In the 1990’s, getting decent health insurance through your employer wasn’t unheard of — it was assumed. But back then, healthcare wasn’t nearly as expensive; rates have increased every year for nearly two decades and it’s unlikely they’ll slow down anytime soon.
Question: Our company offers group medical and dental plans for all employees. We also have an executive-only medical plan that covers out-of-pocket expenses that the regular group plan does not pay. Does COBRA apply to the executive-only plan? Do we have to include it in our summary plan description (SPD)?
Question: Are amounts an employer reimburses employees for mileage taxable?
By now you’ve heard of the term “gig economy” but you may not know what it means. Is it describing the economy of musicians as they work gigs? Does it mean something about computers and the measurement of space allotted for their programs? Does it have something to do with fishing? Well, not exactly. But, have no fear! We will break this term down into easy bites and you’ll be an expert on the gig economy in no time.
At this time of year, many employers and benefit advisors begin preparing Form 5500, the annual report required for most employee benefit plans. Form 5500 must be filed with the federal government within seven months after the end of the plan year. For calendar-year plans, that means the plan’s 2018 Form 5500 is due July 31, 2019.
On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses.
High health care costs during working years and in retirement can easily derail a financial plan. Employees need a long-term strategy. Fortunately, more and more employers are bolstering their benefits programs to help their employees build a stable financial future.
It’s everywhere you look these days: “modern HR, “the new HR,” the “future of work”—all of which naturally leads to discussion of new skills needed in the modern world of HR. We can’t pick up a magazine or attend a conference without seeing one of these critical skills mentioned: design thinking.
Every life insurance policy requires you to name a beneficiary. A life insurance beneficiary is typically the person or people who get the payout on your life insurance policy after you die; it may also be a trust, charity or your estate.