Payroll Briefs

Category: "Benefits"

Transition Period Announced for SECURE 2.0 Act Roth Requirement

At the end of August 2023, the IRS announced an administrative transition period for catch-up contributions, extending the deadline to 2026. This will allow higher earners, age 50 and up, to receive two more years to use pre-tax dollars for their retirement savings in 401(k) and similar plans. Employers had been warning officials, after the […]

Championing the Advantages of an HSA to Employees

There are many advantages to both your business and employees by offering a Health Savings Account (HSA) solution as part of your overall benefits package. With inflation leading the headlines over the last few months, most business owners are keeping a close eye on costs. Although it can be difficult to control the costs of […]

IRS Releases 2024 Contribution Limits for Health Savings Accounts

The Internal Revenue Service (IRS) announced the largest increase in recent years to the amount individuals can set aside in a health-savings account (HSA) each year. The new limits are a significant jump, but they are not particularly surprising in the context of months and months of rising inflation, which has contributed to growing costs […]

Penalties Under ACA Rising in 2024

The Internal Revenue Service (IRS) recently announced it will be increasing the penalties for employers who fail to comply with the Affordable Care Act (ACA) employer-shared responsibility provisions in 2024. The employer-shared responsibility provisions, also known as the employer mandate, require certain employers to provide affordable health insurance coverage to their employees or face penalties.   Qualifying as […]

How the End of the COVID-19 National Emergency Impacts Your Employee Benefits

On April 10, 2023, President Joe Biden signed a bipartisan congressional resolution to end the COVID-19 National Emergency after three years. The national emergency was tied to the extension of many deadlines related to employee benefits including COBRA, special enrollment, and claims and appeals, just to name a few. The Public Health Emergency (PHE), which […]

5 Ways to Streamline HR Processes with Benefits Administration

Most HR departments handle recruitment, workplace safety, employee relations, labor law compliance and payroll, amongst other things. When it comes time to add-on managing benefits, especially for smaller companies with limited resources, an additional challenge is created. Monitoring benefit eligibility for employees is complex and requires accurate and timely tracking of hours worked, plan policies […]

Excluding Part-time Employees From 401(k) Plan Eligibility

Under some circumstances, an employer that sponsors a 401(k) might wish to amend its plan to exclude part-time employees and offer the benefit only to full-time staff members. Is such an approach allowed under the rules for qualified plans? Coverage and Service Rules Employers have considerable freedom to decide which categories of employees can participate in […]

Top 3 Benefits of Integrating 401(k) Administration with Your Payroll Solution

If you administer a 401(k) plan to your employees, you know it’s centered around payroll deductions. However, there’s much more to it than that, including tracking employee eligibility, keeping records of both employee and employer contributions, calculating and depositing contributions, and reporting payroll data each pay period. On top of these important tasks, business owners […]

IRS Issues New 2023 HSA Limits

The Internal Revenue Service (IRS) recently released its 2023 maximum contribution levels for health savings accounts (HSAs) and out-of-pocket spending limits and deductible minimums for high deductible health plans (HDHPs) that must be used in tandem with HSAs. The IRS also announced the maximum amount that can be made newly available for excepted benefit health […]

How Often Must a HIPAA Notice of Privacy Practices Be Updated?

Employers that sponsor a health care plan know they must comply with various provisions of the Health Insurance Portability and Accountability Act (HIPAA). One of these is that you must notify all persons from whom you collect medical information — whether directly or indirectly (such as when filling a prescription) — of their rights to […]