Dane Rianhard from TriBridge Partners presented this slide via webinar on Affordable Care Act Compliance for 2014 and Beyond. The presentation includes information for small companies, companies with 50 - FTEs and companies with over 100 employees. The deck also includes information on private exchanges.
This document provides a summary of an information and training session on GASB 68 pension accounting and the Uniform Grant Guidance. It discusses sample calculations and journal entries to implement GASB 68 using sample data from the Pennsylvania Public School Employees' Retirement System (PSERS). It also provides an overview of the Uniform Grant Guidance and its impact on school districts receiving federal grants. The guidance consolidates and streamlines rules for federal awards with the goals of reducing administrative burden and improving accountability.
The proposed FY 2020 school budget for the Franklin Public Schools as presented by Superintendent Sara Ahern at the School Committee meeting Jan 22, 2019.
City of Corona Benefit Plan Analysis PresentationCity of Corona
The document provides an analysis of pension, retiree healthcare (OPEB), and active employee healthcare obligations for the City of Corona, California. It finds that legacy costs from unfunded liabilities are a significant portion of total benefit costs, particularly for classic employees. Ongoing benefit costs are also substantial, with pension normal costs representing around 20% of payroll and healthcare costs another 25-30% of payroll. The analysis considers current benefit provisions, projected costs over 10 years under different scenarios, and potential alternatives for the city to address projected budget shortfalls from rising benefit expenses.
With the landmark healthcare reform legislation now in place, we're sure that you have questions about how it impacts your organization and your employees. At a Pearson Partners International HR Roundtable presentation, Buck Consultants helped decipher the legislation—so you understand, in practical terms, what it means and what you need to do. Presentation includes:
Market Reform:
timeline and play-or-pay penalties
Individual Responsibility:
deadlines, definitions and numbers
Insurance Exchanges:
explanation and eligibility
Financing:
funding, taxes and surcharges
Employer Responsibility:
compliance, reporting and communication
This document discusses key provisions of the Affordable Care Act that will impact employers and individuals in 2013 and beyond, including the individual mandate, employer shared responsibility requirements, reporting obligations, costs and fees, and state health insurance exchanges. It outlines compliance considerations and financial implications for businesses related to offering health coverage, penalties for non-compliance, and rising health care costs. State exchanges creating new health plan options starting in 2014 could disadvantage employers if not addressed as part of a comprehensive benefits strategy.
The Evolving World of Workers' CompensationSkoda Minotti
Ken Haffey, Partner, Skoda Minotti and Mark Clendenin, BWC Northeast Region Business Development Manager discuss the evolution of the Ohio Bureau of Workers’ compensation.
This exclusive high-level webinar was produced specifically for Licking County Chamber of Commerce members. During this hour-long presentation, Doug Houser and Brigette Lafferty, of Rea & Associates and Doug Feller, of Investment Partners, provide viewers with insight into the new updated PPP Forgiveness application, tips on risk mitigation, the CARES Act impact, additional COVID-19 loan relief and more.
Specifically, you will hear a discussion around:
- PPP loan forgiveness and risk mitigation
- The CARES Act and how it has affected your retirement plan
- Plan participants affected (DC Plans)
- COVID-19 (CRD) distributions
- COVID-19 Loan Relief
- Plan Amendments
- Defined benefit relief
- CARES and how it has impacted personal financial planning, including IRAs, and more.
Watch this on-demand webinar, "PPP Forgiveness Guidance & CARES Act Impact on Financial Planning & Retirement Plans," today to learn more.
For additional information or to discuss your specific situation, email rea.news@reacpa.com. You can also visit the Rea & Associates website at https://www.reacpa.com for more information for small- to mid-sized businesses. Or, check out our COVID-19 Resource Center at https://www.reacpa.com/coronavirus.
The document summarizes healthcare reform requirements that took effect in 2010-2012 and changes taking effect in 2013-2014. It discusses:
1) Requirements already in place like no lifetime limits, dependent coverage to age 26, and preventive care mandates.
2) Changes in 2013 including limiting health FSAs to $2,500, requiring notices about public insurance exchanges, and increasing Medicare payroll taxes for high-income individuals.
3) Changes in 2014 such as eliminating pre-existing condition exclusions, limiting waiting periods to 90 days, removing annual limits, essential health benefits, state insurance exchanges, and the individual and employer mandates.
This document provides a summary of an information and training session on GASB 68 pension accounting and the Uniform Grant Guidance. It discusses sample calculations and journal entries to implement GASB 68 using sample data from the Pennsylvania Public School Employees' Retirement System (PSERS). It also provides an overview of the Uniform Grant Guidance and its impact on school districts receiving federal grants. The guidance consolidates and streamlines rules for federal awards with the goals of reducing administrative burden and improving accountability.
The proposed FY 2020 school budget for the Franklin Public Schools as presented by Superintendent Sara Ahern at the School Committee meeting Jan 22, 2019.
City of Corona Benefit Plan Analysis PresentationCity of Corona
The document provides an analysis of pension, retiree healthcare (OPEB), and active employee healthcare obligations for the City of Corona, California. It finds that legacy costs from unfunded liabilities are a significant portion of total benefit costs, particularly for classic employees. Ongoing benefit costs are also substantial, with pension normal costs representing around 20% of payroll and healthcare costs another 25-30% of payroll. The analysis considers current benefit provisions, projected costs over 10 years under different scenarios, and potential alternatives for the city to address projected budget shortfalls from rising benefit expenses.
With the landmark healthcare reform legislation now in place, we're sure that you have questions about how it impacts your organization and your employees. At a Pearson Partners International HR Roundtable presentation, Buck Consultants helped decipher the legislation—so you understand, in practical terms, what it means and what you need to do. Presentation includes:
Market Reform:
timeline and play-or-pay penalties
Individual Responsibility:
deadlines, definitions and numbers
Insurance Exchanges:
explanation and eligibility
Financing:
funding, taxes and surcharges
Employer Responsibility:
compliance, reporting and communication
This document discusses key provisions of the Affordable Care Act that will impact employers and individuals in 2013 and beyond, including the individual mandate, employer shared responsibility requirements, reporting obligations, costs and fees, and state health insurance exchanges. It outlines compliance considerations and financial implications for businesses related to offering health coverage, penalties for non-compliance, and rising health care costs. State exchanges creating new health plan options starting in 2014 could disadvantage employers if not addressed as part of a comprehensive benefits strategy.
