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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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Time for Employers to Plan for $35,000 Overtime Threshold
By Tammy Binford, Contributing Editor of the BLR Web and Print Publications Now that the U.S. Department of Labor (DOL) has made known its plan for a new threshold for overtime eligibility, it’s time for employers to prepare for a $35,308 a year level, attorneys who have been following developments say. The DOL announced a Notice 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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Maryland Minimum Wage Increases To $10.10 Per Hour
This July, Maryland’s minimum wage increased from $9.25 to $10.10 and will gradually increase every July until 2022. The bill was put into place by delegate Jeffery Waldstreicher, a Montgomery County Democrat who outlined the bill before a House committee back in 2017. The raise of minimum wage will eventually reach a historic high of 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
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Maryland Male Sterilization Law – H.S.A. Issue Resolved
Earlier this year, there were major concerns that the new Maryland Contraceptive Equity Act that went into effect on January 1, 2018 mandated that insurers would cover vasectomies at no cost to their members and that this would jeopardize the ability of members to use their health savings accounts (HSAs). The rationale was that IRS End excerpt
