Category Archives: Employee Benefits

The ACA Repeal Process Begins

On Jan. 13, 2017, the U.S. House of Representatives passed a budget resolution for fiscal year 2017 to begin the process of repealing the Affordable Care Act (ACA). The budget resolution does not itself repeal the ACA, but it does pave the way for Republicans to use special budget procedures to repeal and likely replace […]

ACA Reporting Deadline Delayed

In mid-November, the Internal Revenue Service (IRS) issued Notice 2016-70, which extends the deadline for furnishing forms under Sections 6055 and 6056 for 2016 and extends good-faith transition relief from penalties related to 2016 Section 6055 and 6056 reporting. What Is Good-faith Transition Relief? In determining good faith, the IRS will take into account whether […]

December 1 is Near: Understand What’s Changing

The DOL’s overtime rule, it is still set to take effect on December 1, 2016. Under the federal Fair Labor Standards Act (FLSA), employees must be paid at least the applicable minimum wage for all hours worked. In addition, employees must be paid overtime compensation for any hours worked over 40 during the workweek. However, […]

DOL’s New Fiduciary Rule Impacts HSAs

In April, the Department of Labor (DOL) published a final rule that expands on who is considered a “fiduciary” when providing financial advice to retirement plans and their participants. This expanded definition will take effect on April 10, 2017. Other provisions related to prohibited transaction exemptions for advisors will become effective on January 1, 2018. […]

Understanding a Group Captive Program

A group captive is a health insurance pool formed by companies joining together to reduce the cost of their medical benefit spend. It is an alternative insurance option that is owned and controlled by its insureds. Unlike fully-insured options where the insurance company keeps all the profits and premiums generally continue to rise, or self-insured […]

Taking Your Wellness Program to the Next Level

A successful workplace wellness program should include something to appeal to every person in your population. This will create a well-rounded and positive work environment that will enhance your corporate culture as well as help with retention and hiring of new employees. Here are some ideas you may want to integrate into your existing program: […]

ACA Reporting – Earlier Deadlines for 2017

Just when you thought your ACA information reporting was over, it’s time to start planning for 2017. Although the due dates for the first year of reporting were extended, transition relief has ended. Unless the IRS releases additional relief, the dates for your 2016 reporting will revert back to the original dates provided in the […]

The Health Benefits of a Vacation

According to a recent study conducted by the State University of New York at Oswego, men who take annual vacations reduce their overall risk of death by 20 percent and their risk of heart disease by 30 percent because they are given a chance to de-stress. Beyond that, workers who put in 50 hours a […]

Jul 28, 2016 – Compliance Observer Alert – ACA Reporting Update

July 28, 2016 ACA Reporting Update Applies to:  All Employers   Background Under the ACA, Applicable Large Employers (ALEs) are required to report on the health coverage offered to full-time employees.  To report this information to the IRS an ALE must use forms 1094-C and 1095-C (“IRS returns”) and these forms must be filed by […]

Significant Changes Proposed for Form 5500

The DOL, IRS and PBGC have proposed significant changes to the Form 5500 Annual Return/Report series, affecting group health plans of all sizes but small group health plans (fewer than 100 participants) previously exempt from filing must also be aware of these changes.   According to the DOL Fact Sheet, the changes are proposed to improve: […]

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