The new At Issue bulletin is here! This yearly bulletin highlights happenings of CBIZ Benefits & Insurance and relevant changes to policies over the year of 2015.
Articles in this edition are:
- Overview of 2015
- Quick Review of New Federal Laws
- DOL Assists States Establishing Savings Programs
- Proposed Changes to ERISA’s Disability Claims and Appeal Process
- More IRS Guidance on Application of Same-sex Marriage to Benefit Plans
- 2016 Benefit Plan Limits and Cost of Living Adjustments
- Year-end Reminders
- Annual Notice Reminders
Health Reform - Additional IRS Approaches to the Cadillac Tax; Transitional R...CBIZ, Inc.
Guidance on:
1. Additional IRS Approaches to Cadillac Tax. On July 30, 2015, the IRS released a second pronouncement (IRS Notice 2015-52), which like the first, does not carry the weight of the law or regulation, but rather is an effort to test the waters to see how the law should be formulated. The new guidance expands the discussion with regard to identifying taxpayers liable for the excise tax, employer aggregation, allocation of the tax, payment of the applicable tax and determining the cost of applicable coverage.
2. Transitional Reinsurance Fee Process for 2015 Benefit Year. In preparation for reporting and paying the transitional reinsurance fees for the 2015 benefit year, the Centers for Medicare and Medicaid services released an overview of the process and procedures
3. State Innovation Waivers. The Affordable Care Act includes a provision that takes effect in 2017 which would allow a state to apply for an innovation waiver; pursuant to which the state could be relieved from certain aspects of the ACA.
4. Applicability of ACA’s Employer Shared Responsibility Provisions. On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236); now Public Law 114-41). This law provides that for purposes of determining whether an employer is an applicable large employer with regard to employee enrollment in minimum essential health coverage under an eligible employer sponsored plan, individuals covered for medical care under TRICARE or the Veterans Administration are not counted. In addition, a recent lawsuit challenged the applicability of the ACA’s employer shared responsibility mandate to a Native American tribe.
The Health Care and Education Affordability Reconciliation Act of 2010 was recently passed by the House and will be signed into law 03/30/2010. NAHU (National Association for Health Underwriters) published a comprehensive timeline of the changes coming over the next few years. Please contact me with any questions.
Learn how you can successfully navigate the Affordable Care Act, "Obama Care".
This easy to read outline will benefit your family and business.
Call (816-224-9466) for more information today.
Health Reform - Additional IRS Approaches to the Cadillac Tax; Transitional R...CBIZ, Inc.
Guidance on:
1. Additional IRS Approaches to Cadillac Tax. On July 30, 2015, the IRS released a second pronouncement (IRS Notice 2015-52), which like the first, does not carry the weight of the law or regulation, but rather is an effort to test the waters to see how the law should be formulated. The new guidance expands the discussion with regard to identifying taxpayers liable for the excise tax, employer aggregation, allocation of the tax, payment of the applicable tax and determining the cost of applicable coverage.
2. Transitional Reinsurance Fee Process for 2015 Benefit Year. In preparation for reporting and paying the transitional reinsurance fees for the 2015 benefit year, the Centers for Medicare and Medicaid services released an overview of the process and procedures
3. State Innovation Waivers. The Affordable Care Act includes a provision that takes effect in 2017 which would allow a state to apply for an innovation waiver; pursuant to which the state could be relieved from certain aspects of the ACA.
4. Applicability of ACA’s Employer Shared Responsibility Provisions. On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236); now Public Law 114-41). This law provides that for purposes of determining whether an employer is an applicable large employer with regard to employee enrollment in minimum essential health coverage under an eligible employer sponsored plan, individuals covered for medical care under TRICARE or the Veterans Administration are not counted. In addition, a recent lawsuit challenged the applicability of the ACA’s employer shared responsibility mandate to a Native American tribe.
The Health Care and Education Affordability Reconciliation Act of 2010 was recently passed by the House and will be signed into law 03/30/2010. NAHU (National Association for Health Underwriters) published a comprehensive timeline of the changes coming over the next few years. Please contact me with any questions.
Learn how you can successfully navigate the Affordable Care Act, "Obama Care".
This easy to read outline will benefit your family and business.
Call (816-224-9466) for more information today.
The latest HRB has been released and details various ACA reminders, PCORI Fees HHS Rules and much more. Check out the slideshare document and be sure to contact us at www.cbiz.com should you have any questions.
Health Reform Bulletin 137 | Delay of Certain ACA Taxes and Fees; Benefit and...CBIZ, Inc.
On January 22, 2018, President Trump signed H.R. 195. Along with providing short-term government funding, it also extends funding of the Children's Health Insurance Program (CHIP) for six years through 2023. This program provides low-cost health coverage to children in families who do not qualify for Medicaid, as well as for pregnant women residing in certain states.
Health Reform Bulletin 128 | House Passes the American Health Care ActCBIZ, Inc.
On May 4, 2017, the House passed the American Health Care Act of 2017 (“AHCA”, H. R. 1628). Since the initial bill was officially introduced on March 20, 2017 (see The GOP Proposal to Repeal and Replace the Affordable Care Act, HRB 127, 3/10/17), there have been several amendments made to the law’s text. The bill will now progress to the Senate for consideration; its fate in the Senate is unclear at this point. Every indication is that the bill with undergo significant scrutiny and probably substantial change. Following is a brief overview of certain provisions of the bill passed by the House.
Health Reform Bulletin 133 | Executive Order Directing Modifications to the A...CBIZ, Inc.
An Executive Order, signed on October 12, 2017, promotes modifications of certain aspects of the Affordable Care Act (ACA) (also see press statement). In a nutshell, this Executive Order directs the ACA’s governing agencies (Health and Human Services/Labor/Treasury) to address three
elements: formation of association health plans, expansion of short-term, limited-duration insurance, and expanding the rules to allow individual premium to be reimbursed through health reimbursement arrangements (HRAs). Briefly, this Executive Order directs the governing agencies to
CBO analysts use the agency’s revised health insurance simulation model, HISIM2, to generate estimates of health insurance coverage and premiums for the population under age 65. The model is used in conjunction with other models to develop baseline budget projections (which incorporate the assumption that current law generally remains the same). It is also used to estimate the effects of proposed changes in policies that affect health insurance coverage. This presentation provides an overview of the model.
