News

What does being vested in the ESOP mean to you? Are you fully vested? I am now a fully vested member of the ESOP. This is a significant milestone in my time with the company. It’s a great feeling to know that the effort that I have put in each day to earn my ownership…

Health savings accounts (HSAs) have become integral to many employers’ benefits packages, as they offer employees a valuable tool for managing health care expenses while enjoying tax advantages. However, administering HSAs is more than just facilitating contributions. It also requires understanding and involves addressing mistakes with distributions that employees may encounter. This article explores the…

1. Why is being in an ESOP important to you? I believe this is important as it redirects my mindset of who I work for and why. My drive is to always do my best, but I think this re-energizes my work ethic as my success and the success of my team directly affects the…

Obesity has become a global health epidemic, affecting millions of individuals worldwide. Beyond its impact on personal well- being, obesity poses significant challenges for employers and workplaces. Whether it’s decreased productivity or increased health care costs, the repercussions of obesity in the workplace are far-reaching. This article discusses the multifaceted impact of obesity on employers…

The Internal Revenue Service (IRS) has released Notice 2023-75, containing cost- of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2024 Increases The employee contribution limit for 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. Other key limit increases include the…

The IRS has released final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056: Draft versions of these forms were released in July, and draft instructions were released in September. No major substantive changes were made to the final forms and instructions for 2023 reporting. Final Instructions Address New Electronic…

Employers with insured group health plans may soon receive a medical loss ratio (MLR) rebate from their health insurance issuers. Issuers who did not meet the applicable MLR percentage for 2022 must provide rebates to plan sponsors by Sept. 30, 2023. These rebates may be in the form of a premium credit or a lump-sum…

On Aug. 23, 2023, the IRS released the affordability percentage threshold for 2024 plan years under the Affordable Care Act’s (ACA) pay or play rules. For plan years beginning in 2024, employer-sponsored coverage will be considered affordable under the ACA’s pay or play rules if the employee’s required contribution for self-only coverage does not exceed…

Many employees continue to feel financially strained because of inflation. With open enrollment fast approaching, inflation could impact the choices employees make when it comes to their benefits. Specifically, employees are likely to consider which benefits matter the most and how to optimize the money they spend on those offerings. As a result, this year’s…

The popularity of weight loss drugs has reached a fever pitch in the United States. This trend has made its way into the workplace, with employees increasingly asking their employers about coverage for popular drugs used for weight loss, such as Wegovy. Other drugs intended to treat Type 2 diabetes, such as Ozempic or Mounjaro,…