Employer Guide to Open Enrollment

Employer Guide to Open Enrollment

Employer Guide to Open Enrollment  The Affordable Care Act (ACA) mandates that companies with 50 or more full-time equivalent (FTE) employees offer health insurance to their employees. Data shows that while over 98% of companies with 200 or more employees offered health benefits, this number dropped to about 67% for businesses with 10 – 24 […]

How the Affordable Care Act Affects Your Business

Affordable care act what to know

The Affordable Care Act was designed with three overarching goals: to make affordable healthcare accessible to a larger segment of the US population, expand the Medicaid program’s reach, and find innovative ways to lower healthcare costs. Since the Affordable Care Act came into effect, it has brought 20 million uninsured people into its fold. Many […]

6 Ways Implementing a 401(k) Retirement Plan Benefits Your Small Business

Implementing a 401(k) for small business

6 Ways Implementing a 401(k) Retirement Plan Benefits Your Small Business Implementing A 401(k) Retirement Plan for Small Business Over the last 30+ years helping businesses choose benefit plans, there is one question we get asked the most: “Why should I go through the complexities of setting up a 401(k) retirement plan for my business, […]

Secure Act 2.0 – What Should Employers Know?

Secure Act 2.0 – What Should Employers Know? Question: What should we know about the new “Secure Act 2.0” and how will it impact our retirement plan? Answer: On Dec. 29, 2022, President Biden signed the Consolidated Appropriations Act of 2023, an omnibus bill that includes the “SECURE Act 2.0.” The SECURE Act 2.0 is intended to […]

ACA Pay or Play Penalties Will Increase for 2024

ACA Pay or Play Penalties Will Increase for 2024 On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970 and the adjusted $3,000 penalty amount is $4,460. Pay or Play Penalty […]

6 Common Mistakes to Avoid When Choosing a Health Plan

6 Common Mistakes to Avoid When Choosing a Health Plan Health insurance may be one of the most critical annual purchases since it impacts your physical, mental and financial wellness. Unfortunately, selecting a health insurance plan can feel overwhelming. With so many options, it can also be easy to make a mistake when selecting coverage. […]

Health FSA Limit Will Increase for 2023

Health FSA Limit Will Increase for 2023 Highlights The IRS announced that the health FSA dollar limit will increase to $3,050 for 2023. Employers may continue to impose their own dollar limit on employee salary reduction contributions to health FSAs, up to the ACA’s maximum. Employers should communicate their 2023 limit to their employees as […]

IRS Announces 2023 Retirement Plan Limits

IRS Announces 2023 Retirement Plan Limits Important Dates: The amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500. The Internal Revenue Service (IRS) has released Notice 2022-55, containing cost-of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2023 Increases The employee contribution […]

Qualified Transportation Fringe Benefit Limits to Increase in 2023

Qualified Transportation Fringe Benefit Limits to Increase in 2023 Highlights: The 2023 monthly limit for transportation in a commuter highway vehicle and transit pass (combined) is $300. The 2023 monthly limit for qualified parking is $300. These amounts represent a $20 increase from the 2022 limits. The IRS has released Revenue Procedure 2022-38, which includes cost-of-living […]