News

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,…

1. How do you think being part of an ESOP can affect work culture? I feel the ESOP provides a positive impact on work culture because each one of us have a stake in the overall performance of the organization. We are not simply working for “the man,” we are working for one another, regardless…

How does being in an ESOP impact your day-to-day perspective / tasks? This is truly a team effort perspective. My efforts & abilities affect all other ESOP participants, so I have to put forth my best collaborative effort every day in order to achieve the best possible outcome for all. How do you think being…

1. Had you heard of an ESOP before joining OAA? If so, what was your impression of it and how has OAA’s ESOP changed your perspective on it? If you had never heard of an ESOP before, what is your impression of it now? I don’t believe I had ever heard of the term ESOP,…

What does being vested in the ESOP mean to you? (Are you fully vested?) When I became fully vested it was an exciting time to see my statement and realize that the bottom-line balance was all going towards my retirement! Now my statement balance really grows exponentially. How does being in an ESOP affect your…