On July 22, 2019, the IRS announced that the affordability percentage under the Affordable Care Act’s play or pay rules will decrease to 9.78 percent for 2020 plan years. This is a decrease from 9.86 percent for 2019 plan years. By way of background, the ACA’s employer shared responsibility provision – often called the
Section 125 (Cafeteria Plans)
Section 125 Plans (Cafeteria Plans) Many employers struggle with the challenge of providing an attractive compensation package at an affordable price. One tool available to meet this challenge is the Section 125 plan. Section 125 plans are also commonly referred to as cafeteria plans. While there are different types of
EEOC to Require 2018 and 2017 Comp Data by Sept. 30
Employers, Start Hustling The Equal Employment Opportunity Commission (EEOC) says that it has decided to require employers to submit 2018 and 2017 compensation data with their EEO-1 Reports, which are due September 30. Here is the statement on the EEOC homepage: Notice of Immediate Reinstatement of Revised EEO-1: Pay Data Collection for Calendar
IRS announces two new types of HRAs coming on 2020
On June 13, 2019, the Departments of Labor, Health and Human Services, and the Treasury released an advance copy of a Final Rule on Health Reimbursement Arrangements (HRAs). It will be published in the Federal Register on June 20, 2019. The rule expands the types of HRAs that can be offered starting
New HSA limits for 2020
On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses. To be eligible for an HSA,