IRS Announced HSA/HDHP Limits for 2018

On May 5, 2017, the IRS released Revenue Procedure 2017-37 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2018.

The HSA contribution limits will increase effective January 1, 2018, while the HDHP limits will increase effective for plan years beginning on or after Jan.

DOL Overtime Rule: Update

The U.S. Department of Labor’s (DOL) overtime rule is unlikely to come to fruition.  The rule – which was scheduled to take effect Dec. 1, 2016 – was delayed by federal court injunction on Nov. 22, 2016.  In December, the DOL filed for an expedited appeal of the court injunction.

However, on Jan.

A Refresher on FSA Carryovers

A health flexible spending account (FSA) is an employer-sponsored account that employees can use to pay for or reimburse their qualifying medical expenses on a tax-free basis, up to the amount contributed for the plan year. Health FSAs are subject to a “use-or-lose” rule that generally requires any unused funds at the end of the plan year (plus any applicable grace period) to be forfeited.

Have You Developed a Strategy for Communicating the Overtime Rule to Employees?

On May 18, 2016, the Department of Labor (DOL) released a new rule regarding overtime pay requirements.  Currently, employees who meet certain criteria are eligible for overtime pay if they make less than $23,660 per year – under the new rule, this amount would increase to $47,476 per year.

Given the significant impact the new rule could have on employee satisfaction,

DOL Increases Penalties for Health Plan Violations

On July 1, the Department of Labor issued an interim final rule that increases the civil penalty amounts that may be imposed under various federal laws, including the ERISA.  The interim final rule increases the civil penalty associated with:

  • Failing to file an annual Form 5500 (as applicable) –  Up to $2,063 per day
  • Failing to provide the annual notice regarding premium assistance under the Children’s Health Insurance Program (CHIP) –