Preparing for ACA and State-Based Individual Mandate Reporting
As the end of 2020 approaches, it is time to start preparing for ACA reporting, including reporting to states that are enforcing health insurance individual mandates.
Posts in Benefit Minute
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COVID-19 Updates and Reminders (Benefit Minute)
This volume of the Benefit Minute provides updates to various regulatory and administrative issues related to coronavirus.
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Reporting and Reconciling FFCRA and CARES Tax Credits (Benefit Minute)
The Internal Revenue Service has released an updated Form 941 (Employer’s Quarterly Federal Tax Return) to account for Families First Coronavirus Response Act (FFCRA) qualified leave wages and Coronavirus Aid, Relief, and Economic Security Act (CARES) employee retention wages and payroll tax deferrals. The form generally applies for wages paid beginning April 2020. Detail of […]
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Employee Benefits Compliance Updates (Benefit Minute)
HSA Limits for 2021 The limits for qualified high deductible health plans (QHDHPs) and health savings accounts (HSAs) for plan years beginning in 2021 are set forth below. HSA Contribution Limit (individual) – $3,600 HSA Contribution Limit (family) – $7,200 QHDHP Minimum Deductible (individual) – $1,400 QHDHP Minimum Deductible (family) – $2,800 QHDHP Out-of-Pocket Maximum […]
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COVID-19 Relief for Section 125 Plans and Increase in FSA Carryover (Benefit Minute)
On May 12, the IRS issued 2 separate Notices that address relief for section 125 plans in light of the COVID-19 pandemic and an increase in the maximum carryover for health care flexible spending accounts. While the guidance in both of these Notices is permissive and not required, employers and plan sponsors will want to […]
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COVID-19 Extension of Certain HIPAA/COBRA/ERISA Deadlines (Benefit Minute)
On April 29, the Department of Labor (DOL) issued Disaster Relief Notice 2020-01, as well as a proposed final rule that would extend certain timeframes applicable to employee benefit plans and their participants and beneficiaries, including special enrollment timeframes, COBRA deadlines, and ERISA claims procedure deadlines in response to the COVID-19 emergency. The guidance is […]
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Families First Coronavirus Response Act Update #3 (Benefit Minute)
On April 1, the Department of Labor (DOL) issued temporary regulations intended to implement the Emergency Paid Sick Leave Act (EPSL) and Emergency Family and Medical Leave Expansion Act (EFMLA) under the Families First Coronavirus Response Act (FFCRA). The effective date of these regulations was April 1, and they expire on December 31, 2020. The […]
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Coronavirus Aid, Relief, and Economic Security Act (Benefit Minute)
On March 27th, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES). This is primarily an economic stimulus package; however, there are certain employee benefit-related items. This issue of the Benefit Minute discusses these items and provides a brief overview of certain other major provisions.
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Families First Coronavirus Response Act Update #2 (Benefit Minute)
The Department of Labor has issued additional Questions and Answers providing more compliance assistance for implementation of the Emergency Paid Sick Leave Act (EPSL) and the Emergency Family and Medical Leave Expansion Act (EFMLA) provisions of the Families First Coronavirus Response Act (FFCRA). Highlights of the additional DOL Questions and Answers are discussed below.