This document summarizes key provisions and changes related to retirement plans, healthcare reform, and the Affordable Care Act that take effect in 2013 and 2014. It outlines increased contribution limits for 401k, 403b and other retirement plans in 2013. It also provides details on new provisions under the Affordable Care Act such as limitations on flexible spending accounts, individual mandates, employer pay-or-play requirements, and new fees imposed on insurers. The document concludes with uncertainty around repeal of the healthcare law depending on the outcome of the upcoming presidential election.
Service Incentive Leave: Vacation and Sick Leaves. By way of incentive to years of service, the Philippine Labor Code requires the employer to give a 5-day service incentive leave to the employees who have rendered at least one year of service.
Employee Benefits: Legally Mandated to be Given. As a general labor standard, Philippine Labor Law requires payment of Employee Benefits by the employer and the government. These are referred to as Statutory Monetary Benefits because they are legally mandated to be given.
Are you ready for the upcoming 2014 provisions of the new healthcare reform act? Do you know what the implications are to you as a small or midsize company?
Our webinar will help you become familiar with upcoming requirements under the Patient Protection and Affordable Care Act.
Expect to learn the following and more:
What is the Patient Protection and Affordable Care Act
How does an organization determine their 2014 cost to comply?
What should organizations be doing now to prepare?
Service Incentive Leave: Vacation and Sick Leaves. By way of incentive to years of service, the Philippine Labor Code requires the employer to give a 5-day service incentive leave to the employees who have rendered at least one year of service.
Employee Benefits: Legally Mandated to be Given. As a general labor standard, Philippine Labor Law requires payment of Employee Benefits by the employer and the government. These are referred to as Statutory Monetary Benefits because they are legally mandated to be given.
Are you ready for the upcoming 2014 provisions of the new healthcare reform act? Do you know what the implications are to you as a small or midsize company?
Our webinar will help you become familiar with upcoming requirements under the Patient Protection and Affordable Care Act.
Expect to learn the following and more:
What is the Patient Protection and Affordable Care Act
How does an organization determine their 2014 cost to comply?
What should organizations be doing now to prepare?
Pag-IBIG Benefits: Home Development Mutual Fund. Employees who can avail of housing loans as one of their Pag-IBIG Benefits from the Home Development Mutual Fund.
New CA Laws and Regulations Compliance Overview AlphaStaff
As of January 1, 2013, the state of California has added and amended myriad of new laws that affect employers in a number of important and significant ways. Please join us as we review each of these changes and help employers better understand the impact and importance of these changes to their businesses and employees in California. Presented by Human Resources Account Manager, Rebecca McDonough, CA-SPHR
Retirement Pay: Optional and Mandatory. Philippine Labor Law requires payment of retirement for employees who have rendered at least 5 years of service and are in their 60s (optional) and no more than 65 years old (mandatory).
Dozens of new California labor laws and Human Resources-related bills were passed, to go into effect on January 1, 2013. Many other changes affecting employers nationwide go into effect on 1/1, such as payroll tax limits, workers’ compensation insurance, federal employment regulations, and most significantly, the Patient Protection and Affordable Care Act, otherwise known as Health Care Reform. This 2013 California HR Updates report covers them all.
This issue of Retirement Plan News includes articles on the following: Post-severance compensation revisited, The fiduciary role and Tibble v. Edison, Bankruptcy and retirement plans.
Katie Hays, US Chamber of Commerce, Health Care Panel Legislation Panel Discu...Delaware State Chamber
View this powerpoint delivered by Katie Hays, Executive Director of Government Affairs, U.S. Chamber of Commerce about the Health Care Reform Legislation. This presentation was given on June 2, 2010 at the Delaware State Chamber of Commerce's End-of-Session Legislative Brunch at Dover Downs.
Check this out! My friends at Greener Accounting and Tax Services put this presentation together to show some of the changes that will be made with two health care legislations passed this term. Very informative and somewhat disturbing.
The latest Retirement Plan News contains articles on the following: 1) Make Benchmarking Your Plan An Annual Exercise 2) Employer Contribution Trends 3) QDIAS Ten years On
Pag-IBIG Benefits: Home Development Mutual Fund. Employees who can avail of housing loans as one of their Pag-IBIG Benefits from the Home Development Mutual Fund.
