2015 HSA Contribution and Deductible Limits

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

Read more…

2015 Defined Contribution Plans

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  

Read more…

IRS Prohibits Employers from Paying Individual Medical Plan Premiums

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.

Read more…

DOL Audit Warning Signs & Compliance with ACA

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

Read more…