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Workplace Benefit Surveys Released

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The Employee Benefit Research Institute (EBRI)/Greenwald & Associates Health and Voluntary Workplace Benefits Survey recently released “studies a wide array of topics related to employee benefits including employees’ knowledge of their benefits, confidence in making benefit decisions and satisfaction with their benefits package.”
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Categories: Benefits in General, Health Care Reform, Health Care in General | Tags: EBRI , National Health Interview Survey for 2017 , HSA , Consumer directed healthcare , employer sponsored health plan , health plan , voluntary benefits , workplace benefits , satisfaction survey
Earlier this month, U.S. Representative Mike Kelly (R-PA) – a member of the House Ways and Means Committee and Rep. Earl Blumenauer (D-OR) co-authored H.R. 5138, the Bipartisan HSA Improvement Act. The proposed legislation would improve Health Savings Accounts (HSAs) for millions of Americans The legislation is co-sponsored by Erik Paulsen (R-MN), Ron Kind (D-WI), Terri Sewell (D-AL), and Brain Fitzpatrick (R-PA).
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , Health Savings Accounts , Bipartisan HSA Improvement Act , Sen. Kelly , HR 5138 , Health Savings Act of 2017 , Sen. Hatch , FSA , HRA , S 403
The DOL, IRS and the Pension Benefit Guaranty Corporation recently released advance informational copies of the 2017 Form 5500 series, including Form 5500-SF, schedules, and instructions.
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Categories: Compliance | Tags: Form 5500 , DOL , IRS , PBGC , 2017 , Form 5500-SF , EFAST , Schedule MB
Today the IRS announced under Revenue Procedure 2017-58, the 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Included in the announcement is the inflation adjusted 2018 limits for health flexible spending accounts (FSAs) under an IRC §125 cafeteria plan and the Parking and Transit account limits under an IRC §132 Transportation Plan.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Health FSA Limit , 2018 , Transit , Parking , Transportation Plan Limits , IRS , Revenue Procedure , RP 2017-58
Although April 10, 2017 is fast approaching, the DOL has still not finalized its proposed extension to the effective date of the new fiduciary rules. To defray mounting concern, confusion and uncertainty among financial services institutions and investors, the DOL and IRS have issued temporary policies relating to the proposed delay of the new fiduciary rules and related prohibited transaction exemptions.
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Categories: Compliance | Tags: fiduciary rules , IRS , DOL , Field Assistance Bulletin No. 2017-01 , Announcement 2017-4 , fiduciary
The DOL recently published a final rule (Final Rule) setting forth the inflation-adjusted civil monetary penalties for violations pertaining to health and welfare benefit plans and pension and retirement plans. The increased amounts apply to penalties assessed after January 13, 2017.
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Categories: Benefits in General, Compliance | Tags: DOL , 2017 , penalties , penalty , violation , inflation
The IRS issues Notice 2016-79, announcing the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Medical , Mileage , Business , Charitable , 2017 limits

Election Impact on the Affordable Care Act

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Now that the election is over and as the campaign rhetoric dust settles, we wait and watch to see what this will mean for the Affordable Care Act (ACA).
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Categories: Health Care Reform, Compliance | Tags: ACA , Election , ACA Reporting , 2017 , Compliance , Employer Shared Responsibility , SBC
Today the IRS announced under Revenue Procedure 2016-55, the 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Included in the announcement is the inflation adjusted 2017 limits for health flexible spending accounts (FSAs) in an IRC §125 cafeteria plan and the Parking and Transit account limits in an IRC §132 Transportation Plan.
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Categories: Compliance, Health Care in General | Tags: Health FSA , Transit , Parking , IRS , 2017 Limits

Health Care FSA Limit Projected $2,600 for 2017

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As you may recall, the Affordable Care Act (ACA) put a cap on Health Care FSA salary reductions in 2013, subject to Consumer Price Index (CPI) adjustments in future years. Any adjustments are based upon the average of the Consumer Price Index as of the close of the 12-month period ending on August 31 of such calendar year.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: Health Care FSA , FSA , Limit , ACA , 2017 Limit