The Evolving World of Workers' CompensationSkoda Minotti
Ken Haffey, Partner, Skoda Minotti and Mark Clendenin, BWC Northeast Region Business Development Manager discuss the evolution of the Ohio Bureau of Workers’ compensation.
This exclusive high-level webinar was produced specifically for Licking County Chamber of Commerce members. During this hour-long presentation, Doug Houser and Brigette Lafferty, of Rea & Associates and Doug Feller, of Investment Partners, provide viewers with insight into the new updated PPP Forgiveness application, tips on risk mitigation, the CARES Act impact, additional COVID-19 loan relief and more.
Specifically, you will hear a discussion around:
- PPP loan forgiveness and risk mitigation
- The CARES Act and how it has affected your retirement plan
- Plan participants affected (DC Plans)
- COVID-19 (CRD) distributions
- COVID-19 Loan Relief
- Plan Amendments
- Defined benefit relief
- CARES and how it has impacted personal financial planning, including IRAs, and more.
Watch this on-demand webinar, "PPP Forgiveness Guidance & CARES Act Impact on Financial Planning & Retirement Plans," today to learn more.
For additional information or to discuss your specific situation, email rea.news@reacpa.com. You can also visit the Rea & Associates website at https://www.reacpa.com for more information for small- to mid-sized businesses. Or, check out our COVID-19 Resource Center at https://www.reacpa.com/coronavirus.
The document summarizes healthcare reform requirements that took effect in 2010-2012 and changes taking effect in 2013-2014. It discusses:
1) Requirements already in place like no lifetime limits, dependent coverage to age 26, and preventive care mandates.
2) Changes in 2013 including limiting health FSAs to $2,500, requiring notices about public insurance exchanges, and increasing Medicare payroll taxes for high-income individuals.
3) Changes in 2014 such as eliminating pre-existing condition exclusions, limiting waiting periods to 90 days, removing annual limits, essential health benefits, state insurance exchanges, and the individual and employer mandates.
Supreme Courts Ppaca Ruling What Does It Mean For Plan SponsorsJames Kane
The document discusses the Supreme Court ruling on the Affordable Care Act and its impact on employers. Key points include:
1) The individual mandate requires individuals to have health coverage starting in 2014 or pay a penalty.
2) Starting in 2014, employers with over 50 full-time employees must offer affordable health coverage to those employees or face penalties.
3) Employers need to determine if they have over 50 full-time employees to be in compliance. Planning should begin well in advance of the 2014 deadline.
4) Employers must carefully weigh the cost of compliance versus the cost of penalties, while also considering tax advantages and workforce expectations.
This document proposes pension reform for the Public Safety Personnel Retirement System (PSPRS) in Arizona. It summarizes the challenges facing PSPRS, including a massive increase in unfunded liabilities, skyrocketing costs for governments, and previous reforms being struck down. The main causes identified are permanent benefit increases (PBI) that have undermined solvency, an unrealistic expected return rate of 7.5%, and actual returns averaging 5% since 2002. The proposed reform would replace PBI with a pre-funded COLA for current members, introduce a hybrid pension/DC plan for new hires after 2017, and cap pensionable pay.
What Does Health Care Reform Mean for You? G&A Partners
Damon Thompson of G& A Partners examines the Patient Protection and Affordable Care Act (PPACA) that was signed into law on March 23, 2010.
G&A Partners is a comprehensive human resource outsourcing provider.
For more great HR webinars and training visit www.gnapartners.com.
This document provides an overview and analysis of Metropolitan Community College's (MCC) early retirement program and budget. It finds that MCC is currently spending over $5 million annually on its early retirement program, with a growing $3.5 million liability. The Chancellor recommends changes to the early retirement program to reduce costs and liabilities going forward, including limiting premium pay and healthcare benefits for current and future retirees. The changes are estimated to reduce MCC's liability by $1-2 million initially and lower annual expenses to around $500,000. The document also reviews MCC's debt, reserves, and other budget considerations like the allocation model and compensation packages.
The document summarizes new proposed rules from the Governmental Accounting Standards Board (GASB) regarding pension accounting and financial reporting. The proposed rules would introduce the net pension liability to replace the net pension obligation, separate accounting from funding requirements, and require use of the Entry Age Normal actuarial cost method. If adopted, the rules would substantially increase reported liabilities for most governments and require additional note disclosures and information in required supplementary information. The proposed rules were open for public comment through September 2011.
2016 Maternal and Child Health budget analysis Esther Agbon
An analysis of the 2016 health budget proposal for Maternal and Child Health allocations carried out revealed that previous budget lines for midwives service scheme, family planning and maternal and child health insurance have been scrapped, meaning there is NO budget for these items. A major public private partnership that the government will be involved in has no details on what those allocations are for.Lump sum budgeting smacking of poor transparent allocation is what you find across key MDAs reviewed.
Health and budget analysis for civil societyEsther Agbon
The document discusses Nigeria's health budget. It notes that the federal health budget averages 5% over the last 5 years, but health sectors are not prioritized at both federal and state levels. Recurrent budgets, which fund operations, take up about 80% of health allocations, leaving less than 20% for capital expenditures like infrastructure and training. The document analyzes trends in budget allocations, outlines steps in budget analysis for advocacy, and discusses tools like community scorecards, public expenditure tracking surveys, and social audits that can be used to monitor budgets.
The document outlines a strategic planning process for a county that includes 5 phases: 1) Mobilizing community and staff engagement; 2) Defining priorities; 3) Engaging county and community stakeholders; 4) Developing the strategic plan; and 5) Presenting the plan to the Board of Supervisors. Key steps include conducting engagement sessions, establishing strategy teams, developing performance indicators, and creating a draft plan to be finalized and approved by county senior management and the Board. The timeline shows the phases and steps occurring between January 2019 and February 2020, culminating in the plan's presentation concurrent with the FY2021 budget.
