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IRS Announces Higher 2020 Retirement Plan
The IRS has announced the inflation-adjusted figures for retirement account savings and other cost-of-living changes in Notice 2019-59 effective January 1, 2020. 2020 Highlights 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan: limits increased by $500 from $19,000 in 2019 to $19,500 in 2020 The catch-up contribution: limit for employees over End excerpt
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Reporting Requirement Under D.C. Individual Mandate
OTR NOTICE Under new tax guidance (Notice 2019-04), D.C. residents must have minimal essential health care coverage (MEC), have a coverage exemption, or pay a tax penalty for tax years ending on or after December 31, 2019. Insurance companies, business providing insurance to their employees, and other applicable entities are required to file information returns End excerpt
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2019 Medicare Part D Notice
The following information is provided as guidance for employers and their employees regarding Medicare Part D notification requirements. Should you have specific questions regarding your organization’s health plan, or other employee benefits, please contact a FosterThomas Employee Benefits Specialist. Medicare Part D Eligible Employees This post serves as a reminder that employers who provide prescription drug End excerpt
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2020 Health Savings Account and Compliant Health Plan Limits
The IRS has announced the annual Health Savings Account (HSA) contribution limits and High Deductible Health Plan (HDHP) minimum deductible and maximum out-of-pocket limits that will apply in 2020. Individual contributions are increasing from $3,500 to $3,550. Maximum contributions for family plans are increasing from $7,000 to $7,100. High deductible plans in 2020 will be those that have an End excerpt
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2018 Medicare Part D Notice
2018 Medicare Part D Notice The following information is provided as guidance for employers and their employees regarding Medicare Part D notification requirements. Should you have specific questions regarding your organization’s health plan, or other employee benefits, please contact a FosterThomas Employee Benefits Specialist. Medicare Part D Eligible Employees This post serves as a reminder that End excerpt
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PEO Vs. HR Outsourcing – What’s the Difference?
Running a small business can prevent a few issues stemming from staff management, as developing an infrastructure and determining employee benefits can prove challenging. Insert PEOs, or Professional Employer Organizations, which partner with companies to aid human resources, employee benefits, regulatory compliance, and payroll outsourcing. While that all sounds positive, moving forward with a PEO End excerpt
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Upcoming Due Date for VETS-4212 report
The VETS-4212 report is due annually on September 30th. The submission of the Veterans-4212 report is required if you are a government contractor or subcontractor with contracts of $150,000 or more. Federal contractors and subcontractors completing the VETS-4212 report must provide information on the number of employees and new hires during the reporting period who End excerpt
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IRS Sets New 2019 Limits for Group Plans and HDHP/HSA Plans
The Internal Revenue Service (IRS) has recently released the 2019 cost-of-living adjusted limits for group plans, high deductible health plans (HDHPs), and health savings accounts (HSAs). Below are the details: HSA Contribution Limits. The 2019 annual HSA contribution limit is $3,500 for individuals with self-only HDHP coverage (a $50 increase from 2018), and $7,000 for End excerpt
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New Jersey Equal Pay Act
On March 27, 2018, the New Jersey Legislature passed the Diane B. Allen Equal Pay Act, named after a recently retired state legislator who championed pay equity and women’s rights. This amends the New Jersey Law Against Discrimination (“LAD”), to strengthen protections against employment discrimination and promote equal pay for women. Governor Phil Murphy, who End excerpt
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New Jersey Paid Sick Leave Act
Effective October 29, 2018, New Jersey will enact paid sick leave. The law applies to all private employers with employees working in the state of New Jersey. Employees will be entitled to 1 hour of paid sick leave for every 30 hours worked up to an annual maximum of 40 hours per year. The annual End excerpt
