The Internal Revenue Service has announced the 2014 cost-of-living adjustments for various limits affecting employee benefit plans. The more common limits are detailed below for 2013 and 2014. If you have any questions about how these limits apply to you, please contact Mark Flanagan of Aronson’s Employee Benefit Plan Services Group at 301-231-6257.
Employees that participate in flexible spending accounts (FSAs) can finally be less worried about forfeiting their unused funds. The Treasury Department recently announced that the infamous “use-or-lose” rule will be relaxed. Employers that sponsor an FSA arrangement are now permitted to allow participants to carry over up to $500 of unused funds from year to year. […]
The Affordable Care Act added a new section 18B to the Fair Labor Standards Act “FLSA.” This new section requires every employer that is subject to the FLSA to provide written notice of the new health insurance exchanges (aka health insurance marketplaces) as a coverage option to all current employees by October 1, 2013. Subsequent […]
The Obama Administration has announced the delay of the employer mandate/pay-or-play provisions under the Patient Protection and Affordable Care Act (ACA) until January 1, 2015. Previously, employers with 50 or more full time equivalent employees were required to offer affordable health insurance to employees working more than thirty hours a week by January 1 or […]
Pennsylvania has enacted a new job creation law allowing qualified companies to retain 95% of the withholding taxes for the individuals employed in the newly created jobs. The Promoting Employment Across Pennsylvania Act (L. 2012, H2626, effective 10/26/2012), which was signed into law by Governor Tom Corbett on October 26, 2012, offers the 95% retention […]