Intertwined Guidelines: Untangling Your Enrollment Notice Requirementbenefitexpress
DOL, PPACA, ERISA, COBRA, and HIPAA all have guidelines for enrollment notices - learn best practices for including the notice in your benefits strategy.
Health Reform Bulletin 143 | Status of ACA Litigation; Murky Future of AHPs; ...CBIZ, Inc.
Litigation challenging and rescinding various aspects of the Affordable Care Act (ACA) continues to reign. Last December, Judge Reed O’Connor of the Fifth Circuit Court of Appeals opined that the individual mandate, in the absence of the tax repealed by the Tax Cuts and Jobs Act, is unconstitutional; and since it is a cornerstone of the ACA, then the entire ACA must fall (see our prior CBIZ Health Reform Bulletin 142).
ACA (mis)Management: What Everyone Has Learned & the Game Plan for 2017benefitexpress
After our first ACA reporting season, it’s time to regroup and review what we’ve learned for 2016. The IRS is eliminating extensions and good faith efforts, raising penalties, and strictly limiting transitional relief.
With higher stakes, ERISA attorney Larry Grudzien reviews the changes to ACA reporting for 2016 and common ACA management issues.
It's an understandable response to the Affordable Care Act to simply throw in the towel and give your employees some cash to buy health coverage on their own. Unfortunately, it's not as simple as that. The U.S. Department of Labor has just tackled that topic in its most recent round of "frequently asked questions," surrounding the implementation of the health care law. Here are some highlights of the latest guidance.
Health Reform Bulletin 116 Year End Wrap Up 12-29-15Daniel Michels
The most recent CBIZ Health Reform Bulletin: Year-End Wrap Up (HRB 116). This issue includes specific information and guidance on:
1. Late breaking development, IRS delays new Affordable Care Act's (ACA) reporting and disclosure obligations!
2. On December 18, 2015 Consolidate Appropriations Act, 2016, and the Protecting Americans from Tax Hikes (PATH) Act of 2015 (H. R. 2029; now Public Law No. 114-113) were signed by the President, and amend several provisions of the Affordable Care Act.
3. The IRS Issued guidance relating to ACA implementation
4. Year-End Reminders
The latest HRB has been released and details various ACA reminders, PCORI Fees HHS Rules and much more. Check out the slideshare document and be sure to contact us at www.cbiz.com should you have any questions.
Health Reform Bulletin 137 | Delay of Certain ACA Taxes and Fees; Benefit and...CBIZ, Inc.
On January 22, 2018, President Trump signed H.R. 195. Along with providing short-term government funding, it also extends funding of the Children's Health Insurance Program (CHIP) for six years through 2023. This program provides low-cost health coverage to children in families who do not qualify for Medicaid, as well as for pregnant women residing in certain states.
Health Reform Bulletin 128 | House Passes the American Health Care ActCBIZ, Inc.
On May 4, 2017, the House passed the American Health Care Act of 2017 (“AHCA”, H. R. 1628). Since the initial bill was officially introduced on March 20, 2017 (see The GOP Proposal to Repeal and Replace the Affordable Care Act, HRB 127, 3/10/17), there have been several amendments made to the law’s text. The bill will now progress to the Senate for consideration; its fate in the Senate is unclear at this point. Every indication is that the bill with undergo significant scrutiny and probably substantial change. Following is a brief overview of certain provisions of the bill passed by the House.
Health Reform Bulletin 133 | Executive Order Directing Modifications to the A...CBIZ, Inc.
An Executive Order, signed on October 12, 2017, promotes modifications of certain aspects of the Affordable Care Act (ACA) (also see press statement). In a nutshell, this Executive Order directs the ACA’s governing agencies (Health and Human Services/Labor/Treasury) to address three
elements: formation of association health plans, expansion of short-term, limited-duration insurance, and expanding the rules to allow individual premium to be reimbursed through health reimbursement arrangements (HRAs). Briefly, this Executive Order directs the governing agencies to
CBO analysts use the agency’s revised health insurance simulation model, HISIM2, to generate estimates of health insurance coverage and premiums for the population under age 65. The model is used in conjunction with other models to develop baseline budget projections (which incorporate the assumption that current law generally remains the same). It is also used to estimate the effects of proposed changes in policies that affect health insurance coverage. This presentation provides an overview of the model.
Intertwined Guidelines: Untangling Your Enrollment Notice Requirementbenefitexpress
DOL, PPACA, ERISA, COBRA, and HIPAA all have guidelines for enrollment notices - learn best practices for including the notice in your benefits strategy.
Health Reform Bulletin 143 | Status of ACA Litigation; Murky Future of AHPs; ...CBIZ, Inc.
Litigation challenging and rescinding various aspects of the Affordable Care Act (ACA) continues to reign. Last December, Judge Reed O’Connor of the Fifth Circuit Court of Appeals opined that the individual mandate, in the absence of the tax repealed by the Tax Cuts and Jobs Act, is unconstitutional; and since it is a cornerstone of the ACA, then the entire ACA must fall (see our prior CBIZ Health Reform Bulletin 142).
ACA (mis)Management: What Everyone Has Learned & the Game Plan for 2017benefitexpress
After our first ACA reporting season, it’s time to regroup and review what we’ve learned for 2016. The IRS is eliminating extensions and good faith efforts, raising penalties, and strictly limiting transitional relief.
With higher stakes, ERISA attorney Larry Grudzien reviews the changes to ACA reporting for 2016 and common ACA management issues.
It's an understandable response to the Affordable Care Act to simply throw in the towel and give your employees some cash to buy health coverage on their own. Unfortunately, it's not as simple as that. The U.S. Department of Labor has just tackled that topic in its most recent round of "frequently asked questions," surrounding the implementation of the health care law. Here are some highlights of the latest guidance.