New CA Laws and Regulations Compliance Overview AlphaStaff
As of January 1, 2013, the state of California has added and amended myriad of new laws that affect employers in a number of important and significant ways. Please join us as we review each of these changes and help employers better understand the impact and importance of these changes to their businesses and employees in California. Presented by Human Resources Account Manager, Rebecca McDonough, CA-SPHR
Retirement Pay: Optional and Mandatory. Philippine Labor Law requires payment of retirement for employees who have rendered at least 5 years of service and are in their 60s (optional) and no more than 65 years old (mandatory).
Dozens of new California labor laws and Human Resources-related bills were passed, to go into effect on January 1, 2013. Many other changes affecting employers nationwide go into effect on 1/1, such as payroll tax limits, workers’ compensation insurance, federal employment regulations, and most significantly, the Patient Protection and Affordable Care Act, otherwise known as Health Care Reform. This 2013 California HR Updates report covers them all.
This issue of Retirement Plan News includes articles on the following: Post-severance compensation revisited, The fiduciary role and Tibble v. Edison, Bankruptcy and retirement plans.
Katie Hays, US Chamber of Commerce, Health Care Panel Legislation Panel Discu...Delaware State Chamber
View this powerpoint delivered by Katie Hays, Executive Director of Government Affairs, U.S. Chamber of Commerce about the Health Care Reform Legislation. This presentation was given on June 2, 2010 at the Delaware State Chamber of Commerce's End-of-Session Legislative Brunch at Dover Downs.
Check this out! My friends at Greener Accounting and Tax Services put this presentation together to show some of the changes that will be made with two health care legislations passed this term. Very informative and somewhat disturbing.
The latest Retirement Plan News contains articles on the following: 1) Make Benchmarking Your Plan An Annual Exercise 2) Employer Contribution Trends 3) QDIAS Ten years On
Chisapani Nagarkot Trek is short and sweet trip of 3 days tea house trek to Nagarkot and to Dhulikhel.This tour plan is designed for the Learn more on http://communityrex.com/nagarkot-chisapani-trek/
How Does Obamacare Impact Your Business Planning?Tilson
The Supreme Court has upheld the PPACA and its implementation is full steam ahead. Now is the time to begin preparing for the impact on your business and your employees. Many have forgotten the complexity, decisions, and regulatory requirements of this legislation. As we all know, the devil is in the details.
CBIZ Manufacturing & Distribution Quarterly Newsletter – June 2021CBIZ, Inc.
This issue newsletter tackles two of the hottest topics for the Manufacturing & Distribution sectors – supply chain challenges and the newly supercharged employee retention tax credit (ERTC). The article on innovations in employee benefits informs another critical operational issue – that of staffing – as employee benefits are key to recruiting and retaining qualified employees. Articles on managing insurance costs (and links to a pre-renewal data checklist) and how to work with the U.S. Commercial Service to access global markets round out this packed issue. As an added bonus, News from the NAM provides cutting edge industry commentary.
How to Avoid a Head-on Collision with The Cadillac TaxBill Conlan
The Webinar addressed what state and local governments need to know about how other provisions of reform that take effect beginning in 2010 will complicate the challenge of meeting the thresholds – and that the time to begin planning for the Cadillac tax is now.
The presenters provided details on the Cadillac tax and factors that complicate compliance with premium thresholds such as the removal of traditional coverage limits, the increase in the dependent eligibility age, additional fees, mental health parity and the estimated 16 million more Americans who will receive Medicaid.
Congrats on surviving this year of multiple changes in the Employee Benefits industry. With more legal changes anticipated in 2020, we want to help you not only review your compliance readiness for the recently implemented laws, but help you and your team build a solid 2020 Watchlist for the new year.
Both focusing on 2019 year-end and looking ahead to 2020, this webinar will cover:
Multiple-employer plans -- What new guidance means for your business
New correction options under the IRS Employee Plans Compliance Resolution System, plus the most common 2019 plan errors we saw and how to fix them
Hardship distributions and participant loans -- Imminent deadlines for amendments and updated tips
New health reimbursement options -- How useful are they?
How to treat coupons used by plan participants to help pay for prescription drugs
New Medicare Secondary Payer reporting rules apply January 2020 -- What should you do?
