HR & Compliance

  • Limit on Health FSA Contribution by

    Posted on: August 12, 2014Categories: HR & Compliance

                  The ACA imposes a $2,500 limit on salary reduction contributions to a health FSA offered under a cafeteria plan. This limit became effective for plan years beginning after Dec. 31, 2012. Thus, starting in 2013, a health FSAs must limit the annual amount of salary reduction contributions that each employee can make to $2,500 (or a lower limit selected by the employer). On Oct. 31, 2013, the Internal Revenue Service (IRS) announced that ...

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  • August 2014 Health Care Reform by

    Posted on: August 12, 2014Categories: HR & Compliance

    IRS Increases Affordability Percentage Under Employer Mandate for 2015-Quick Facts Applicable large employers (ALEs) that do not offer affordable health coverage to their full-time employees may be subject to penalties, beginning in 2015. New IRS guidance increases the affordability percentage from 9.5 percent to 9.56 percent for 2015. ALEs should review whether their health plans comply with the increased percentage.   Click here to read the full legislative brief!     &nb ...

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  • Determining Individual Mandate Penalty Cap by

    Posted on: August 11, 2014Categories: HR & Compliance

    Most indiviuals are required to have health insurance coverage for themselves and their family members. This rule took effect in 2014 under the Affordable Care Act (ACA) and is often referred to as the individual mandate. If an individual doesn't meet the mandate then there is a penalty. The penalty amount is capped at the annual national average bronze plan premium. The Internal Revenue Service (IRS) released a Revenue Procedure that provides these monthly national average premium for bronze le ...

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