Your company’s retirement plan poses serious cybersecurity risks. So says the Government Accountability Office (GAO). It just released a new report on defined contribution plans. First, think of all the sensitive info needed for a 401(k). Then that data travels between the employee, your company, the plan itself. And often a third party gets involved. […]
IRS Notice 2021-15 spells out new extensions for flexible spending accounts (FSA) and dependent care assistance programs. So your company can continue to be a bit more flexible with its cafeteria plan. And it comes courtesy of the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Last March, IRS first offered employers the ability […]
Now your company will need to accept telemedicine visits as certification for employees’ Family and Medical Leave Act (FMLA) requests. A new Wage and Hour Division Field Assistance Bulletin clarifies that a virtual doctor’s visit counts as an “in-person” doctor’s visit for FMLA purposes. Here’s what you need to keep your company in compliance. To […]
Your employees will soon be equipped with an online health shopping tool to make smarter, more informed healthcare choices … and save your company money as a result. Starting Jan. 11, 2022, health insurers must provide a publicly available, updated data file on costs via an online self-service shopping tool. That way your plan participants […]
Right on schedule! IRS has updated annual limits for cafeteria plans and fringe benefits. Revenue Procedure 2020-45 maps out the info your finance staffers will need as they prep for tax year 2021. Cafeteria plans The carryover limit for unused amounts in cafeteria plans will rise in 2021 to a maximum of $550. That’s up […]
Finance and Accounting won’t have to make any adjustments to the amount they can reimburse employees tax-free for their commuting expenses. IRS announced in Revenue Procedure 2020-45 that it’ll hold both 2021 transportation fringe benefit limits steady. So for tax year 2021, the monthly limitations remain the same as in 2020, which are: $270 for […]
IRS has just announced the 2021 pension plan limits — and surprised many employers in the process. In an unexpected move, the Taxman will hold many pension plan limits steady, including several of the “biggies.” Of course some other limits will increase. Here’s what you need to make sure Payroll is ready come January. What’s […]
The feds have issued new guidance on COVID-19 screening for workers as you try to return employees safely to the office. And it’s good news for employers. Health insurers must cover return-to-workplace testing for the duration of the pandemic, according to the Departments of Labor (DOL), Health and Human Services (HHS) and Treasury. Check out […]
The Department of Labor’s (DOL’s) proposed fiduciary rule replacement has arrived. The rule replaces the Obama-era fiduciary rule vacated in 2018. Its aim: to help employees get better investment advice about their retirement plans. The new rule will likely include a five-part test to determine who’s a fiduciary under ERISA rules. And it will align […]
