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When it comes to ERISA compliance, employers and brokers frequently ask us: who is responsible for creating documents and SPDs, how is a wrap plan used to satisfy ERISA compliance, and what information must be provided to employees and when. To help navigate some of the more common myths and misconceptions surrounding when employers must have plan documents and SPDs for benefits they sponsor we have provided the following responses to some of the more frequently asked questions.
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Categories: Benefits in General, Compliance | Tags: ERISA , DOL , Wrap Plans , SPD , Summary Plan Description , Plan documents , 5500 , Compliance Services

Health Coverage Tax Credit (HCTC) Extended

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The Health Coverage Tax Credit (HCTC) has been extended for all 2020 coverage months. Participants may need to take action to receive the HCTC for 2020 coverage.
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Categories: Benefits in General, Compliance | Tags: Health Coverage Tax Credit , HCTC , 2020 , Form 8885 , HCTC Advance Monthly Program
Entities that provide prescription drug coverage to Medicare Part D eligible individuals must disclose to Centers for Medicare & Medicaid Services (CMS) whether the coverage is "creditable prescription drug coverage".
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Categories: Compliance, Health Care in General | Tags: CMS , Creditable Coverage , March 1st , Disclosure , Medicare Part D Notice
The Department of Labor (DOL) recently published the 2020 annual inflation adjustments to the civil monetary penalties for various violations pertaining to health and welfare benefit plans and pension and retirement plans.
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Categories: Compliance | Tags: DOL , Penalty , Inflation Adjusted , 2020
The IRS has released the latest version of Publication 502 for use in preparing 2019 tax returns. Taxpayers interested in filing itemized deductions for medical expenses will find the IRS Pub. 502 a useful resource when preparing their federal income tax returns.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS Pub 502 , Publication 502 , Medical Expenses , Itemized Medical Expenses , 2019 Tax Filing
IRS Publication 503, used in preparing itemization for child and dependent care expenses for taxes, is now available for use with 2019 tax filings. In addition, Form 2441 and accompanying Instructions (used to report child and dependent care expenses) is available.
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Categories: Benefits in General, Compliance | Tags: Publication 503 , IRS Pub 503 , 2019 tax filing , Child and Dependent Care , Form 2441 , Form 2441 Instructions
In December 2019, the Further Consolidated Appropriations Act, 2020 was signed. Among many provisions was an extension of the tax used to fund the Patient-Centered Outcomes Research Institute. This tax was first applicable in 2013 and the final tax filings were scheduled for 2020. With this extension, plans will now be responsible for this tax and filing for an additional 10 years, up to 2030.
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Categories: Health Care Reform, Compliance | Tags: Further Consolidated Appropriations Act 2020 , HR 1865 , PCOR Fees , Patient-Centered Outcomes Research Institute
The IRS issued Notice 2020-05, 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 | Tags: IRS , Medical , Mileage , Charitable , Business , 2020 Limits
As we ring in the New Year, 2020 calendar-year cafeteria plans have also started a new Plan Year. Employers are often faced with requests from participants to change their elections shortly after a new plan year begins. This article reviews the rules including when elections can and cannot be changed.
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Categories: Benefits in General, Compliance | Tags: FSA , Flexible Spending Accounts , Cafeteria Plan , Permitted Election Change
Late Friday, President Trump signed the Further Consolidated Appropriations Act (“Act”), 2020 (H.R. 1865) which includes many provisions, most notably the repeal of the Cadillac Tax. The Cadillac Tax was a provision included in the Affordable Care Act which imposed a tax on health plans if the value of the employer-sponsored health coverage exceeded a specified threshold. Employers sponsoring plans that risked surpassing that threshold would likely have cut their benefits to avoid the Cadillac...
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Categories: Health Care Reform, Compliance | Tags: Further Consolidated Appropriations Act , Cadillac Tax , Repeal , Transportation Benefits , H.R. 1865