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1. What is something you appreciate about the ESOP that you weren’t aware of when first joining (such as a perk, a perspective, etc.)?    Frankly, I was very unfamiliar with what the ESOP was or how it worked.  I also did not realize what a unique opportunity it is to be part of an…

Many workers in the United States struggle with medical debt. According to a recent survey of American workers by consumer financial health organization Financial Health Network, 37% of employees have medical debt, and 32% struggled to pay their medical bills last year. As health care costs continue to increase in the United States, so does…

1. How does being in an ESOP affect how you interact with clients (both current and potential)?   My philosophy is to do what’s right for the client and everything else will come. My goal is to consistently exceed the client’s expectations. We’ve integrated that rating scale into our BCD Client Satisfaction Survey that we…

1. How do you think being in an ESOP can affect work culture? I think it affects work culture by giving me the sense that my input really does matter and that increases my performance by wanting to do well to provide not only for our clients but my coworker’s as well. The commitment I…

What does being in an ESOP mean to you? For me, the ESOP has always been a gamechanger. It is the reason I left a successful career in the banking industry. If we continue to keep pace with our last few years of growth, my espouse will be at least half of my overall retirement!…

On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970 and the adjusted $3,000 penalty amount is $4,460. Pay or Play Penalty Calculations Under the pay…

The Consolidated Appropriations Act, 2023 (CAA) extends the ability of high deductible health plans (HDHPs) to provide benefits for telehealth or other remote care services before plan deductibles have been met without jeopardizing health savings account (HSA) eligibility. This extension applies for plan years beginning after Dec. 31, 2022, and before Jan. 1, 2025.  Background …

Employers subject to Affordable Care Act (ACA) reporting under Internal Revenue Code Sections 6055 or 6056 should prepare to comply with upcoming reporting deadlines. For the 2022 calendar year, covered employers must:  Penalties may apply if employers are subject to ACA reporting and fail to file returns and furnish statements by the applicable deadlines.  The…

Over the last few years, almost every aspect of the workplace has changed, leading to many unforeseen challenges. Unfortunately, many of the challenges that plagued workplaces in 2022 will likely continue in 2023 and beyond. In particular, current labor challenges are forcing employers to find ways to balance rising costs and inflation while providing employees…

On Dec. 12, 2022, the IRS released a final rule that extends the annual furnishing deadlines for Sections 6055 and 6056 reporting under the Affordable Care Act (ACA). This rule finalizes guidance that was proposed by the IRS in December 2021 with minor clarifications. Specifically, the rule: The due date for filing forms with the…