Health Reform Bulletin 116 Year End Wrap Up 12-29-15Daniel Michels
The most recent CBIZ Health Reform Bulletin: Year-End Wrap Up (HRB 116). This issue includes specific information and guidance on:
1. Late breaking development, IRS delays new Affordable Care Act's (ACA) reporting and disclosure obligations!
2. On December 18, 2015 Consolidate Appropriations Act, 2016, and the Protecting Americans from Tax Hikes (PATH) Act of 2015 (H. R. 2029; now Public Law No. 114-113) were signed by the President, and amend several provisions of the Affordable Care Act.
3. The IRS Issued guidance relating to ACA implementation
4. Year-End Reminders
CBIZ's very own Todd Hanson is featured in the November edition of the Minneapolis St. Paul Business Journal. Read the panelists' expert opinions about current issues surrounding health care including benefits, mobile health, health education, aca compliance, and more!
Panelists include Todd Hanson, director of client services at CBIZ Benefits & Insurance Services; Jesse Berg, an attorney specializing in health care law at Gray Plant Mooty; John Soshnik, a partner in the health law group at Lindquist & Vennum; Becca Miller, director of employer solutions at Capella Education Co.; and Steven Rush, director of health literacy innovations at UnitedHealth Group Inc. Allison O’Toole, interim CEO at MNsure, served as moderator.
The Wellbeing Insights newsletter is a monthly publication produced by CBIZ Wellness Solutions. Click to read this month's edition with great wellness features including:
- National Breast Cancer Awareness Month
- On the Menu: Pumpkins
- Flu Shot Myth Buster
- And more!
Health Reform Bulletin 116 | Year-End Wrap Up Dec. 29, 2015CBIZ, Inc.
The government is winding up 2015 and ringing in 2016 with a bang. The final HRB of 2015 will keep you abreast of the various changes that occurred at the end of the year.
Health Reform Bulletin: Implementation Guidance & ACA UpdatesCBIZ MHM, LLC
1) Distribution of Marketplace Notice to Employees; 2) 90-day Waiting Period; 3) Individual Shared Responsibility- Final Regulations; 4) Employer Appeals in Marketplace Eligibility Determinations; 5) Small Business Tax Credit; 6) Preventive Care - Health Saving Accounts; and 7) Internal Claims, Appeals and External Review: Providing Culturally and Linguistically Appropriate Notices
Health Reform: Interim Guidance on Expatriate Plans; Updates on ACA Reportin...CBIZ, Inc.
This Health Care Reform Bulletin provides information on the following topics:
a. Interim Guidance on Expatriate Health Coverage
b. Updates on Section 6055/6056 Reporting
i. Revised and Increased Reporting Penalties
ii. E-filing requirements for Employers
c. Final Rules: Preventive Services
d. Reminder on PCOR Fees and Transitional Reinsurance
i. Checklist for PCOR and Transitional Reinsurance Fee
As of July 2, 2013, the Obama administration is delaying large employer compliance with the Employer Mandate standards and its reporting rules until 2015. http://www.prescottpailet.com/
Health Reform Bulletin Oct, 2015 - Amendments to the small employer definitio...CBIZ, Inc.
The latest Health Reform Bulletin is here! This bulletin is chock full of information from a new law that amends the definition of small employer, finalized ACA reporting forms 1094 and 105 and adjusted PCORI fees and much more. Check out some more in-depth information above.
Health Reform Bulletin – IRS PronouncementsCBIZ, Inc.
Information on 1) Cafeteria Plan Status Change Events, 2) Employment Status Change Proposals to Employer Shared Responsibility Rules, 3) Increase in PCOR Fees, and Final Excepted Benefit Regulations. Recently, the Internal Revenue Service (IRS) released three pronouncements relating to the Affordable Care Act (ACA). In addition, final regulations have been issued relating to certain excepted health benefits.
Health Reform Bulletin 125 | Updated Employer Shared Responsibility Guidance,...CBIZ, Inc.
The latest HRB has been released. Get updates on the following: 1) Updated Employer Shared Responsibility Guidance; 2) ACA Implementation Guidance; 3) Gender Identity Discrimination: Preliminary Injunction Issued; 4) Final Rules - Premium Tax Credit; and 5) 2018 Benefit and Payment Parameters.
Discussion Question (250-300 words long) Describe the princip.docxelinoraudley582231
Discussion Question: (250-300 words long)
Describe the principles of fee-for-service plans and managed care plans. What are the similarities and differences?
I want you to discuss and answer this question and to help you to do so I will upload a PowerPoint file helping you to answer this question.
Here are two of the classmates responses to this question read it and try to connect their responses to your answer and discussion.
Gabrielle
Fee-for-service plans (FSS) and managed care plans are both classes of insurance programs. In fee-for-service plans, the doctors and hospitals get paid for the service that they perform and test that they order. This plan provides protection against health care expenses in the form of a cash benefit that is paid to the insurer or directly to the health care provider after the employee has received health care services. However under this plan, the insurance company determines a deductible for the patient to pay and then they are responsible for the remainder of the amount. Under managed care plans, the plans emphasize cost control by limiting the patient’s choice of doctors and hospitals that they can use. The plan provides a list of physicians and hospitals that the plan holder can use at a reduced price.
These plans are both similar because they offer a reduced price for medical and health coverage. Some differences between the two include how a patient can choose a physician or hospital. Under FSS, you can see a physician whenever you want or feel necessary. However, under managed care, when you see only the physicians that are affiliated with the plan, they then receive a strong financial incentive.
Trevor
The principles of a fee-for-service plan include a health insurance programs that that use cash benefits in order to help protect employees of an organization from expense that come from health care. Some things that are covered by this are physician charges, hospital expenses, and surgical expenses. One type of these service plans are indemnity plans. These plans are when the insurance company and the employer have a contract that specifically covers certain expenses. The next type of these plans are self-funded plans. These plans are when a company pays benefits from their own assets. Managed care plans control costs by limiting employee's decisions on doctors and hospitals. Fee-for-service plans and managed care plans are similar because they both provide health insurance for employees. Managed health care plans are more confusing because they have so many specifications, meanwhile fee-for-service plans is more basic that offers cash benefit for expenses.
until after a probationary period of at least three months so that they can prove that they are going to be great asset to the company.
Instructions:
1. Login to our database using the phpmyadmin.soe.ucsc.edu interface.
2. Develop SQL query to answer each question.
3. In a WORD compatible document and for each question:
· State .
