Friday, November 8, 2013
IRS Releases Retirement Plan Contribution Limits for 2014
If you have any questions about the COLA Limits, or would like to speak with an advisor about reviewing or establishing a plan, please contact us at (800) 388-1963 or via e-mail at hbs@hanys.org.
Wednesday, October 30, 2013
New Report Offers Tips for Improving Retirement Plan Participant Outcomes
Monday, October 28, 2013
IRS Initiates Compliance Check of 457(b) Top Hat Plans
The good news is that the extent of the compliance check is fairly limited. Letters and a questionnaire will be sent to 200 tax-exempt organizations in fiscal year 2013, and another 200 will be sent in fiscal year 2014. Employers will be selected for review based on information contained on 2011 Form W-2 and Form 990.
Monday, September 23, 2013
Avoiding Fiduciary Liability - A Common Sense Approach
Target Date Retirement Funds - TIPS for ERISA Plan Fiduciaries
Wednesday, September 11, 2013
HSA Questions and Answers
- Important definitions
- Distributions from HSAs
- Eligible individuals
- Prohibited transactions
- High deductible health plans (HDHPs)
- Establishing an HSA
- Contributions to HSAs
- Administrative fees
Tuesday, September 10, 2013
Metal Levels for Qualified Health Plans
Wednesday, July 3, 2013
Employer Mandate Penalties Delayed Until 2015
The delay does not affect any other provision of the ACA, including individuals’ access to premium tax credits for coverage through an Exchange. The Treasury plans to issue more formal information about the delay within a week.
Wednesday, May 22, 2013
2014 Compliance Checklist
Many of ACA’s key reform initiatives will become effective in 2014. Key ACA reforms that will affect employers in 2014 include health plan design changes, increased wellness program incentives, a new reinsurance fee, the employer “pay or play” mandate, and additional reporting requirements. To prepare for this next phase of ACA reform, employers should review upcoming requirements and make sure they have a compliance strategy in place.
This Legislative Brief provides a health care reform compliance checklist for 2014. Please contact HANYS Benefit Services for assistance or if you have questions about changes that were required in previous years.
Tuesday, May 21, 2013
DOL Issues Model Exchange Notice and Sets Compliance Deadline
Monday, May 20, 2013
Additional FAQs Released on Summary of Benefits and Coverage
On April 23, 2013, the U.S. Department of Labor (DOL), Department of Health and Human Services (HHS), and the U.S. Treasury (the Departments) issued Frequently Asked Questions (FAQs Part XIV) on the SBC requirement for the second year of its applicability. This guidance was provided in addition to the final regulations issued on February 14, 2012 and three prior sets of FAQs related to the SBC rules (FAQs Parts VIII, IX and X).
Thursday, May 16, 2013
Proposed Rule Released on Minimum Value and Affordability
- explains how to calculate minimum value (MV);
- outlines special rules for determining how health reimbursement arrangements (HRAs), health savings accounts (HSAs) and wellness program incentives are counted in determining MV and affordability; and
- provides new safe harbors for determining MV.
Tuesday, March 12, 2013
Final Rule Issued on HIPAA Privacy and Security Protections
- privacy and security of personally identifiable health information (privacy and security rules);
- enforcement of HIPAA requirements, including investigations, hearings, and penalties for violations (enforcement rule); and
- reporting requirements for breaches of unsecured protected health information (breach notification rule).
DOL Releases Final FMLA Regulations
- The first expansion provides families of eligible veterans with the same job-protected FMLA leave currently available to families of military service members, and it enables more military families to take leave for activities that arise when a service member is deployed.
- The second expansion modifies existing rules so that airline personnel and flight crews are better able to make use of FMLA protections.
Exchange Notice Requirements Delayed
On January 24, 2013, the U.S. Department of Labor (DOL) announced that employers will not be held to the March 1, 2013 deadline. They will not have to comply until final regulations are issued and a final effective date is specified.
This HANYS Benefit Services Legislative Brief details the expected timeline for the Exchange notice requirements.
Friday, January 18, 2013
What Fiscal Cliff Tax Changes Will Mean for Non-Profit Executives and Senior Management
As part of the agreement stemming from the "fiscal cliff" negotiations, Congress adopted tax changes in 2013 that could bring challenges for non-profit organizations and their senior executives and management staff. Executive compensation has always been a complex issue, and these new tax increases may present a greater need for executives and management staff to reduce their includable compensation to offset some of the anticipated tax increases.
Tax changes taking effect this year that will likely affect highly compensated individuals include:
- an increase in the highest, marginal tax bracket to 39.6%, up from 35%;
- significantly reducing the impact of deductions for mortgage interest, state and local income taxes, property taxes, and charitable contributions; and
- an increase in the long-term capital gains and dividend taxes.
Most individuals with enough income to make them subject to these tax increases will likely be eligible for a non-profit organization’s 457(b) retirement plan. This could afford them an opportunity to save, with pre-tax dollars, up to an additional $17,500 each year.
If you sponsor a 457(b) plan, now would be a great time to promote its usage, expand its availability, or make your senior management aware of the potential value of this plan.
For more information on 457(b) plans or 2013 tax changes, contact Jim Kelley at (518) 431-7737 or at jkelley@hanys.org
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