This document summarizes key provisions and changes to US healthcare reform under the Patient Protection and Affordable Care Act (PPACA) and Health Care and Education Reconciliation Act (HCERA) over several years, including mandating health insurance coverage, establishing health insurance exchanges, increasing penalties for uninsured individuals, and imposing penalties on some employers. Key points include expanding coverage to 32 million uninsured Americans at an estimated cost of $1.2 trillion over 10 years, eliminating pre-existing condition limitations for all by 2014, and requiring most Americans to have health insurance or pay a penalty by 2014.
This document provides an overview and summary of Sections 6055 and 6056 reporting requirements under the Affordable Care Act. It discusses:
- Section 6055 requires providers of minimum essential health coverage to file information returns and provide statements to individuals about their coverage.
- Section 6056 requires applicable large employers to report information to the IRS and employees about health coverage offered.
- The reporting deadlines, forms used, and information required to be reported are outlined for both sections.
- Methods of electronic and paper reporting to individuals and the IRS are described, including penalties for noncompliance.
The document provides a summary of operating statements for Houston Community College System for the period of September 1, 2013 through June 30, 2014. Total revenues were $278 million year-to-date, with state appropriations of $56 million and ad valorem taxes of $111 million making up the largest sources of funding. Total expenses were $237 million year-to-date, with the largest expenses being salaries of $139 million and benefits of $15 million. The budget priorities for the year included $14.7 million for items like new faculty positions and security upgrades.
This document summarizes Massachusetts' unemployment insurance program, including its federal-state partnership structure, funding sources, eligibility requirements, benefit amounts and durations, employer tax rates, and recent stimulus enhancements. Key points include: Massachusetts offers up to 30 weeks of standard UI benefits, plus additional weeks of extended federal benefits during periods of high unemployment. Benefit amounts are based on prior earnings. The program is funded through a payroll tax on employers, with tax rates varying based on balances in employer reserve accounts and the state trust fund. The federal stimulus bill provided additional funding and benefits through 2010.
The document provides an overview and summary of the 2014 Australian Federal Budget. Key points include:
- The budget deficit for 2013-2014 is projected to be $49.9 billion.
- For 2014-2015, the deficit is projected to be $29.8 billion with large infrastructure spending.
- Individual tax changes include a 2% deficit levy on incomes over $180,000, an increase to the Medicare levy, and changes to family benefits.
- Few changes were made for businesses, but superannuation guarantee increases are frozen until 2018.
- Charities will see no changes to their tax concessions.
- The document recommends tax planning opportunities before June 30th given
The SECURE Act - 9 Key Takeaways for EmployersCBIZ, Inc.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is the most expansive piece of retirement legislation since 2006. It aims to increase retirement security through numerous provisions. Key provisions include allowing small businesses to band together to offer retirement plans through pooled employer plans, increasing the auto-enrollment contribution limit, and providing tax credits to small businesses that establish new retirement plans. The Act also expands access to plans, provides more flexibility around plan rules and types, and encourages earlier retirement savings. Employers should review the Act's provisions and their plans with advisors to determine any necessary changes or opportunities.
This document discusses how to comply with Governmental Accounting Standards Board (GASB) statements 16, 27, 45, and 47 regarding accounting for employee benefits. It provides an overview of each statement and how they relate to compensated absences, pensions, other post-employment benefits (OPEB), and termination benefits. It then offers recommendations for districts to monitor requirements, measure benefit promises accurately, understand their options within the GASB framework, and potentially adjust benefits or funding to reduce costs while maintaining compliance.
CBIZ Manufacturing & Distribution Quarterly Newsletter - Feb 2020CBIZ, Inc.
Timely articles on topics of interest to manufacturers and distributors including - the expansive SECURE Act (retirement legislation), Benefits Renewal (six questions to ask), Risk (rethinking your profile for the new decade), the Hardening Insurance Market (what to expect, how to prepare) and the NAM Talks Trade - plus quick links to complimentary guides and webinars.
This document provides a summary of operating statements for Houston Community College System and Houston Community College Public Facility Corporation for the period of September 1, 2013 through March 31, 2014. It includes a discussion of revenues and expenditures by type, highlighting that state appropriations were lower than the previous year while property tax collections exceeded budget projections. Total revenues are projected to be slightly above budget while expenditures are expected to exceed budget due to increases in salaries, benefits, and contracted services. The document also provides details on transfers between funds and budget priorities funding allocated through March 31, 2014.
This document provides a summary of the 2013 Australian federal budget and post-budget updates. It outlines key budget measures such as spending cuts, tax changes, and policy initiatives. Major points include a forecast budget deficit of $18 billion for 2013-2014, the deferral of planned tax cuts, and the introduction of the National Disability Insurance Scheme funded by a rise in the Medicare levy. The document also provides tax planning tips for individuals, families, and businesses prior to the end of the 2013 financial year.
Personal linked in profile - how to build a strong presenceJoseph Gonzalez
This document provides 10 tips for building a strong LinkedIn profile that promotes your personal brand and connects you to others in a professional network. The tips include writing in an authentic voice rather than copying your resume, using a personal tagline and elevator pitch, highlighting skills, explaining experience succinctly, distinguishing yourself from others, engaging with questions and recommendations, and optimizing your connections and profile visibility. The overall goal is to present an accurate, compelling representation of your professional self online in order to spark useful conversations and opportunities.
The document provides guidance on creating an effective LinkedIn profile, highlighting the key areas to focus on - a professional profile photo, headline that conveys value and keywords, a summary that emphasizes passions and benefits offered, evidence of accomplishments through recommendations and endorsements, and contact information. It also suggests including additional materials like videos, certifications, and recommendations to enrich the profile. The overall goal is to humanize the profile and showcase passions and motivations rather than treat it like a CV.
Supreme Courts Ppaca Ruling What Does It Mean For Plan SponsorsJames Kane
The document discusses the Supreme Court ruling on the Affordable Care Act and its impact on employers. Key points include:
1) The individual mandate requires individuals to have health coverage starting in 2014 or pay a penalty.
2) Starting in 2014, employers with over 50 full-time employees must offer affordable health coverage to those employees or face penalties.