Health Reform Bulletin 131 | The ACA Remains The Law of The LandCBIZ, Inc.
As has been covered extensively in the press, Congress went on its summer recess without repealing, replacing or modifying the Affordable Care Act. What this means for employers is that it is “business as usual”, including all reporting obligations, as more fully described below. So where does health care reform stand at this point? The answer to this question is far from clear.
Pensions Act 2014: all you need to knowIus Laboris
Georgina Jones from our UK member Sackers has written this in-depth article on the Pensions Act 2014 in the August edition of PMI Technical News.
Though somewhat overshadowed by this year’s attention-grabbing Budget, the Pensions Act 2014 is a key piece of legislation. Not only does it introduce a new type of state pension and, as a consequence, sweep away contracting-out on a defined benefit basis, but it also contains several important measures for occupational pension schemes.
Equifax, one of the largest credit reporting agencies in the
United States, was recently the victim of a massive cyber
attack—an attack that may have compromised the personal
information of 143 million people.
The 2017 B&I Webinar calendar is here! Each month CBIZ hosts a benefits-related webinar with innovative strategies for developing the best health care plan for your growing organization. Sign up for a webinar today!
EBN Feb 2016 The ABCs of Employee BenefitsDaniel Michels
Employee Benefit News' article "The ABCs of employee benefits" by Ed Bray, JD, published in the February 2016 edition of EBN. Source: http://www.benefitnews.com/
Substance abuse is often an area that is overlooked when considering the value of total Wellbeing programs – i.e. justification for investing in workplace education and support programs.
How is wellbeing related to engagement? These studies show how! Source: Gallup (2013), "State of The American Workplace: Employee Engagement Insights for US Business Leaders"
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
1. Looking back over 2015, there weren’t many new laws
enacted impacting employee benefits, though, there
were a few including:
Surface Transportation and Veterans Health Care
Choice Improvement Act of 2015 (Public Law 114-
41; enacted July 31, 2015). This law provides that
veterans receiving coverage from TRICARE or the
Veterans Administration are not counted in
determining applicable large employer status under
the Affordable Care Act’s employer shared
responsibility provision. This provision applies
retroactively for months beginning January 1, 2014.
In addition, beginning January 1, 2016, veterans
receiving hospital care or medical services for
service-connected disability can participate and
contribute to health savings account (HSA).
Protecting Affordable Coverage for Employees Act
(“PACE”)(Public Law 114-60; enacted October 7,
2015). This law allows a state to define small
employer for purposes of health insurance as an
employer employing between 1 and 50 employees.
This definition applies to all insurers, including those
in SHOPs (Small Business Health Options Programs).
Prior to enactment of PACE, a small employer would
have been defined as one employing between 1 and
100 employees, beginning January 1, 2016.
Bipartisan Budget Act of 2015 (Public Law 114-74;
enacted November 2, 2015). This law repeals the
Affordable Care Act’s automatic enrollment provision.
This provision would have required employers
employing 200 or more employees to automatically
enroll new full-time equivalents into qualifying health
plans offered by the employer, plus automatically
continue enrollment of current employees.
December 11, 2015
In This Edition:
OVERVIEW OF 2015
QUICK REVIEW OF NEW
FEDERAL LAWS
DOL ASSISTS STATES
ESTABLISHING SAVINGS
PROGRAMS
PROPOSED CHANGES TO
ERISA’S DISABILITY CLAIMS
AND APPEAL PROCESS
MORE IRS GUIDANCE ON
APPLICATION OF SAME-SEX
MARRIAGE TO BENEFIT PLANS
2016 BENEFIT PLAN LIMITS
AND COST OF LIVING
ADJUSTMENTS
YEAR-END REMINDERS
ANNUAL NOTICE REMINDERS
page 1
2. December 11, 2015
continued from page 1
It was, nevertheless, a frenetic year for
HR and employee benefit departments
due in large part to regulatory activity. As
we sit on the precipice of 2016, it appears
that the same will be true next year.
In the welfare benefit plan arena, the
Equal Employment Opportunity
Commission issued two sets of proposed
regulations impacting wellness programs
this year – one relating to compliance with
the Americans with Disabilities Act,
and the second set relating to compliance
with the Genetic Information
Nondiscrimination Act. It is probable
that both sets of regulations will be
finalized sometime in 2016.
There was a plethora of guidance issued
this year relating to the Affordable Care
Act. For a recap of these matters, please
refer to the CBIZ Health Reform
Bulletins.
In the retirement plan arena, President
Obama, in his 2014 State of the Union
address, expressed an interest in
encouraging personal savings and directed
the Treasury Department to develop a
new Roth IRA-type plan option for
employers of any size who do not
currently offer a retirement plan. In this
“myRA” program, an employer would set
up a payroll direct deposit process for
employees to make contributions to their
myRA accounts if they choose to
participate. Also see the article, Updates
to myRA Program, below.
Coincidentally, several states have
initiated efforts to provide opportunities
for individuals to engage in personal
savings. One of the questions that have
arisen is how to reconcile these state
efforts with ERISA. As background, a
federal law, the Employee Retirement
Income Security Act (ERISA), was enacted
in 1974. The general premise is that
ERISA preempts state laws; thus, states
cannot mandate employers do anything as
it relates to employee benefits.
The Department of Labor (DOL), through
its enforcement arm, the Employee
Benefits Security Administration (EBSA) is
giving its effort to address the matter (see
the article, DOL Assists States Establishing
Savings Programs, below). Whether and
how these programs would work in
practice remains to be seen.
In addition, over the last several years,
EBSA has been looking at the evolution of
fiduciary responsibility particularly as it
relates to investment advice. As
background, under ERISA, any person,
including an individual, partnership, joint
venture, corporation, or the like, would be
deemed a plan fiduciary with respect to an
employee benefit plan to the extent that
the person:
Exercises any discretionary authority
or control over plan management, or
exercises any authority or control
(whether or not it is discretionary)
over management or disposition of
plan assets;
Renders investment advice for a fee or
other compensation, direct or indirect,
for any plan money or other plan
property; or
Has any discretionary authority or
responsibility for plan administration.
