The IRS announced in Revenue Procedure 2014-30 issued April 24, 2014, the inflation-adjusted HSA contribution and HDHP minimum deductible and out-of-pocket limits, effective for calendar year 2015. The higher rates reflect a cost-of-living adjustment and rounding rules under Internal Revenue Code Section 223. Health Savings Accounts (HSA) Contribution Limit for employer and employee contributions is
The IRS highlighted the following adjustments taking effect on January 1, 2015: For 401(k), 403(b) and most 457 plans, the COLA increases for dollar limits on benefits and contributions are as follows: Defined Contribution Plan Limits 2015 2014 Maximum employee elective deferral $18,000 $17,500 Employee catch-up contribution (ages 50 and older) $6,000
On November 6, 2014, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued FAQs clarifying ACA implementation compliance as it relates to premium reimbursement arrangements. The FAQs clarify after-tax reimbursements and cash compensation for individual premiums do not comply with the ACA’s market reforms and may trigger tax penalties.
On May 2, 2014, the Departments of Labor (DOL) and Health and Human Services (HHS) issued guidance regarding how the Consolidated Omnibus Budget Reconciliation Act (COBRA) is affected by ACA’s Exchanges. The DOL and HHS issued updated model notices and FAQs, and announced an additional Exchange special enrollment period to help further clarify how ACA’s
The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) has the authority to conduct audits on benefit plans that are governed by the Employee Retirement Income Security Act (ERISA). The DOL’s Employee Benefits Security Administration (EBSA) protects the integrity of pensions, health plans, and other employee benefits for more than 150 million people. Common triggers