Employers are required to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA) on Form W-2, according to guidance from the IRS and the U.S. Treasury Department. The guidance was provided in Notice 2020-54, issued by the agencies on July 8, 2020. Reporting […]
Federal laws, such as the Federal Insurance Contributions Act, the Fair Labor Standards Act and the Equal Pay Act, impose recordkeeping duties on employers. Recordkeeping duties include creating, updating and preserving information. Pennsylvania law also imposes several record keeping requirements on employers in the state. These operate in addition to or in conjunction with the […]
Many benefit plan limits have changed for the new calendar year. Here’s what those changes are: 401(k) Limits Pre-tax contributions: $19,500 (up $500 from 2019)Catch-up contributions: $6,500 (up $500 from 2019) Health Savings Account (HSA) Limits Pre-tax contributions: Single coverage: $3,550 (up $50 from 2019) Family coverage: $7,100 (up $100 from 2019) Catch-up contributions: $1,000 […]
Beginning in 2020, employers of all sizes may implement a new HRA design – an individual coverage HRA (ICHRA) – to reimburse their eligible employees for insurance policies purchased in the individual market or Medicare premiums. Final rules released by the Departments of Labor, Health and Human Services (HHS) and the Treasury (Departments) permit employers […]
HIGHLIGHTS Employers with large fully insured welfare plans (100 or more participants) must provide participants with a SAR each year. The SAR is a summary of the plan’s Form 5500. Employers with self-insured, unfunded plans are not subject to the SAR requirement, regardless of plan size. IMPORTANT DATES September 30 Deadline for […]
OVERVIEW On March 7, 2019, the Department of Labor (DOL) issued a proposed rule that would change the salary thresholds for the “white collar” overtime exemptions under the Fair Labor Standards Act (FLSA). Under the proposal, the minimum salary level for executive, administrative and professional employees would increase from $455 to $679 per week ($35,308 […]
OVERVIEW The Family and Medical Leave Act (FMLA) provides eligible employees with unpaid, job-protected leave for specified family and medical reasons. Eligible employees may take up to 12 weeks of leave (26 weeks for military caregiver leave) each year for FMLA-qualifying reasons. Because FMLA leave is unpaid, employees often request time off under another leave […]
OVERVIEW The IRS recently released an information letter describing circumstances that would allow an employer to recover contributions mistakenly made to its employees’ HSAs. Previously, IRS guidance allowed employers to recover HSA contributions in very limited situations, such as when the contribution exceeded the applicable annual limit. The new guidance also allows employers to recover […]
OVERVIEW 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 2019. Although some of the limits will remain the same, many of the limits will increase for […]
OVERVIEW The Affordable Care Act (ACA) imposes a fee on health insurance issuers and self-insured plan sponsors in order to fund comparative effectiveness research. These fees are widely known as Patient-Centered Outcomes Research Institute (PCORI) fees. On Nov. 5, 2018, the Internal Revenue Service (IRS) published Notice 2018-85, which increased the PCORI fee amount for […]
