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The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.
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Insights From Biden’s Proposed $325 Billion Paid Family Leave Program
April 19, 2023
Today in the United States, workers are not guaranteed paid leave by federal law, and many aren’t entitled to unpaid time. To address this issue, President Joe Biden released a budget plan earlier this year, allocating $325 billion to a permanent paid family and medical leave program. The Family and Medical Leave Act (FMLA) is…
Read MoreACA Pay or Play Penalties Will Increasefor 2024
March 12, 2023
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…
Read MoreDOE Proposes Regulations to Reduce Federal Student Loan Payments
January 21, 2023
On Jan. 10, 2023, the U.S. Department of Education (DOE) proposed regulations that would reduce monthly payments for certain federal student loan borrowers. The agency’s proposal overhauls one of the four existing income-driven repayment (IDR) plans—also known as the Revised Pay As You Earn (REPAYE) plan—that aims to make student loan payments more manageable, especially…
Read MoreSpeak Out Act Signed Into Law
December 24, 2022
Aiming to improve transparency around illegal conduct in the workplace, the U.S. Congress has enacted a new law, the Speak Out Act, that renders certain nondisclosure and nondisparagement agreements unenforceable. President Joe Biden signed the Speak Out Act into law on Dec. 7, 2022. Contract Enforcement Prohibition In general, the Speak Out Act prohibits courts…
Read MoreMissouri Legalizes Recreational Marijuana and Adds Employment Protections for Medical Users
December 5, 2022
On Nov. 8, 2022, Missouri voters approved Amendment 3, Marijuana Legalization Initiative, which legalizes recreational marijuana for adults aged 21 and older in the state. The new law goes into effect on Dec. 8, 2022. Employer Impact Amendment 3 does not prevent employers from enforcing drug-free workplace policies or disciplining or firing employees for using…
Read MoreBiden Administration Extends Student Loan Repayment Freeze
November 30, 2022
On Nov. 22, 2022, the Biden administration announced it would extend the repayment freeze on federal student loans while its debt relief plan remains blocked in the courts. The loan payment pause is now extended until after June or when the administration is able to move forward with its plan. Federal student loan payments were…
Read MoreJob Openings Increased in September, Exceeding Forecasts
November 20, 2022
The U.S. Bureau of Labor Statistics (BLS) recently released its September Job Openings and Labor Turnover Summary. The month’s reported number of job openings increased by 437,000 to 10.7 million, surpassing what economists had forecasted. The September report follows several months of record-high job openings and quit rates. September’s increase in more than 400,000 job…
Read MoreDOL Extends Comment Period for Proposed Independent Contractor Rule
November 16, 2022
On Oct. 26, 2022, the U.S Department of Labor (DOL) announced it would extend the comment period for its proposed independent contractor rule after pressure from business groups and lawmakers regarding the original timeline. Originally, the DOL provided 45 days for public comment. Stakeholders will now have until Dec. 13, 2022, to comment. Business groups…
Read MoreDHS Extends Form I-9 Flexibilities Until July 31, 2023
October 18, 2022
On Oct. 11, 2022, the U.S. Department of Homeland Security (DHS) announced it is extending updated flexibilities for Form I-9 due to the continued safety precautions related to COVID-19 until July 31, 2023. Background Federal law requires every employer that recruits, refers for a fee or hires an individual for employment in the United States…
Read MoreDOE Provides More Information on Student Loan Forgiveness Plan, Issues FAQ
September 11, 2022
On Aug. 24, 2022, the Biden-Harris administration announced a student debt relief plan that provides a one-time student loan debt cancellation targeted at low- and middle-income families. The U.S. Department of Education (DOE) will provide up to $10,000 in debt relief for non-Pell Grant recipients and up to $20,000 for Pell Grant recipients, according to…
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