Compliance Watch

ERISA imposes certain requirements on employers (who also usually act as plan sponsors and plan administrators) that offer health and benefit plans to employees.

When it comes to offering a Flexible Spending Account (FSA), employers do not usually have the capabilities or the time to manage all aspects of the plan, so it makes sense to contract with a third-party administrator (TPA) to carry out administrative functions, particularly the time-consuming task of claims processing. 

High deductible health plans (HDHPs) can be great for employees. The premium savings mean more money in their paychecks. Pairing an HDHP with a Health Savings Account (HSA), can offer another tax-advantaged means of saving. 

Offering a Flexible Spending Account (FSA) is a great way for employers to retain and attract new talent and promote financial wellness. 

Informal guidance provided by the Department of Labor, Treasury Department, and Department of Health and Human Services has indicated that the COVID-19 Outbreak Period will end on July 10, 2023.

Every January, employees receive W-2 forms from their employers and collect other information necessary to file their yearly income taxes.

Individuals enjoy a favorable tax advantage when their benefits are part of a cafeteria plan. As a result, nondiscrimination testing rules were created by the IRS to prevent plans from discriminating in favor of individuals who are either highly compensated or otherwise key to the business (referred to as a "Prohibited Group").

You may know that Form 5500 filing is required for your 401(k) plan or your medical insurance, but were you aware that it must be done for other employee benefit plans as well?

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that applies to various organizations, including:

Dependent care FSA funds can be used to cover a variety of child and adult care services.  Dependents who are eligible include natural, adopted, and foster children who have not reached age 13 and family members who cannot care for themselves. All dependents must live with the FSA account holder for more than half the year and be claimed on their federal tax return.