The DOL first proposed regulations in
2010 governing investment advice by plan
fiduciaries. These regulations were
subsequently withdrawn and then re-
proposed in April, 2015. The comment
period for the re-proposed regulations
closed on September 24, 2015. However,
an effort is afoot in Congress to again
extend the comment period on these
regulations, potentially delaying the
issuance of them until after the November
2016 Presidential election. Stay tuned for
further developments on this front.
Following are summaries of a few
proposals that bear monitoring, as well as
some year-end reminders for plan
sponsors.
page 2
3. December 11, 2015
DOL ASSISTS STATES ESTABLISHING
SAVINGS PROGRAMS
Due to growing estimates that millions of
U.S. employees do not have access to
employer-based retirement savings,
several states have begun enacting laws
to assist them in establishing retirement
savings vehicles. To date, California,
Illinois and Oregon have enacted laws that
require private sector employers to offer,
or at least facilitate, retirement plans for
their workforce (see Are Employers
Required to Offer Retirement Plans? from
the Benefit Beat, January, 2015).
Specifically, these states have initiated
their programs as a payroll deduction
process to fund tax-favored individual
retirement plans. These programs include
an automatic enrollment feature wherein
the employer would continue to facilitate
payroll deduction amounts on behalf of
the employee unless the individual
affirmatively opts out of participation.
Several other states continue to explore
the possibility of requiring private sector
employers to implement similar saving
programs.
To this end, the DOL’s Employee Benefits
Security Administration released guidance
in the form of proposed rules and an
Interpretive Bulletin to assist states in
establishing these types of programs
without the programs becoming subject to
ERISA scrutiny.
The proposed rules provide a safe harbor
standard to assist in determining the
extent and involvement of employers in
these types of arrangements. In a
nutshell, as long as the employer’s
involvement is limited to payroll
functioning of withholding and forwarding
of the deductions to the savings vehicle,
and maintains limited or ministerial
functions, then the program would not be
deemed to be employer-sponsored for
ERISA purposes.
In addition, the DOL has sanctioned three
concepts to assist employers in
establishing ERISA retirement plans for
their employees. They are:
1. State-established marketplace wherein
private sector employers could select
an ERISA plan or non-ERISA plan in
which to participate;
2. State-based prototype plans wherein
the employer would sponsor a
prototype ERISA plan that would be
administered and managed by the
state or other designated third party;
or
3. Employers could participate in a state-
established multiple employer plans
(MEP) rather than establishing their
own separate plan. Such MEP would
be administered by the state or other
designated third party.
UPDATES TO MYRA PROGRAM
On the federal front, the Treasury
Department has added new features to
the myRA program. The myRA program
offers a way for employers to set up a
payroll direct deposit process for
employees to contribute to their myRA
account (see Benefit Beat article
referenced above for a summary of the
myRA program). Following its successful
pilot timeframe, there are three new ways
for employees to fund their myRA
accounts. They can fund the account
directly from their paycheck, from their
own checking or savings account, or direct
all or part of their federal tax refund to
the account when filing taxes.
More information about the myRa
program, including program materials that
could be shared with employees is
available on the Treasury Department’s
webpage: http://myra.gov/employers.
page 3
4. December 11, 2015
PROPOSED CHANGES TO ERISA’S
DISABILITY CLAIMS AND APPEAL
PROCESS
Plans subject to ERISA, both welfare and
retirement, must comply with rules
relating to claims for benefits and appeals
of such claims. The Affordable Care Act
(ACA) expanded these rules as it relates
to health plans.
On November 18, 2015, the DOL’s
Employee Benefits Security Administration
released proposed rules that are
intended to strengthen the existing ERISA
rules, as well as align the current
procedural protections and safeguards
with the ACA’s claims, appeals and
external review procedures.
Following are highlights of the proposed
rules (also see the related FAQs):
Independence and impartiality:
avoiding conflicts of interest. Claims
and appeals must be adjudicated in
manner designed to ensure
independence and impartiality of the
individuals involved in making the
decision.
Improvements to basic disclosure
requirements. Benefit denial notices
must contain a full discussion of why
the plan denied the claim and the
standards behind the decision.
Right to review and respond to new
information before final decision.
Claimants would have access to their
entire claim file and would be allowed
to present evidence and testimony
during the review process. In
addition, claimants must be notified of
and have an opportunity to respond to
any new evidence, reasonably in
advance of an appeal decision. Any
final denial at the appeals stage
cannot be based on new or additional
rationales unless the claimant is given
notice and a fair opportunity to
respond.
Deemed exhaustion of claims and
appeals processes. If plans fail to
adhere to all claims processing rules,
then the claimant would be deemed to
have exhausted the administrative
remedies available under the plan,
unless the violation was the result of a
minor error and other conditions are
met.
Coverage rescissions: adverse benefit
determinations. Certain rescissions of
coverage must be treated as adverse
benefit determinations, thereby
triggering the plan's appeals
procedures.
Notices must be written in a culturally
and linguistically appropriate manner.
This means that individuals residing in
a particular county where 10% or
more of its population are literate in a
non-English language must be
provided relevant communications in
the appropriate non-English language.
In addition, the plan would be required
to provide a customer assistance
process, such as a telephone hotline,
with oral language services available in
the non-English language.
The comment period on these proposals
closes on January 19, 2016. At this point,
these rules are only proposed and there is
no need to comply with the proposed
changes; however, it is worth monitoring
them in the event they become applicable.
MORE IRS GUIDANCE ON APPLICATION
OF SAME-SEX MARRIAGE TO BENEFIT
PLANS
In its on-going effort to provide guidance
on the treatment of spouses under
employee benefit plans, the IRS issued
Notice 2015-86 on December 9, 2015.
As result of the Supreme Court’s decisions
in United States v Windsor and Obergefell
v. Hodges, all legal marriages are treated
the same. Generally, for federal purposes,
including federal tax purposes, this has
been true since the Windsor decision on
June 26, 2013. There have been some
lingering questions, though, and this
guidance attempts to address them.
page 4
5. December 11, 2015
In a nutshell, an employer’s retirement
plan will retain qualified status even if it is
amended to recognize a same-sex spouse
as a spouse prior to June 26, 2013.