3) Employers need to determine if they have over 50 full-time employees to be in compliance. Planning should begin well in advance of the 2014 deadline.
4) Employers must carefully weigh the cost of compliance versus the cost of penalties, while also considering tax advantages and workforce expectations.
This document proposes pension reform for the Public Safety Personnel Retirement System (PSPRS) in Arizona. It summarizes the challenges facing PSPRS, including a massive increase in unfunded liabilities, skyrocketing costs for governments, and previous reforms being struck down. The main causes identified are permanent benefit increases (PBI) that have undermined solvency, an unrealistic expected return rate of 7.5%, and actual returns averaging 5% since 2002. The proposed reform would replace PBI with a pre-funded COLA for current members, introduce a hybrid pension/DC plan for new hires after 2017, and cap pensionable pay.
What Does Health Care Reform Mean for You? G&A Partners
Damon Thompson of G& A Partners examines the Patient Protection and Affordable Care Act (PPACA) that was signed into law on March 23, 2010.
G&A Partners is a comprehensive human resource outsourcing provider.
For more great HR webinars and training visit www.gnapartners.com.
This document provides an overview and analysis of Metropolitan Community College's (MCC) early retirement program and budget. It finds that MCC is currently spending over $5 million annually on its early retirement program, with a growing $3.5 million liability. The Chancellor recommends changes to the early retirement program to reduce costs and liabilities going forward, including limiting premium pay and healthcare benefits for current and future retirees. The changes are estimated to reduce MCC's liability by $1-2 million initially and lower annual expenses to around $500,000. The document also reviews MCC's debt, reserves, and other budget considerations like the allocation model and compensation packages.
The document summarizes new proposed rules from the Governmental Accounting Standards Board (GASB) regarding pension accounting and financial reporting. The proposed rules would introduce the net pension liability to replace the net pension obligation, separate accounting from funding requirements, and require use of the Entry Age Normal actuarial cost method. If adopted, the rules would substantially increase reported liabilities for most governments and require additional note disclosures and information in required supplementary information. The proposed rules were open for public comment through September 2011.
2016 Maternal and Child Health budget analysis Esther Agbon
An analysis of the 2016 health budget proposal for Maternal and Child Health allocations carried out revealed that previous budget lines for midwives service scheme, family planning and maternal and child health insurance have been scrapped, meaning there is NO budget for these items. A major public private partnership that the government will be involved in has no details on what those allocations are for.Lump sum budgeting smacking of poor transparent allocation is what you find across key MDAs reviewed.
Health and budget analysis for civil societyEsther Agbon
The document discusses Nigeria's health budget. It notes that the federal health budget averages 5% over the last 5 years, but health sectors are not prioritized at both federal and state levels. Recurrent budgets, which fund operations, take up about 80% of health allocations, leaving less than 20% for capital expenditures like infrastructure and training. The document analyzes trends in budget allocations, outlines steps in budget analysis for advocacy, and discusses tools like community scorecards, public expenditure tracking surveys, and social audits that can be used to monitor budgets.
The document outlines a strategic planning process for a county that includes 5 phases: 1) Mobilizing community and staff engagement; 2) Defining priorities; 3) Engaging county and community stakeholders; 4) Developing the strategic plan; and 5) Presenting the plan to the Board of Supervisors. Key steps include conducting engagement sessions, establishing strategy teams, developing performance indicators, and creating a draft plan to be finalized and approved by county senior management and the Board. The timeline shows the phases and steps occurring between January 2019 and February 2020, culminating in the plan's presentation concurrent with the FY2021 budget.
This document summarizes key provisions and changes to US healthcare reform under the Patient Protection and Affordable Care Act (PPACA) and Health Care and Education Reconciliation Act (HCERA) over several years, including mandating health insurance coverage, establishing health insurance exchanges, increasing penalties for uninsured individuals, and imposing penalties on some employers. Key points include expanding coverage to 32 million uninsured Americans at an estimated cost of $1.2 trillion over 10 years, eliminating pre-existing condition limitations for all by 2014, and requiring most Americans to have health insurance or pay a penalty by 2014.
This document provides an overview and summary of Sections 6055 and 6056 reporting requirements under the Affordable Care Act. It discusses:
- Section 6055 requires providers of minimum essential health coverage to file information returns and provide statements to individuals about their coverage.
- Section 6056 requires applicable large employers to report information to the IRS and employees about health coverage offered.
- The reporting deadlines, forms used, and information required to be reported are outlined for both sections.
- Methods of electronic and paper reporting to individuals and the IRS are described, including penalties for noncompliance.
The document provides a summary of operating statements for Houston Community College System for the period of September 1, 2013 through June 30, 2014. Total revenues were $278 million year-to-date, with state appropriations of $56 million and ad valorem taxes of $111 million making up the largest sources of funding. Total expenses were $237 million year-to-date, with the largest expenses being salaries of $139 million and benefits of $15 million. The budget priorities for the year included $14.7 million for items like new faculty positions and security upgrades.
This document summarizes Massachusetts' unemployment insurance program, including its federal-state partnership structure, funding sources, eligibility requirements, benefit amounts and durations, employer tax rates, and recent stimulus enhancements. Key points include: Massachusetts offers up to 30 weeks of standard UI benefits, plus additional weeks of extended federal benefits during periods of high unemployment. Benefit amounts are based on prior earnings. The program is funded through a payroll tax on employers, with tax rates varying based on balances in employer reserve accounts and the state trust fund. The federal stimulus bill provided additional funding and benefits through 2010.
The document provides an overview and summary of the 2014 Australian Federal Budget. Key points include:
- The budget deficit for 2013-2014 is projected to be $49.9 billion.
- For 2014-2015, the deficit is projected to be $29.8 billion with large infrastructure spending.
- Individual tax changes include a 2% deficit levy on incomes over $180,000, an increase to the Medicare levy, and changes to family benefits.
- Few changes were made for businesses, but superannuation guarantee increases are frozen until 2018.
- Charities will see no changes to their tax concessions.
