees are looking for ways to maximize their savings. Taking full advantage of pre-tax benefits. What are pre-tax benefits? What are pre-tax benefits? These contributions may be tax-deductible, depending on income and filing status.
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