Further, a retirement plan can provide an
opportunity to an individual whose marital
status is recognized as a result of these
Court decisions, an opportunity for
enhanced benefits. For example, if the
individual was receiving a single annuity,
the plan can allow the individual to switch
to a joint and survivor annuity available to
spouses.
With regard to welfare benefit plans,
generally, these types of plans do not
define “spouse”. The guidance provides
that an IRC Section 125 cafeteria plan can
allow a mid-year status change due to
recognition of a marriage. If a Section
125 plan is amended to recognize same-
sex marriage, and particularly one that
was already in existence, a status change
event could be allowed as a result of a
benefit enhancement. It is common for a
cafeteria plan to include, as a status
change event, a change in coverage.
Before allowing this type of change,
however, an employer should review its
cafeteria plan, with particular emphasis on
status change events, to ensure proper
coordination of plan language. Generally,
it would be addressed under the title of
change in cost or coverage, or similar
title. If the plan does not include this type
of language, it could certainly be amended
to allow it.
2016 BENEFIT PLAN LIMITS
In Revenue Procedure 2015-53, the
IRS released 2016 inflationary or cost of
living adjustments relating to several
types of benefits, as follows.
FLEXIBLE SPENDING ACCOUNT PLAN CAP
The amount that can be contributed to a
health flexible spending account (FSA)
plan through voluntary salary reductions
in 2016 is unchanged from 2015 and
remains at $2,550.
SMALL BUSINESS TAX CREDIT (SBTC)
Small businesses and tax-exempt
employers who provide health care
coverage to their employees under a
qualified health care arrangement are
entitled to a tax credit, as established by
the Affordable Care Act.
To be eligible for the small business tax
credit, the employer must employ fewer
than 25 full-time equivalent employees
whose average annual wages are less
than $50,800 (indexed for 2015). The tax
credit phases out for eligible small
employers when the number of its full-
time employees (FTEs) exceeds 10; or,
when the average annual wages for the
FTEs exceeds $25,900 in the 2016 tax
year (the phase-out wage limit for 2015
was $25,800).
As a reminder, only qualified health plan
coverage purchased through a SHOP
marketplace is available for the tax credit,
and only for a 2-consecutive year period.
QUALIFIED TRANSPORTATION FRINGE
BENEFITS
With regard to transportation expenses
reimbursed by an employer and
excludable from the employee’s income
under a qualified transportation program,
there is a slight increase in the amount for
qualified parking in 2016:
2015 2016
COMMUTER HIGHWAY VEHICLE
(VAN POOLING) AND
ANY TRANSIT PASS
$130 $130
QUALIFIED PARKING $250 $255
As a reminder, employees who use their
bicycles for traveling between home and
their place of employment are entitled to
receive a reimbursement of up to $20 per
month ($240 annually) for qualified
bicycle expenses. This limit is not indexed
nor tied to a cost of living adjustment.
page 5
6. December 11, 2015
QUALIFIED ADOPTION ASSISTANCE
REIMBURSEMENT PROGRAM (IRC §137)
An employer-provided adoption
assistance program that meets the
qualifications of IRC §137, allows
participants to recover expenses relating
to adoption, such as reasonable adoption
fees, court costs, attorney’s fees and
traveling expenses. Below are the
exclusion limits and adjusted gross
income (AGI) phase-out limits for 2015
and 2016:
2015 2016
EXCLUSION
LIMIT
$13,400 $13,460
AGI PHASE-
OUT LIMITS
BETWEEN
$201,010 AND
$241,040
BETWEEN
$201,920 AND
$241,920
HEALTH SAVINGS ACCOUNTS
Please note that the 2016 annual limits
applicable to health savings accounts were
released earlier this year (see Health
Savings Accounts – 2016 Cost of Living
Adjustments, Benefit Beat, 5/12/15).
ARCHER MEDICAL SAVINGS ACCOUNTS
The Archer MSA pilot project ended on
December 31, 2007; therefore, no new
MSAs could be established after that date.
For existing MSAs, the annual deductible
limits of a high deductible health plan
used in conjunction with an Archer
medical savings account for 2016 are
slightly increased:
2016
SINGLE FAMILY
HDHP ANNUAL
DEDUCTIBLE
BETWEEN
$2,250 AND
$3,350
BETWEEN
$4,450 AND
$6,700
OUT-OF-POCKET
EXPENSES
$4,450 $8,150
LONG-TERM CARE PREMIUMS
The IRS limitations relating to eligible
long-term care premiums includible as
medical care, as defined by IRC §213(d)
are:
AGE AT END
OF TAX YEAR
2016 PREMIUM
LIMIT
<40 $390
>40 BUT <50 $730
>50 BUT <60 $1,460
>60 BUT <70 $3,900
>70 $4,870
PREMIUM TAX CREDIT FOR COVERAGE UNDER
A QUALIFIED HEALTH PLAN
Individuals who buy coverage through the
marketplace and meet certain income
criteria may be eligible for an advance
credit payment wherein a portion of the
premium is made directly to the insurer to
cover the cost of coverage. The amount
of an individual’s premium tax credit is
reduced by the amount of any advance
credit payments made during the year. If
the advance credit payment for a taxable
year exceeds the premium tax credit limit,
the individual would owe the excess as
additional tax, subject to certain
inflationary limits. For tax years
beginning in 2016, the limitation on tax
imposed for excess advance credit
payments is determined using the
following table:
HOUSEHOLD
INCOME
(AS PERCENT
OF POVERTY
LINE)
LIMITATION
AMOUNT FOR
UNMARRIED
INDIVIDUALS
(OTHER THAN
SURVIVING SPOUSE
AND HEAD OF
HOUSEHOLD)
LIMITATION
AMOUNT FOR ALL
OTHER
TAXPAYERS
UNDER 200% $300 $600
BETWEEN
200% AND
300%
$750 $1,500
BETWEEN
300% AND
400%
$1,275 $2,550
page 6
7. December 11, 2015
2016 PENSION AND RETIREMENT PLAN
LIMITS
The 2016 plan limits, applicable to defined
benefit and defined contribution plans,
have been issued by the IRS (highlights
below). Note, however, these pension
limits, as well as the Social Security wage
base, will remain unchanged in 2016 due
to a flat cost of living index.
