Articles
Compliance Webinar
Recorded July 2022. Provides an overview of various plan compliance topics.
Election Limits
The following plan limits are in effect for plan years beginning in 2024. Medical FSA : $3,200 annually Limited Purpose FSA : $3,200 annually Dependent Care FSA : $5,000 annually Transit Pre-Tax : $315 monthly Parking Pre-...
Annual FSA Plan Reconciliation & Forfeitures
Medical FSA has an experience gain with respect to a year of coverage if total premiums paid is greater than total claims reimbursements and reasonable administrative costs for year. Employers have four alternatives that comply with IRS rules rel...
ERISA Compliance - Medical FSA
Summary Plan Description (SPD) must be furnished to participants within 120 days after plan is adopted. New employees must receive a SPD within 90 days after becoming participants. If plan is amended, an updated copy of SPD must be given to plan ...
Nondiscrimination Testing - Section 125
What is Section 125 Nondiscrimination Testing? Your plan allows employees to pay for their health care and dependent care expenses on a pre‐tax basis. This saves both the employer and the employee money on Income taxes and Social Security taxes....
5500 Requirements for Reimbursement Accounts
There is currently no annual filing requirement for Section 125 Plans. However, the underlying benefits may be required to file a Form 5500 if they are considered a Health & Welfare Plan. Group Health Insurance Coverage and Health FSAs are two examp...
PCORI Fees
An annual fee called the Patient Centered Outcome Research Institute (PCORI) Fee applies to most HRA plans. This fee is filed and paid for via IRS Form 720 and is due each year by July 31. Health insurers are responsible for paying the PCORI fee for...