- The document recommends tax planning opportunities before June 30th given
The SECURE Act - 9 Key Takeaways for EmployersCBIZ, Inc.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is the most expansive piece of retirement legislation since 2006. It aims to increase retirement security through numerous provisions. Key provisions include allowing small businesses to band together to offer retirement plans through pooled employer plans, increasing the auto-enrollment contribution limit, and providing tax credits to small businesses that establish new retirement plans. The Act also expands access to plans, provides more flexibility around plan rules and types, and encourages earlier retirement savings. Employers should review the Act's provisions and their plans with advisors to determine any necessary changes or opportunities.
This document discusses how to comply with Governmental Accounting Standards Board (GASB) statements 16, 27, 45, and 47 regarding accounting for employee benefits. It provides an overview of each statement and how they relate to compensated absences, pensions, other post-employment benefits (OPEB), and termination benefits. It then offers recommendations for districts to monitor requirements, measure benefit promises accurately, understand their options within the GASB framework, and potentially adjust benefits or funding to reduce costs while maintaining compliance.
CBIZ Manufacturing & Distribution Quarterly Newsletter - Feb 2020CBIZ, Inc.
Timely articles on topics of interest to manufacturers and distributors including - the expansive SECURE Act (retirement legislation), Benefits Renewal (six questions to ask), Risk (rethinking your profile for the new decade), the Hardening Insurance Market (what to expect, how to prepare) and the NAM Talks Trade - plus quick links to complimentary guides and webinars.
This document provides a summary of operating statements for Houston Community College System and Houston Community College Public Facility Corporation for the period of September 1, 2013 through March 31, 2014. It includes a discussion of revenues and expenditures by type, highlighting that state appropriations were lower than the previous year while property tax collections exceeded budget projections. Total revenues are projected to be slightly above budget while expenditures are expected to exceed budget due to increases in salaries, benefits, and contracted services. The document also provides details on transfers between funds and budget priorities funding allocated through March 31, 2014.
This document provides a summary of the 2013 Australian federal budget and post-budget updates. It outlines key budget measures such as spending cuts, tax changes, and policy initiatives. Major points include a forecast budget deficit of $18 billion for 2013-2014, the deferral of planned tax cuts, and the introduction of the National Disability Insurance Scheme funded by a rise in the Medicare levy. The document also provides tax planning tips for individuals, families, and businesses prior to the end of the 2013 financial year.
Personal linked in profile - how to build a strong presenceJoseph Gonzalez
This document provides 10 tips for building a strong LinkedIn profile that promotes your personal brand and connects you to others in a professional network. The tips include writing in an authentic voice rather than copying your resume, using a personal tagline and elevator pitch, highlighting skills, explaining experience succinctly, distinguishing yourself from others, engaging with questions and recommendations, and optimizing your connections and profile visibility. The overall goal is to present an accurate, compelling representation of your professional self online in order to spark useful conversations and opportunities.
The document provides guidance on creating an effective LinkedIn profile, highlighting the key areas to focus on - a professional profile photo, headline that conveys value and keywords, a summary that emphasizes passions and benefits offered, evidence of accomplishments through recommendations and endorsements, and contact information. It also suggests including additional materials like videos, certifications, and recommendations to enrich the profile. The overall goal is to humanize the profile and showcase passions and motivations rather than treat it like a CV.
The document provides 13 steps to improve your LinkedIn profile, including adding a professional photo, completing your profile details, connecting with relevant groups, coworkers, clients, former colleagues, classmates, and using LinkedIn for research and endorsements. A strong LinkedIn profile shows attention to detail and allows others to feel a sense of connection, helping to build and enhance professional relationships and opportunities.
Optimizing LinkedIn for Marketing Your Company & Personal ProfilesKristina Caltagirone
The document provides guidance and statistics about using LinkedIn for professional purposes. It recommends connecting with others, engaging on the platform by commenting and sharing content, and optimizing your profile for branding and networking. Company pages are highlighted as a way to promote your business and engage followers. The document also offers tips for using LinkedIn to research target accounts, competitors, and referral opportunities within a prospect's network.
The document provides steps for effectively using LinkedIn to build a powerful professional network. It recommends building a good profile, claiming a vanity URL, inviting connections, getting recommendations, asking questions, and using other social media strategically alongside LinkedIn. Following these steps can help gain an advantage over 95% of competitors by finding new contacts, business, customers, jobs, and promoting your brand. Most people don't use LinkedIn to its full potential.
Created by WEA Trust Vice President & General Counsel Vaughn Vance, this presentation helps explain to employers the changing health insurance marketplace. You'll learn about new fees and taxes, plan restrictions and employer obligations under health care reform.
Affordable Care Act: What Does It Mean For Large EmployersFidelityQuickpay
This document discusses the impact of the Affordable Care Act (ACA) on large employers. It explains that under the ACA, large employers are defined as those with 50 or more full-time equivalent employees. Large employers face potential penalties if they do not offer affordable health insurance to full-time employees or if any full-time employees receive premium subsidies. It provides deadlines for 2014 compliance with the ACA's coverage requirements and outlines key steps employers should take to prepare, such as determining whether to offer coverage and analyzing potential costs and penalties.
Understanding Health Care Reform: A Dose of Accounting MedecineJames Moore & Co
The affordable Care Act was signed into law on March 23, 2010 and upheld by the Supreme Court in June 2012. These reform measures will have wide-spread impacts to most businesses and individuals. In this presentation, we discuss the tax consequences, small business health care credits, fees, and provide a summary of the Affordable Care Act and the status of reform.
This document summarizes information presented by Matt Graves on navigating health reform, including:
1) An agenda covering the history, timeline, changes and delays of the Affordable Care Act, individual mandate, poverty level guidelines, taxes and fees, and impacts on small and large employer groups.
2) Details on the implementation timeline of the ACA from 2010-2015, including coverage requirements, essential health benefits, marketplace openings.
3) Explanations of the individual mandate penalties, poverty level guidelines used to determine subsidy eligibility, and various taxes imposed by the ACA on health plans and insurers.
4) An overview of the employer mandate and penalties for applicable large employers who do not offer
Affordable Care Act: What Does It Mean For Small EmployersFidelityQuickpay
The document discusses key implications of the Affordable Care Act for small employers, including:
- Small employers are defined as having 1-100 employees and are not required to provide health insurance but may be eligible for tax credits if they do.
