The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. This dollar limit is indexed for cost-of-living adjustments and may be increased each year. The health FSA dollar limit on employee salary reduction contributions is $2,750 for taxable years beginning in 2020.
On Nov. 8, 2019, the Departments of Labor (DOL) and Health and Human Services (HHS) issued an updated template and related materials for the summary of benefits and coverage (SBC). These materials are required to be used for plan years beginning on or after Jan. 1, 2021. This means that the updated template must be used for the 2021 plan year’s open enrollment period.
On Oct. 25, 2019, the Department of Health and Human Services (HHS) released a final rule to rescind the HPID and requirements for its use. Under HIPAA, HHS is required to adopt standards for certain electronic transactions. One of the standards is a unique identifier for health plans—the HPID.
On Oct. 23, 2019, the U.S. Department of Labor (DOL) published a proposed rule that would allow plan administrators to make retirement plan disclosures available on a website.
The Affordable Care Act (ACA) imposes an annual, non- deductible fee on the health insurance sector, allocated across the industry according to market share. On Sept. 4, 2019, the Internal Revenue Service (IRS) issued Notice 2019-50 to index the applicable fee amount for 2020.
Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement plan limits for 2020.
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If you have ever hosted – or even helped to prepare – a Thanksgiving meal, you know how hectic the kitchen can get. Getting that beautiful, delicious meal out on the table requires a lot of behind the scenes effort, which is oh so worth it, but according to the National Fire Protection Association, “Thanksgiving is the peak day for home cooking fires.”