Archive for Compliance News’ Category

Employer FYI: Individual Mandate Requirements and Proposed Regulations
Nov

9

2016

Employer FYI: Individual Mandate Requirements and Proposed Regulations

Though employers are not required to educate employees about their individual responsibilities under the Patient Protection and Affordable Care Act (ACA), it is helpful to know about the individual mandate. The individual responsibility requirement (also known as the individual mandate) became effective for most people as of January 1, 2014. Under the individual mandate, most people residing in the U.S. are required to have minimum…

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Hand holding magnifying glasses showing the words tax liability on financial paper
Oct

27

2016

SSA Announces Higher Incomes Subject to Payroll Tax in 2017

On October 18, 2016, the Social Security Administration (SSA) announced the maximum amount of earnings that are subject to the Social Security payroll tax will increase in 2017 to $127,200. This adjustment is effective as of January 1, 2017 and equates an $8,700 increase from the maximum for years 2015 and 2016, which was $118,500. According to the SSA, of the estimated 173 million workers…

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Nondiscrimination Rules for Cafeteria Plans
Oct

14

2016

Nondiscrimination Rules for Cafeteria Plans

A cafeteria plan is an employer-provided written plan that offers employees the opportunity to choose between at least one permitted taxable benefit and at least one qualified employee benefit. There is no federal law that requires employers to establish cafeteria plans; however, some states require employers to have cafeteria plans for employees to pay for health insurance on a pre-tax basis.To comply with Internal Revenue…

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Reporting Minimum Essential Coverage
Oct

7

2016

Reporting Minimum Essential Coverage

Minimum essential coverage (MEC) is the type of coverage that an individual must have under the Patient Protection and Affordable Care Act (ACA). Employers that are subject to the ACA’s shared responsibility provisions (often called “play or pay”) must offer MEC coverage that is affordable and provides minimum value.In the fall of 2015 the IRS issued Notice 2015-68 stating it was planning to propose regulations…

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Transitional Reinsurance (TRP) Contribution Form Due November 15
Oct

6

2016

Transitional Reinsurance (TRP) Contribution Form Due November 15

On October 3, 2016, federal officials posted the 2016 Transitional Reinsurance Program Annual Enrollment Contributions Form that health insurers and self-funded plan sponsors (employers) will use to make required payments under the Transitional Reinsurance Program (TRP). The 2016 report is due no later than November 15, 2016.BackgroundThe Affordable Care Act (ACA) prohibits insurers from rejecting applicants based on their health status or pre-existing conditions. To…

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Finally, a New I-9
Sep

29

2016

Finally, a New I-9

Since the current version of the Form I-9, Employment Eligibility Verification, expired on March 31, 2016, employers have been awaiting a new, updated form. On August 25, 2016, the federal Office of Management and Budget (OMB) approved a revised Form I-9. Consequently, the U.S. Citizenship and Immigration Services (USCIS) has 90 days to update the form and must publish a revised form by November 22, 2016….

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The FLSA Overtime Changes and Their Impact on Employee Benefits
Sep

22

2016

The FLSA Overtime Changes and Their Impact on Employee Benefits

Most employers should be reviewing payroll budgets and job descriptions to ensure that changes to salaries and job classifications are all in order by the December 1 deadline based on the new overtime exempt salary threshold and other final rule changes to the Fair Labor Standards Act (FLSA). Another area that will be impacted by these changes and needs review now is employee benefits.Review NowThis…

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IRS Proposes New Section 6055 Reporting Requirements for Self-Insured Employers
Sep

8

2016

IRS Proposes New Section 6055 Reporting Requirements for Self-Insured Employers

Employers with self-insured health plans are facing new Section 6055 regulations regarding the reporting of minimum essential coverage. The proposed regulation requires self-insured employers to report this information to the IRS on either Form 1095-B or in Part III of Form 1095-C, if the coverage is provided by an applicable large employer.Section 6055 reporting identifies those individuals who are enrolled in minimum essential coverage. In order…

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Initial 2016 Health Plan Survey Results Are Out: PPO Deductibles Increase Fifty Percent, Employer Costs Remain Steady
Aug

24

2016

Initial 2016 Health Plan Survey Results Are Out: PPO Deductibles Increase Fifty Percent, Employer Costs Remain Steady

The 2016 UBA Health Plan Survey contains the validated responses of 19,557 health plans and 11,524 employers, who cumulatively employ over two and a half million employees and insure more than five million total lives. Of the preliminary findings, we see that employees continue to take on more cost for coverage. The median in-network deductible on an employer-sponsored PPO health plan (which nearly half of…

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Aug

19

2016

Flow Chart of Key Wellness Program Regulations

 A wellness program is any formal or informal program that educates employees about health-related issues, promotes following healthy lifestyles, or encourages employees to make healthier choices. Wellness programs vary greatly and are not always called wellness programs. Some are purely educational and have no financial incentives. Others have financial incentives that may take the form of reductions in the employee’s contribution for medical coverage, reduced…

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