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Many employers offer benefits to their full-time employees that they don’t offer their part-time employees. But when employees work part-time some weeks and full-time other weeks, determining their status for benefits purposes can be tricky. Fortunately, we have some helpful advice. Define Your Terms Determining whether a variable-hour employee qualifies for benefits depends on how […]
Last year, President Joe Biden signed into law far-reaching retirement plan legislation known as the SECURE 2.0 Act that includes many new rules for employers and their qualified requirement plans. In late August 2023, the IRS issued a notice delaying for two years the implementation of one of the Act’s rules—about deferrals known as catch-up […]
This year’s open enrollment season just may be one of the most essential—and confusing—in recent history. The myriad legislative changes that were introduced for flexible spending accounts (FSAs) and health savings accounts (HSAs) in 2020 due to COVID-19 were designed to give employers and employees more flexibility and protection. While these changes were critically important […]
Up to 30 percent of employers misclassify their employees as independent contractors, according to national estimates. Misclassification occurs when an employer improperly classifies a worker as an independent contractor instead of an employee. Unfortunately, the consequences can be severe. Some businesses intentionally misclassify workers to try to save on taxes or avoid other costs associated […]
A growing number of organizations are adding student loan repayment solutions to their benefits lineup. While expanded tax benefits for both employers and employees are a big part of the allure, HR leaders also understand the broader implications. The tax advantages are one thing. But instituting these programs can also help correct the productivity drain […]
The COVID-19 pandemic has led to “shelter-at-home” proclamations from state and local governments, causing many nonessential businesses to shut down temporarily. Employers have handled the crisis in varying ways, some by temporarily paying employees to stay home, others by laying off or furloughing workers. In such instances, employers need to be aware of the qualified […]
Have you noticed how much notice issues regarding federal continuation coverage seem to be cropping up everywhere—such as in the news, the courts, and the administrative agencies? Well, the latest matter involves part of the regular evaluation of paperwork requirements conducted by the Internal Revenue Service (IRS).
Once again this year, employers and insurers were given an extra month to comply with the upcoming Affordable Care Act (ACA) requirements to furnish 1095-B and -C reports to individuals.
High-deductible health plans (HDHPs) may cover coronavirus (COVID-19) testing and treatment without jeopardizing participants’ eligibility for a health savings account (HSA), according to March 11 guidance from the Internal Revenue Service (IRS).
Among the many challenges a plan sponsor faces is keeping plan operations current with operational requirements. Some requirements are mandatory for all plans, and others are required as a result of discretionary changes made by an individual employer plan to take advantage of legislative and regulatory changes.