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Compliance Buzz will include comprehensive and practical updates on legislative, regulatory and court developments affecting employee benefit plans. The blog will also contain coverage on issues that impact benefits in general, and in particular, health care reform.
By Compliance on 10/30/2014 10:26 AM

The IRS has announced that the annual pre-tax election amount for an employee will be raised to $2,550 for plan years beginning on or after January 1, 2015.

Employers that amended their cafeteria plans to set the health FSA maximum at the “statutory maximum” do not need to amend their plan again since the plan can automatically be increased to the new “statutory maximum.” However, these employers will want to communicate to their employees that the maximum has been increased to $2,550 for plan year 2015.

Employers that have set the maximum health FSA election at a specific dollar amount will need to amend their cafeteria plans to change the health FSA maximum to a different amount up to the $2,550 amount if they so choose.

By Compliance on 10/30/2014 7:17 AM

Some employers need to take immediate action to register with the Department of Health and Human Services (HHS) and report the count of the covered lives under their health reimbursement arrangement (HRA) by November 15, 2014 on pay.gov. Failure to do so could result in penalties for each day not timely reported.

The affected employers are those that 1.) Provide spend down HRA accounts to active employees that are not enrolled in the employer’s health plan or the group health plan of another employer; or 2.) Provide an HRA to employees that are not enrolled in the employer’s health plan or health plan of another employer; or 3.)Provide an HRA to their employees and the employer has no group health plan.

By Compliance on 10/21/2014 11:48 AM

An HRA is a group health plan that is self-insured by the employer. Some HRAs are subject to the Transitional Reinsurance Fee starting with calendar year 2014 and payable through calendar year 2016. Employers that owe the TR fee for an affected HRA need to register with the Department of Health and Human Services and complete the new TR Fee form on www.pay.gov    no later than November 15th and pay the TR fee , either in full or as first installment payment, no later than January 15, 2015.

By Compliance on 10/21/2014 6:57 AM

Insurers in states where same sex marriage bans have been overturned may be allowing special open enrollments for employees to add their same sex spouses to the employer’s group health, dental or vision insurance plans. If this open enrollment occurs mid-plan year of the employer’s cafeteria plan, the employee can add their same sex spouse to the insurance coverage and pay premiums for that coverage tax free. However, this is a coverage change and the employee cannot change their health FSA election mid-year.

By Compliance on 10/14/2014 12:45 PM

Wisconsin’s Revenue Department has amended a prior Q&A to answer questions related to tax consequences for same sex couples.

By Compliance on 10/7/2014 1:01 PM

By refusing to review the appeals from five states whose bans on same sex marriages were overturned, the Supreme Court has cleared the way for same sex marriage to be recognized in those five states and potentially across the land.

By Compliance on 10/6/2014 11:42 AM

The IRS has published three revised draft forms that all employers or insurers are to use to report coverage that an employee was enrolled in at any time during 2015 and for a large employer to report its offer of health coverage to its full time employees, enrollment in that coverage and its affordability.


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Recent Entries From Around Our Site

Health FSA Cap Raised to $2,550 for 2015 (10/30/14)
Step-by-Step TR Fee Report for HRAs (10/30/14)
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