Archive for the ‘Benefits’ Category

Employers have the discretion to allow employees to make certain mid-year changes.

Cafeteria Plans, FSAs, Dependent Care Assistance Programs More Flexible Due to COVID-19

The Internal Revenue Service (IRS) released new guidance, Notice 2020-29, providing increased flexibility for individuals participating in section 125 cafeteria plans, health flexible spending arrangements (FSAs) and dependent care assistance programs (DCAPs) to make mid-year changes. Typically, participants are rarely permitted to make mid-year changes, but the guidance provides certain flexibility, including election changes and […]

21 May 20 - Benefits, COVID-19 (Coronavirus) - Bianca Saad - No CommentsRead More »

CalSavers Large Employer Registration Deadline Extended

The COVID-19 pandemic continues to rapidly change California’s regulatory landscape. To help employers through these uncertain times, the California Secure Choice Retirement Savings Investment Board has extended the current deadline from June 30, 2020, to September 30, 2020, for employers with more than 100 employees to register with the CalSavers program. As previously reported, eligible […]

6 May 20 - Benefits, COVID-19 (Coronavirus) - Matthew J. Roberts, Esq. - No CommentsRead More »

Don’t Forget to Prepare Employee Flexible Spending Account Notices

As previously reported, the end of the year is a great time for employees to take advantage of any flexible spending account dollars (FSA) they may have left in their accounts. Many employers offer FSAs because they allow employees to use tax-free money to cover expenses such as medical bills, childcare and adoption assistance. Under federal […]

19 Dec 19 - Benefits - Matthew J. Roberts, Esq. - No CommentsRead More »

Plan for 2020 Flexible Spending Arrangements (FSAs)

Now is the time for your employees to start planning on taking full advantage of their employer’s health flexible spending arrangement (FSA) during 2020. Employees may contribute up to $2,750 during the 2020 plan year, which is a $50 increase over 2019. Employees who want to contribute to an FSA must make that choice for […]

20 Nov 19 - Benefits - HRWatchdog - No CommentsRead More »

The IRS raised 401(k) contribution limits for 2020.

401(k) Contribution Limits Increase for 2020

The Internal Revenue Service (IRS) released guidance on cost-of-living adjustments affecting contributions to 401(k) plans and other retirement-related items for 2020 because the increase in the cost-of-living index met the statutory thresholds, triggering their adjustment. However, one key limit remains unchanged. The elective deferral (contribution) limit for employees who participate in 401(k) and 403(b) plans increased […]

19 Nov 19 - Benefits - Katie Culliton - No CommentsRead More »