- Existing plans can be grandfathered to avoid some new rules, but changes may cause plans to lose this status.
- New rules take effect from 2012-2015 regarding dependent coverage, annual/lifetime limits, wellness programs, and out-of-pocket maximums.
- Employers must notify employees of health insurance exchange options and provide coverage information to the government.
- Small employers should analyze health plan options, communicate changes to employees, and consider outsour
The Affordable Care Act (“ACA”) is currently effective for employers who had 100 or more full time equivalent employees (FTEs) in 2014. Employers who have 50 or more FTEs in 2015 will be subject to the ACA on January 1, 2016
R. Dane Rianhard's presentation on the Affordable Care Act; Present for Smith Elliott Kearns & Company at Fountain Head Country Club in Hagerstown Maryland on Tuesday 10/1/2013
Final regulations recently announced by the Obama Administration give two levels of delay to employers who had previously been required to offer insurance coverage to their employees next year. With this second round of delays, come a second wave of questions from employers.
This week, Attorney Michael James and Rehmann Group’s Don McAnelly addressed key Affordable Care Act regulations and deadlines in a webinar.
Everything You Need to Know About Health Care Reform (But Are Afraid to Ask)Barry_Rosen
The document provides an overview of major provisions of the Affordable Care Act, including its impact on employers, Medicaid expansion, private health insurance reforms, health insurance exchanges, and financing mechanisms. It summarizes requirements for employers including coverage of dependents until age 26, wellness programs, fees and penalties. It outlines the expansion of Medicaid eligibility and essential benefits. Private insurance reforms addressed include prohibitions on preexisting conditions exclusions, lifetime and annual limits, and minimum loss ratios. Health insurance exchanges are established for individuals and small businesses. The Act is financed through new taxes, fees and savings.
Please note: Seasonal employees ARE counted in the calculation for FTEs for the month that they work. However, if they work less than 120 days and cause the 50 FT threshold to be breached, then the employer is not considered a large employer.
This document summarizes aspects of the Affordable Care Act (ACA) for employers, including: how to determine if an employer is an applicable large employer subject to the employer mandate; the employer mandate requirements around offering affordable minimum essential coverage; potential penalties for non-compliance; and other ACA provisions impacting employers. It provides an overview of the employer shared responsibility rules, measurement periods, and affordability safe harbors. It also discusses other ACA topics like the individual mandate, essential health benefits, taxes and fees, and grandfathered health plans.
The document provides a summary of the top 10 things employers should know about health care reform. It outlines provisions such as the establishment of state-run health insurance exchanges in 2014 that will allow small businesses to pool resources. It also discusses an upcoming pay-or-play mandate requiring employers with over 50 employees to provide minimum health coverage or pay penalties, changes to FSAs and HSAs, and the availability of tax credits for small businesses that establish wellness programs. The summary emphasizes the importance for employers to stay informed as implementation details are still being determined.
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The presentation will concentrate on employers with 50+ employees and focus on the following: What is an “Applicable Large Employer”; Calculating the number of fulltime employees eligible for coverage and how to determine when coverage begins; Measurement periods for on-going and variable hour employees; Does their health plan provides “minimum” and “affordable coverage.”
Guidelines for the Colorado Health Benefit Exchange and our Federal Exchange are still up in the air. What do these various funding, administration, and oversight issues mean for employers and how will plan pricing, availability, and benefits be addressed? This presentation is designed for the Colorado business leader who needs to understand the current state of the exchanges. In this session, we’ll go over the very latest developments and how they could impact local businesses, discuss how you can create a proactive multi-year benefits strategy, and introduce resources to help you stay on top of this constantly changing landscape.
This document provides an overview and agenda for a presentation on health care reform and its effects on businesses. The presentation covers previously implemented provisions like lactation breaks and summary of benefits requirements. Current provisions discussed include the 90-day waiting period, small business tax credits, health insurance exchanges, and employer mandate penalties. Provisions anticipated in the near future are also mentioned, such as non-discrimination rules and automatic enrollment. The document concludes with cheat sheets summarizing key requirements by employer size.
The document summarizes the history and key provisions of the Affordable Care Act (ACA). It discusses reforms already implemented like coverage for dependents up to age 26 and prohibiting pre-existing condition exclusions for minors. Future provisions outlined include the employer mandate in 2014, establishment of health insurance exchanges, and definitions of full-time employees for calculating employer penalties. The presentation provides an overview of ACA compliance challenges for employers and how Total HR can help clients navigate ongoing reforms.
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4. ACA Rating Methodology
Age Rating Standards
• Insurance companies are not allowed to charge an older adult more than three time the rate
of a 21 year old
• States can establish age curve or default to federal age curve
• Federal age bands (0-20, one year bands between 21-63, and 64 and older)
Family Rating Standards
• Number of family members included in rating:
• 1 or 2 parents
• Up to 3 family members under the age 21
• Unlimited dependent children age 21 to 26
• Family premiums are based on the premiums for each family member’s age
and tobacco use
• Only the premiums for the first three children under age 21 contribute toward
the total family premium
• Family rates include per-member rates for dependent children 21 and older
5. ACA Rating Methodology (cont’d)
Geographic Rating Standards
• Premiums may reflect geographic rating areas in the state
• Rating area is:
• Home address for Individual market coverage
• Employer’s primary place of business in the state, for small group
coverage
Tobacco Rating Standards
• Insurance companies cannot charge an individual who uses tobacco
products more than 1.5 times the non-tobacco user’s rate.
• Tobacco rating can vary based on age (e.g. 1.2:1 for those under 35)
• For small employers covered individuals will be able to avoid the
tobacco surcharge by participating in a wellness program
• The rating variation permitted for tobacco use can only be applied to
the portion of the premium attributed to the family member affected.
6. Deductibles
• Maximum annual limitation on plan deductibles is $2,000
single/$4,000 family for non-grandfathered small groups.
• However, coverage will exceed the annual deductible limit if it
cannot reasonably reach a given level of coverage (metal tier)
without exceeding the deductible limit.
