Department of Labor Releases 2020 Adjusted Penalty Amounts

2020-01-28T21:59:55+00:00

The Department of Health and Human Services (HHS) and the Department of Labor (DOL) have issued adjusted/updated civil monetary penalties for a myriad of benefits related violations. The Departments are required by law to provide their annual adjustments by January 15th each year. The 2020 penalties will not be assessed until after January 15, 2020 [...]

Department of Labor Releases 2020 Adjusted Penalty Amounts2020-01-28T21:59:55+00:00

Diversified Group’s State Update

2020-01-02T17:26:16+00:00

New Jersey: Health Insurance Mandate In 2018, New Jersey Governor, Phil Murphy, signed into law The New Jersey Health Insurance Market Preservation Act. This law requires all New Jersey residents to have health insurance or pay a penalty. Lawmakers in New Jersey drafted this legislation in response to the decision to eliminate the ACA individual mandate with the [...]

Diversified Group’s State Update2020-01-02T17:26:16+00:00

Fully-Insured Health Insurer Tax Is Back for 2020

2019-11-21T17:36:39+00:00

Recently released IRS notice 2019-50 has reestablished the health insurer tax (HIT) for 2020, which had been previously suspended for 2019. The Affordable Care Act (ACA) imposes an annual, non-deductible health insurer tax on insurance companies that offer fully-insured plans and applies to all insurers offering fully-insured coverage, including plans sold via the exchange or [...]

Fully-Insured Health Insurer Tax Is Back for 20202019-11-21T17:36:39+00:00

Which Welfare Plans Must File Form 5500?

2020-01-02T16:05:07+00:00

Funded Plans: All  “funded” welfare plans covered by ERISA must file a Form 5500. A “funded” plan is one where funds are set aside in a custodial account or trust fund for the exclusive benefit of plan participants. The type of Form 5500 (Form 5500 vs. Form 5500-SF) filed is determined by the number of [...]

Which Welfare Plans Must File Form 5500?2020-01-02T16:05:07+00:00

Get Eligibility Right the First Time or Pay for It Later

2019-08-02T08:00:18+00:00

Missing, incorrect, or late information regarding eligibility can lead to mistaken interpretation of coverage, no coverage/denied claims, or incorrect participant information. These can all lead to overbilling, underbilling, and claim payment errors. Additionally, eligibility errors can “over-obligate” the plan by allowing an invalid member to linger on the plan, for example: enrolling in COBRA for [...]

Get Eligibility Right the First Time or Pay for It Later2019-08-02T08:00:18+00:00

ACA Affordability Percentage for 2020

2019-10-02T19:00:22+00:00

On July 23, 2019, the Internal Revenue Service (IRS) issued Revenue Procedure 2019-29 which indexes the contribution percentages for 2020 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning on or after January 1, 2020, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only [...]

ACA Affordability Percentage for 20202019-10-02T19:00:22+00:00

Connecticut Paid Family and Medical Leave Law

2019-07-01T11:03:28+00:00

On June 25, 2019, Governor Ned Lamont signed into law Connecticut’s Paid Family and Medical Leave law. Below are some highlights from the new law: Connecticut Paid Family and Medical Leave Law Key Dates June 25, 2019 – CT Governor signs legislation into law; January 1, 2021 - Employee payroll tax begins; January 1, 2022 [...]

Connecticut Paid Family and Medical Leave Law2019-07-01T11:03:28+00:00

MA Paid Family and Medical Leave – Delay of Payroll Tax Deduction

2019-10-02T19:04:57+00:00

The Massachusetts Paid Family and Medical Leave law (effective in 2021) requires employers to start making financial contributions to support the paid leave program starting on July 1, 2019. The law allows employers to deduct a part of the required contribution from each employee’s wages (along with an employer contribution*) to fund the program. The initial contributions [...]

MA Paid Family and Medical Leave – Delay of Payroll Tax Deduction2019-10-02T19:04:57+00:00

Diversified Group State Mandate Update: New Jersey

2019-06-06T06:00:28+00:00

Pre-Tax Transportation Fringe Benefits: On March 1, 2019, New Jersey becomes the first state to require employers to offer pre-tax transportation benefits to employees. A pre-tax transportation fringe benefit is a benefit that allows an employee to set aside wages on a pre-tax basis, which is then only made available to the employee for the [...]

Diversified Group State Mandate Update: New Jersey2019-06-06T06:00:28+00:00

2020 HSA Limits and ACA Out-of-Pocket Maximum

2019-06-05T11:05:25+00:00

The Internal Revenue Service released its 2020 Health Savings Account Inflation Adjustment Limits. A comparison of the 2019 and 2020 limits are listed below. The ACA maximum out-of-pocket limits have also been adjusted. The ACA uses a different adjustment calculation than the IRS when setting HSA limits year over year.

2020 HSA Limits and ACA Out-of-Pocket Maximum2019-06-05T11:05:25+00:00