Sources:
IRS News Release
IRS COLA Table ( 2014-2016 limits)
2016 SOCIAL SECURITY COST-OF-
LIVING ADJUSTMENT
The Social Security Administration (SSA)
announced that there will be no cost of
living adjustments for 2016. Thus, the
Social Security wage base in 2016 will
remain unchanged from the 2015 wage
level of $118,500.
The Medicare tax is generally assessed on
all wages. The combined tax rate remains
at 7.65% - the Social Security portion is
6.2% on wages up to the applicable
maximum taxable amount; the Medicare
portion is 1.45% on all wages. Additional
adjustments are included in the SSA’s
Fact Sheet: 2016 Social Security Cost-
of-Living Adjustments.
2016 MEDICARE PREMIUMS AND
DEDUCTIBLES
The Centers for Medicare & Medicaid
Services released the 2016 premiums and
deductibles for the Medicare Part A and
Part B programs.
Medicare Part A Premium and
Deductible
Generally, there is no monthly Part A
premium for those with 40+ quarters
of Medicare-covered employment.
Individuals who buy Part A will pay up
to $411 each month in 2016.
Part A deductibles in 2016 will be
$1,288 for first 60 days of inpatient
care; an additional $322 co-insurance
per day for days 61 through 90, and
additional $644 per day beyond the
90th day.
Medicare Part B Premium and
Deductible
The annual deductible for Part B
beneficiaries will increase from $147 to
$166 in 2016.
With regard to Part B premium,
because there was no Social Security
cost of living increase for 2016, the
monthly premium for most individuals
with Medicare Part B will remain the
same as last year ($104.90). The
amount of monthly premium is
adjusted based on income – see chart
below:
2015 2016
DEFINED BENEFIT PLAN ANNUAL
LIMIT
$210,000 $210,000
DEFINED CONTRIBUTION PLAN
ANNUAL LIMIT
$53,000 $53,000
ELECTIVE DEFERRAL LIMIT FOR
PURPOSES OF CASH OR DEFERRED
ARRANGEMENTS (401(K) PLANS)
AND TAX-SHELTERED ANNUITIES
(403(B) PLANS)
$18,000 $18,000
MAXIMUM DEFERRAL LIMIT FOR
457 PLANS
$18,000 $18,000
>AGE 50 CATCH-UP
CONTRIBUTION LIMIT TO
401(K), 403(B) OR 457(B)
PLANS
$6,000 $6,000
MAXIMUM DEFERRAL LIMIT FOR
SIMPLE PLANS
$12,500 $12,500
>AGE 50 CATCH-UP
CONTRIBUTION LIMIT TO
SIMPLE PLANS
$3,000 $3,000
MINIMUM COMPENSATION
CONSIDERED IN DETERMINING
ELIGIBILITY FOR A SEP
$600 $600
THRESHOLD FOR HIGHLY
COMPENSATED EMPLOYEE (HCE)
$120,000 $120,000
KEY EMPLOYEE COMPENSATION
LIMIT FOR TOP HEAVY PLAN
PURPOSES
$170,000 $170,000
ANNUAL COMPENSATION LIMIT $265,000 $265,000
page 7
8. December 11, 2015
Beneficiaries
who file an
individual tax
return with
income:
Beneficiaries
who file a
joint tax
return with
income:
Income-
related
monthly
adjustment
amount
Total
monthly
premium
amount
≤ $85,000 ≤ $170,000 $0.00 $121.80
>$85,000
and
≤ $107,000
> $170,000
and
≤ $214,000 48.70 170.50
> $107,000
and
≤ $160,000
> $214,000
and
≤ $320,000 121.80 243.60
> $160,000
and
≤ $214,000
> $320,000
and
≤ $428,000 194.90 316.70
> $214,000 > $428,000 268.00 389.80
Part B premiums for individuals who are
married, live with their spouse at any time
during the taxable year, and file a
separate return are:
Beneficiaries who are
married and lived with
their spouse at any time
during the year, but file a
separate tax return from
their spouse:
Income-
related
monthly
adjustment
amount
Total
monthly
premium
amount
≤ $85,000 $0.00 $121.80
> $85,000 and
≤ $129,000 194.90 316.70
> $129,000 268.00 389.80
Medicare Parts C and D monthly premiums
vary by plan.
Additional information about Medicare
premium and deductibles is available from
Medicare’s 2015 & 2016 Costs at a
Glance and CMS press release.
YEAR-END REMINDERS
COBRA
If you employed 20 or more employees on
at least 50 percent of the business days in
2015, and if you sponsor a group health
plan, COBRA will be applicable to the plan
in 2016, unless another exception applies.
ACA’S EMPLOYER SHARED RESPONSIBILITY:
REQUIRED REPORTING AND DISCLOSURE
The Affordable Care Act (ACA) imposes
two new Internal Revenue Code sections.
One requires reporting of minimum
essential coverage (MEC); the other
requires employers subject to the
employer shared responsibility provisions
to report on offers of coverage. This
reporting is required beginning January 1,
2015, with the first reports due in 2016.
The forms for both of these reporting
requirements are the Form 1094
transmittal and Form 1095 benefit
statement. IRC Section 6055 reporting is
accomplished on the B series of the form;
the employer shared responsibility
reporting is accomplished on the C series.
A self-funded employer subject to shared
responsibility can satisfy both its IRC
Sections 6055 and 6056 reporting
obligations by completing all parts of the
Form 1095-C.
Deadlines for Filing and Distributing
Forms 1094 and 1095
File Forms 1094 and 1095 with
IRS no later than February 28th
of
each year (by March 31st
of each year
if filed electronically). Note, the due
date for 2015 forms is February 29,
2016 (or March 31, 2016, if filing
electronically)
Furnish Form 1095 to Individuals
Individuals listed in relevant Forms
1094 and 1095 must be furnished
copy of the relevant Form 1095
annually by January 31st
of each year
(or, by next business day if January
31st
falls on Saturday or Sunday).
FORM W-2 REMINDERS
Aggregate Cost of Health Coverage
Pursuant to the Affordable Care Act,
the Form W-2 must include the
aggregate cost of health coverage.