7. Essential Health Benefits (EHB)
• Insurance carriers are mandated to make sure your plan provides
Essential Health Benefits (EHB).
• These categories are:
•
•
•
•
•
•
•
•
•
•
Ambulatory patient services
Emergency services
Hospitalization
Maternity and newborn care
Mental health and substance abuse disorder services
Prescription drugs
Rehabilitative and habilitative services and devices
Laboratory services
Preventive and wellness services and chronic disease management
Pediatric services, including oral and vision care
8. Proposal & Premium Invoice Changes
• Small group proposals must break out premiums for each
employee and all of their dependents (on or off the Exchange).
• Invoices must break out the premiums for each employee and all
of their dependents (on or off the Exchange).
• Invoices must also break out the premium for each employee
and their dependents three ways:
• Total premium
• Employer portion of the premium
• Employee portion of the premium
9.
10. What are Employer Options for those with
Fewer than 50 FTE’s in the SMALL GROUP
HEALTH MARKETPLACE?
1. Renew Early – as of 12/1/2013 too late to do so
• Pros
• Cons
2. Self-Funding
• Avoid ACA fees and taxes
• Transparency
• Medically Underwritten
11. What are Employer Options for those with
Fewer than 50 FTE’s? (cont’d)
3. Drop Group Coverage
• Pros
• Cons
Pre and Post Tax Example
Pre-Taxed
Post-Taxed
Gross Income
$3,000
$3,000
Pre-Taxed Premium
($500)
Taxable Income
$2,500
$3,000
Income Tax 40%
($1,000)
($1,200)
Post Tax Premium
Net Income
($500)
$1,500
$1,300
Assume minimum tax bracket: 25% Federal, 7.5% State, 7.65% FICA
12. What are Employer Options for those with
Fewer than 50 FTE’s? (cont’d)
4. Purchase Plans with Much Higher Deductibles
• To extent available beyond ACA small group deductible caps
• Supplemented by underlying GAP (mini-med plans in states where
available)
5. SHOP Exchange for tax credits for those groups eligible
26. Medical Loss Ratio
• Beginning January 1, 2011, health insurers were required by the
ACA to spend at least 85% of premium dollars received from
policies in the large group market (50+ employees) on a
combination of medical care claims and activities to improve
health care quality.
• Limits the amount that insurers can spend on administrative
expenses, overhead, profit, commissions and other non‐claim
expenses to 15% of premium dollars received.
• Insurance companies were required to pay rebates for 2012 by
August 1, 2013.
27. Limit Employee Contributions to Medical
Flexible Spending Accounts (FSA)
• Beginning in 2013, employee salary reduction contributions to
medical FSAs will be limited to $2,500 per plan year.
• Indexed increases allowed in future years to adjust for inflation.
28. Provide Written Notice About Health Benefit
Exchanges (Exchanges)
• By October 1, 2013, employers must provide written notice to
current and new employees, to inform them of the Exchanges
and the circumstances under which they may be eligible for
health insurance subsidies.
• In addition, the COBRA Model Election Notice was revised to
inform qualified beneficiaries of coverage options available
through “the Marketplace.”
29. Summary of Benefits and Coverage (SBC)
• On or after Sept. 23, 2012, group health plans and health insurance issuers
are required to use standards in compiling and providing an SBC that
accurately describes the benefits and coverage.
• Group health plans must issue an SBC to plan participants and beneficiaries
(including COBRA participants) free of charge in the following circumstances:
• Participants and beneficiaries must receive an SBC for each benefit package offered
•
•
•
•
under the plan for which they are eligible, no later than the first date of eligibility. The
SBC(s) must be provided with any written application materials for enrollment, or if
there are no written application materials, prior to the first date the employee is
eligible to enroll in the group health plan.
If there is any change to benefits and coverage between enrollment and the first day of
coverage, no later than the first day of coverage.
Within 90 days after special enrollment. Special enrollment is when employees and
dependents have the right to enroll in coverage midyear upon specified circumstances.
Upon renewal of coverage (i.e., annual enrollment), not later than 30 days prior to the
first day of the new plan year.
Upon request, as soon as possible, but no later than 7 business days following request.
30. Summary of Benefits and Coverage (SBC)
(cont’d)
• The regulations provide a two‐part rule for electronic delivery:
• For those already covered under the plan, the employer must satisfy the
Department of Labor’s electronic disclosure regulations. See the following
notice from the DOL: http://www.dol.gov/ebsa/newsroom/tr11‐03.html
• For those eligible but not enrolled, the employer may provide
electronically if the format is readily accessible, and a paper copy is
available free of charge upon request.
32. Employer Mandate
• Mandate is effective January 1, 2014, regardless of grandfathered
status. However, as of July 2, 2013, the Department of Treasury and the
White House delayed the enforcement of the penalties associated with
the mandate until 2015.
• Employers with 100+ full‐time employee equivalents must offer medical
coverage that is “affordable” and provides “minimum value” to their
full‐time employees (and their dependent children to age 26) or be
subject to penalties to at least 70% of its employees in 2015. In 2016
employers with 50+ FTEs must offer health insurance to at least 95% of
its FTEs.
• Employees who work 30 hours per week are deemed full‐time.
• Coverage is affordable if the employee’s contribution of the self‐only
coverage for the lowest cost plan is less than 9.5% of:
• the Federal Poverty Level for a single individual. (2013 ‐ $ 11,490 for single)
• an employee’s box 1 W‐2 wages
• an employee’s monthly wages (hourly rate x 130 hours per month)
• A plan must pay actuarially 60% of the costs of covered health services
to be considered as providing “minimum value.”
33. Employer Mandate Penalties
• The penalty for employers not offering any coverage to their
employees is $2,000 per FTE (minus the first 30 employees).
• The penalty for employers offering a plan that is not “affordable”
or does not provide “minimum value” is the lesser of:
• $3,000 per FTE receiving the tax credit for exchange coverage, or
• $2,000 per FTE (minus the first 30 employees).
34. Full‐time Employee Determination Definitions
• IRS recognized potential issues with full‐time employee
determination on a month‐by‐month basis.
• Created an optional “look‐back measurement method” as an
alternative way to determine the number of full‐time employees.
