BAS Blog


 

Form 5500 Released

The U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation jointly released copies of the 2019 Form 5500 forms. The forms are used to report information on retirement plans and health plans with more than 100 participants.

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Natural Disasters and Employee Pay

As we move into the colder months, employers may have questions about employment and wages during natural disasters.

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Government Benefits Finder

Benefits.gov is an online resource that helps people find federal benefits. The resource is a cross-governmental collaboration between many federal agencies. It is intended to be a single source of benefit information to help Americans understand which benefit programs they may be eligible for and how to apply. The website may be accessed by clicking here.

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CHIP Notice Updates

The Children’s Health Insurance Program Reauthorization Act (“CHIPRA”) requires employers sponsoring group health plans to provide information to employees about the availability of premium assistance subsidies for Medicaid or CHIPRA programs. Employers must provide notice each year to all employees whether they participate in the health plan or not.

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IRS Announces Inflation Adjustments for 2020

Yesterday, the Internal Revenue Service announced several tax code inflation adjustments for the 2020 tax year. Employers should note the new, upcoming limits for their welfare benefit plans.

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EEOC Component 2 Deadline Extended

The Equal Employment Opportunity Commission (EEOC) requires all employers with 100 or more employees, and federal contractors with 50 or more employees and contracts of $50,000 or more, to provide information about the makeup of their workforce. Form EEO-1 must be filed annually to identify employees by race, ethnicity and sex, in each employer location and job category (Component 1 data). Employers with 100 or more employees have an additional obligation to report pay data for their workforce (Component 2 data).

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Department of Labor Releases Health Benefits Advisor Tool

The U.S. Department of Labor offers a free tool for employers to use to understand federal laws that impact health benefit coverage provided by group health plans. The tool, called the Health Benefits Advisor, discusses the following laws:

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New California FSA Notice

The State of California placed a new notice requirement on employers who sponsor flexible spending account (FSA) plans that impose a deadline to withdraw funds before the end of the plan year. The law applies to health care FSAs, dependent care FSAs and adoption expense FSAs. The new notice is intended to warn individuals if their plan requires reimbursement requests to be made before the end of the plan year.

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Medicare Part D Notices Due Soon

Employers with prescription drug plans must provide a notice to Medicare-eligible participants letting them know if their prescription drug coverage is “creditable” or “non-creditable.” Prescription drug coverage is creditable if it provides benefits that are at least as good as the standard Medicare Part D benefit.   

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Salary Increased for Overtime Pay

A new rule from the U.S. Department of Labor will make many more workers eligible for overtime pay under the Fair Labor Standards Act (FLSA). The FLSA sets minimum wage and overtime pay requirements for non-exempt U.S. workers.

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