For details about this mandatory
reporting, see these CBIZ Health
Reform Bulletins, Reminder: Fast
Approaching Form W-2 Reporting
Requirement and Additional IRS
page 8
9. December 11, 2015
Guidance on W-2 Reporting
Requirement. The aggregate cost
information is to be reported in Box
12, using Code DD. As a reminder,
employers exempt from electronic W-2
filing requirement, i.e., file fewer than
250 Form W-2s per year, remain
exempt from reporting the aggregate
cost of health coverage on the Form
W-2 until future IRS guidance is
issued.
Health Savings Accounts. Employer
contributions (including amounts
employees elect to contribute via an
IRC §125 cafeteria plan) to an HSA are
reported in Box 12 - Code W.
Disability Income. Any employee
receiving sick pay benefits from a third
party payer, such as an insurance
company, must be provided a Form W-
2 reflecting these amounts. The
employer is responsible for providing
the Form W-2 if the third party payer
has notified the employer accordingly.
The third party payer will provide the
employer with the relevant information
to be included on the Form W-2. This
information must be given to the
employee by January 31, 2016, for
benefits paid in 2015.
Dependent Care Assistance
Programs. Amounts reimbursed
through a dependent care assistance
program and amounts in excess of the
maximum $5,000 exclusion must be
reported in Box 10 of the Form W-2.
Amounts over the $5,000 exclusion
amounts must be included in Boxes 1,
3 and 5.
Group Term Life Insurance. The
cost of group term life insurance over
$50,000 (Table I rates only, as below)
is reported in Boxes 1, 3 and 5. Also,
show the amount in Box 12 - Code C.
TABLE I – UNIFORM PREMIUMS FOR $1,000 OF
GROUP TERM LIFE INSURANCE PROTECTION
5-year
Age Bracket
Cost per $1,000 of
Protection for one
Month
Under 25 $0.05
25 to 29 .06
30 to 34 .08
35 to 39 .09
40 to 44 .10
45 to 49 .15
50 to 54 .23
55 to 59 .43
60 to 64 .66
65 to 69 1.27
70 and above 2.06
Additional Medicare Tax
Withholding on High Earners. The
Affordable Care Act imposes a 0.9%
increase in the individual’s Medicare
tax rate, applicable on earnings in
excess of $200,000 in a calendar year.
On the Form W-2, the employer would
enter the total employee Medicare tax
(including any Additional Medicare
Tax) withheld on Medicare wages and
tips in Box 6 (“Medicare tax
withheld”). The employer is also
required to report any individual’s
wages paid during the quarter
exceeding the $200,000 withholding
threshold for the year, as well as the
withholding liability for Additional
Medicare Tax on those wages on the
Form 941 series.
FORM M-1 FOR MEWAS
If you sponsored a multiple employer
welfare arrangement (MEWA) in 2015,
make certain that you file the Form M-1
annual report by March 1, 2016. As a
reminder, all welfare benefit plans
required to file a Form M-1 are required to
file the Form 5500 regardless of the plan
size or type of funding. The Form M-1 can
only be submitted electronically through
the DOL’s Online Filing System
(http://www.askebsa.dol.gov/mewa/).
page 9
10. December 11, 2015
MEDICARE PART D DISCLOSURE
NOTICE TO CMS
The annual report, Creditable Coverage
Disclosure Form, must be submitted to
CMS describing whether the prescription
drug coverage is creditable or not
creditable. This filing must be
accomplished electronically, and is due
within 60 days of the commencement of
the plan year. For details about this
notice, see CMS guidance and
instructions.
ANNUAL NOTICE REMINDERS
Following are certain plan sponsor
notification obligations that must be
provided on an annual basis to plan
participants.
Summary Annual Report
Plans subject to Form 5500 reporting
are required to provide a Summary
Annual Report with specific information
derived from Form 5500. The SAR is
required to be provided to plan
participants within 9 months after
close of plan year.
Annual Women’s Health and
Cancer Rights Act (WHCRA) Notice
This notice describes plan coverage of
mastectomy, reconstructive surgery,
prosthesis and treatment for physical
complications. It can be provided as a
separate written notification, or
included in a plan’s annual enrollment
materials.
Medicaid/CHIP Premium
Assistance Notice
This notice describes availability of
premium assistance from Medicaid or
CHIP toward employer-sponsored
coverage. It must be provided to all
employees who reside in states
offering premium assistance. The
notice can be distributed as a separate
written document, or included in a
plan’s annual enrollment materials.
Medicare Part D - Creditable
Coverage Disclosure Notice
This notice must be provided prior to
Medicare’s annual enrollment period
(October 15th
through Dec 7th
). The
notice must be provided to all
Medicare-eligible individuals, including
employees, former employees, and
Medicare-eligible dependents, who are
covered by the plan, or who become
eligible to enroll in the plan.
401(K) PLAN NOTICES
Participants in 401(k) plans must be
furnished certain information relating
to the plan, including annual and
quarterly fee disclosures. A
comparative investment chart must be
included with the annual participant
disclosure.
In addition, 401(k) plans are obligated
to provide an annual notice of
automatic enrollment and qualified
default investment alternative (QDIA)
notice, if applicable to the plan.
ABOUT THE AUTHOR: Karen R. McLeese is Vice
President of Employee Benefit Regulatory Affairs
for CBIZ Benefits & Insurance Services, Inc., a
division of CBIZ, Inc. She serves as in-house
counsel, with particular emphasis on monitoring
and interpreting state and federal employee
benefits law. Ms. McLeese is based in the CBIZ
Kansas City office.
The information contained in this At Issue is not
intended to be legal, accounting, or other
professional advice, nor are these comments
directed to specific situations. This information is
provided as general guidance and may be affected
by changes in law or regulation. This information is
not intended to replace or substitute for accounting
or other professional advice. You must consult your
own attorney or tax advisor for assistance in specific
situations. This information is provided as-is, with no
warranties of any kind. CBIZ shall not be liable for
any damages whatsoever in connection with its use
and assumes no obligation to inform the reader of
any changes in laws or other factors that could affect
the information contained herein.
page 10