• Look‐back method essentially provides safe harbor methods for
determining which ongoing employees, new employees,
employees rehired after a termination of employment and
employees returning to service after certain unpaid leaves of
absence are considered full‐time.
35. Full‐time Employee Determination Definitions
(cont’d)
• Measurement Period ‐
• Time period selected by the employer of at least 3 but not more than 12
consecutive calendar months during which the employer determines whether an
employee is considered a full‐time employee based on that employee’s average
number of hours of service per week.
• Stability Period ‐
• Time period selected by the employer that immediately follows, and is associated
with, an applicable measurement period (and any applicable administrative
period, defined below), during which an employee who qualified as a full‐time
employee based on the measurement period is treated as a full‐time employee
(i.e., is “locked into” full‐time status) for purposes of the Play‐or‐Pay mandate’s tax
penalty.
• Administrative Period ‐
• An optional period of no longer than 90 days beginning immediately after the end
of a measurement period and ending before the associated stability period. The
purpose of this period is to allow an employer time to count employees and
coordinate health coverage. The administrative period must overlap with the prior
stability period to ensure that no gaps in coverage occur.
36. Automatic Enrollment (200+)
• Delayed until after additional guidance is issued
• Employers that offer coverage must automatically enroll new full
time employees with the opportunity to opt out.
• Until the Department of Labor issues regulations, employers are
not required to comply with Automatic Enrollment in Health
Plans.
• The DOL intends to complete this rulemaking by 2014.
37. Nondiscrimination Provisions Applicable to
Insured Group Health Plans
• Delayed until after additional guidance is issued
• In the past, an insured group health plan could provide
non‐taxable benefits to executives and other highly compensated
individuals even if the plan discriminated in favor of those
individuals with regard to eligibility to participate or benefits
provided.
• If, however, self‐funded group health plans discriminated in favor
of highly compensated employees, the benefits for the highly
compensated individuals would be subject to taxation under
Internal Revenue Code 105(h).
• The ACA states that Non‐Grandfathered insured group health
plans will be subject to similar rules as those contained within
Internal Revenue Code 105(h) if they discriminate in favor of
these persons.
38. W-2 Reporting
• Employers that file 250 or more W‐2 forms in the prior year will
be required to report the cost of health coverage to employees.
• This amount shows up in box 12 with the code DD.
• Transition relief has been given to those employers filing under
250 W‐2 forms until further notice.
39. Waiting Period
• Employers cannot have more than a 90‐day waiting period after
an employee becomes eligible for coverage.
• Waiting periods longer than 90 days must be amended prior to
or at 2014 renewal.
41. Patient-Centered Outcomes Research Institute
(PCORI) Fee
• For plan years ending on or after Oct. 1, 2012, the Act imposed a
fee on health insurance issuers and employers sponsoring
self‐funded group health plans.
• For fully insured plans, the temporary fee is rolled into the
premium rates and is not called out separately on the invoice.
• The annual fee begins at the rate of $1 per each covered life
(employee, spouse and dependents) per year in the first year,
increases to $2 per covered life per year in the second year and is
then indexed for the remaining five years.
42. Insurer Fee
• Will be collected from health insurance providers based on net
written premiums for fully insured groups.
• The annual fee is permanent and expected to total $8 billion in
2014 for all insurers, increasing each year to $14.3 billion in
2018, and indexed to premium trend thereafter.
• Based on the government rule and industry analysis
• Impact on premium is approximately 2.3 percent in the first year,
and will increase to 3 – 4% in future years.
43. Transitional Reinsurance Fee
• Will be collected from health insurance providers for years 2014
•
•
•
•
to 2016.
Funds are distributed to insurers in the non‐grandfathered
individual market that disproportionately attract individuals at
risk for high medical costs.
The intent is to spread the financial risk across all health insurers
to provide greater financial stability.
Based on the government rule and industry analysis, the impact
for the first year of the Transitional Reinsurance Fee is about $5
to $6 per member per month.
44. Risk Adjustment Fee
• Fee of about $1 per member per year is assessed on issuers of
risk‐adjusted plans in the non‐grandfathered individual and small
group markets, whether in or out of the Exchanges.
• The permanent fee helps fund the administrative costs of
running the Risk Adjustment Program.
• The program is intended to protect health insurance issuers of
risk‐adjusted plans against adverse selection by redistributing
premiums from plans with low‐risk populations to plans with
high‐risk populations.
• The Risk Adjustment Fee begins in 2014.
45. Medicare Tax
• Will require employers to withhold an additional 0.9% of
employee wages exceeding $200,000.
• While the 1.45% income tax withholding is still in place for all
employees and employers, the new Medicare tax adds an
additional 0.9% on employee earned income above $200,000.
• The additional tax is only assessed on the individual, who is
ultimately responsible for the tax.
• However, employers who do not withhold this additional income
tax will be liable.
46. Annual fee on pharmaceutical manufacturers
(2011) and medical devices (2013)
• May increase claim expenses to your plan.
• Pharmaceutical companies that make or import brand‐name
drugs are paying fees that totaled $2.5 billion in 2011, the first
year.
• Companies that make medical equipment sold chiefly through
doctors and hospitals, such as pacemakers, artificial hips and
coronary stents, will pay a 2.3 percent excise tax on their sales.
47. “Cadillac Tax”
• Will subject health plans to a 40% excise tax on the value of health
•
•
•
•
•
insurance benefits exceeding a specific threshold (2018).
In 2018, the thresholds are $10,200 for single coverage and $27,500
for family coverage. (Over age 55 or high‐risk professional thresholds
are $11,850 and $30,950 for individuals and families respectively)
If a plan’s annual premiums for single coverage exceed $10,200, the
dollar amount over that threshold will be taxed at 40% rate.
For example, if an individual’s annual premiums in 2018 are $12,200 –
or $2,000 over the $10,200 threshold – the Cadillac tax would equal
40% of $2,000, or $800.
The thresholds may increase depending on actual medical inflation
between 2010 and 2018.
The health issuer will be responsible for paying this fee if the plan is
fully insured, and will apply to both grandfathered and
non‐grandfathered plans.
48. Thank you for joining us
today!
For more information, please contact: