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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…

Beginning in 2023, group health plans and health insurance issuers must make an internet-based price comparison tool available to participants. The purpose of this tool is to provide consumers with real-time estimates of their cost-sharing liability from different providers for covered items and services, including prescription drugs, so they can shop and compare prices before…

On Aug. 19, 2022, federal agencies released a final rule and FAQs regarding the ban on surprise medical billing and other health care transparency requirements. Final Rule on Surprise Medical Billing The final rule implements certain disclosure requirements related to information that health plans and issuers must share about the qualifying payment amount. It also…

Open enrollment will be here before you know it—and, once again, it’ll likely be different from previous COVID-19 pandemic-era enrollment seasons. Fortunately for remote employees, many organizations are already offering online or virtual open enrollment. This year, employers and workers are faced with short- and long-term effects of COVID-19, rising health care costs and record-high…