Insights from the Paycheck Protection ProgramJasonSchupp1
Analysis of the Small Business Administration's initial release of data on loans approved under the Paycheck Protection Program as design considerations for a future Pandemic Risk Insurance Program
November 2012 Benefits And Business Insurance Alert
1. Industrial Insurance Associates
November 2012 “Benefits and Business Insurance Alert” TM
FREE: What is a Contractor's Obligation to Provide Reasonable
Accommodation to An Employee's Disability?
Event Name: Workplace Accommodations under the Rehabilitation Act of 1973
Description: This Chicago District Office Technical Assistance Event will discuss a
contractor's obligations to provide reasonable accommodation to employees'
disabilities.
Date: Dec 5, 2012
Time: 10:00 to 12:00
Location: 230 South Dearborn
Room 706
Chicago, IL
Information: 312-596-7045
2013 Retirement Planning - New Contribution Limits Announced
The IRS has announced cost-of-living adjustments affecting dollar limits for defined contribution
and defined benefit retirement plans and other retirement-related items for 2013. Many plan limits
on contributions and benefits will rise as a result. Below are the key changes effective Jan. 1, 2013.
Defined Contribution Plans
• The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans
increases to $17,500 from $17,000.
• The catch-up contribution limit for those age 50 and older remains unchanged at $5,500.
• The overall limit for defined contribution plan deferrals from all sources (employer and employee
combined) increases to $51,000 per participant from $50,000.
• The amount of employee compensation limit that can be considered in calculating contributions to
defined contribution plans increases to $255,000 from $250,000.
• The limit used in the definition of a key employee in a top-heavy plan remains unchanged at
$165,000.
• The limit used in the definition of a highly compensated employee for 401(k) nondiscrimination
testing purposes remains at $115,000.
Healthcare Reform - New Provisions - Highlights: 2013 and 2014
2013
1. FSA limit of $2,500 (Effective 1/1/2013 or at the start of the plan’s 2013 plan year)
2. 2. Health Coverage - Restricted annual limit on essential benefits at $2 million
3. Availability of Public Exchange notices to all employees due by March 1, 2013, but there is
no guidance as of yet, so this deadline may be postponed
4. Elimination of Medicare Part D subsidy tax advantage
5. Patient-centered outcome research fee on health insurers and sponsors of self-funded plans
6. 0.9 percent increase in Medicare tax for employees earning at least $200,000
2014
7. Individual mandated purchase of health insurance
8. Public Exchange health insurance coverage available
9. Employer Health Benefits “pay-or-play” mandate
10. Health insurance coverage of essential health benefits (individual & small-group only)
11. Health insurer rating limits (individual and small groups only)
12. Health insurer guaranteed issue requirement and renewability
13. New Hire Benefit Waiting periods limited to 90 days
14. No annual dollar limit on essential health benefits
15. Coverage for clinical trials, which can be pretty expensive
16. Increased wellness plan incentive to 30 percent
17. No pre-existing condition exclusions, regardless of age
18. Cost-sharing limits of $5,950 for individual coverage/$11,900 for family (adjusted in 2014)
19. Deductible limit of $2,000 for individual coverage/$4,000 for family coverage
20. Insurer provider fee—Insurer must pay a new “tax” based on net written premiums
21. Reinsurance fee on insurer & third party administrator of self-funded plan, payable
2014-16, collected quarterly starting Jan. 15, 2014, the fee is supposed to raise $10 billion used
towards the Healthcare Law’s expenses
22. Section 6055 IRS reporting for plans that provide minimum essential coverage
Section 6056 IRS reporting for large employers (at least 50 full-time employees),
presumably to verify individual mandate and pay-or-play information
Repeal?
At this juncture, there is a tremendous amount of uncertainty surrounding the PPACA .
If Mitt Romney becomes president and Republicans hold sway in Congress, much of PPACA could
be “unwound” in a big budget bill. But a budget bill might not repeal the entire law. Romney may
also delay new rules, repropose existing rules and institute nonenforcement policies to buy time
before repeal.
If President Barack Obama is re-elected, parts of PPACA will get scrutinized again, most likely.
Employers should expect an avalanche of guidance after the election.
Affordable Care Act: Quiz Corner
Healthcare reform has a provision requiring insurers to pay new fees in addition to current taxes ?
Answer: See items 20 and 21 above
Industrial Insurance Associates
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Inverness, IL 60067
847-705-6600