Author Archives: Hoffman Insurance Group
Congress Expected to Pass Spending Bill that Repeals Three Major ACA Taxes, Extends PCORI
On December 17, 2019, the House and Senate agreed to a bipartisan legislative package of spending bills to avoid a government shutdown. This package of bills is collectively referred to as the Further Consolidated Appropriations Act, 2020 (the “Act”). The … Continue reading
2020 Plan Limitations!
401(k)/403(b)/457 Salary Deferrals: For participants under age 50 by 12/31/2020 – $19,500 For participants over age 50 by 12/31/2020 – $26,000 Maximum Annual Defined Contribution Plan Limit: For participants under age 50 by 12/31/2020 – $57,000 For participants over age … Continue reading
IRS Increases Health FSA Contribution Limit for 2020, Adjusts Other Benefit Limits
On November 6, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-44, which raises the health Flexible Spending Account (FSA) salary reduction contribution limit by $50 to $2,750 for plan years beginning in 2020. The Revenue Procedure also contains … Continue reading
IRS Releases Guidance for Employers Offering Individual Coverage HRAs
On September 27, the Internal Revenue Service (IRS) released proposed regulations on the application of the Affordable Care Act’s (ACA) employer shared responsibility provisions to a new type of Health Reimbursement Arrangement (HRA) available starting in 2020. In June 2019, … Continue reading
Summary of the 2019 Employer Health Benefits Annual Survey
Each year, the Kaiser Family Foundation and the Health Research & Educational Trust conduct a survey to examine employer-sponsored health benefit trends. This article summarizes some of its main points. Request a full summary from Hoffman Insurance Group, LLC for … Continue reading
IRS Confirms ACA Pay or Play Penalties Still Apply
Overview The IRS Office of Chief Counsel recently released an information letter regarding the employer shared responsibility (pay or play) penalties under the Affordable Care Act (ACA). This information letter confirms that the pay or play penalties continue to apply … Continue reading
New Overtime Rule Raises Salary Cut-Off to $35,568
Employees who make less than $35,568 are now eligible for overtime pay under a final rule issued today by the U.S. Department of Labor (DOL). The new rate will take effect Jan. 1, 2020. To be exempt from overtime under … Continue reading
Benefits 101 – Intro to Group Health
Client Alert!
Departments Adopt Non-Enforcement Policy on Drug Manufacturer Coupons On August 26, 2019, the Departments of Labor (DOL), Health and Human Services (HHS), and Treasury released an FAQ that provides guidance to employers, plan sponsors and health insurance issuers regarding a … Continue reading
Happy Labor Day Weekend from Hoffman Insurance!
We’ll be closing early Friday August 30th and closed for Labor day! Wish you all a safe and fantastic Labor Day weekend!
