• Health Savings Accounts

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

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  • 2018 Open Enrollment

     

     

    IMPORTANT: The Open Enrollment Period has been shortened from 12 to 6 weeks!

     

    • Click here for a quote. 2018 rates should be available mid-October. You can also call our office at 385-234-6754.
    • November 1, 2017 is the first day of Open Enrollment.
    • All enrollments and plan changes must be submitted by December 15th. DO NOT MISS THIS DEADLINE. If you miss this deadline, you must wait until the next Open Enrollment (there are exceptions for Special Enrollment Periods).

    If you would like to set up an appointment during the Open Enrollment, please click here to schedule a telephone appointment with one of our licensed agents.

     

    We appreciate your continued business and look forward to assisting you.

     

            2005 E 2700 S.  SLC, UT 84109• (385) 234-6754
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  • HR Updates: IRS Announces Retirement Plan Limits for 2018

    401(k) Contribution Limit Increases to $18,500

    The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Highlights include:

    • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans is increased from $18,000 to $18,500.
      • The catch-up contribution limit for those aged 50 and over remains unchanged at $6,000.
    • The limit on annual contributions to an individual retirement arrangement (IRA) remains unchanged at $5,500.

    The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have adjusted gross incomes between $63,000 and $73,000, up from $62,000 to $72,000.

    • For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $101,000 to $121,000, up from $99,000 to $119,000.
    • For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $189,000 and $199,000, up from $186,000 to $196,000.

    Click here for more information.

    To learn more about retirement planning, please visit our section on Retirement Plans.

     

    HR News Alerts provided by:

    Team Nash
    2005 E 2700 St, Suite 140, Salt Lake City, UT 84109
    385-234-6754

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2017 HR 360, Inc., All rights reserved.

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  • Health Care Reform Updates: New Executive Order Calls for Expanding Access to Association Health Plans

    ACA Requirements Remain In Effect Pending Further Guidance or Legislation

    President Trump has signed an executive order calling upon the U.S. Department of Labor (DOL) to consider, among other things, expanding access to Association Health Plans, which could potentially allow employers to form groups across state lines. Until further guidance is issued or legislation is signed, however, all current ACA requirements remain in effect, including penalties for noncompliance.

    Key Highlights

    The following are key highlights of the order:

    • Association Health Plans (AHPs): The executive order directs the DOL to consider adopting a broader interpretation of the Employee Retirement Income Security Act (ERISA), which could potentially allow employers in the same line of business anywhere in the country to join together to offer health insurance coverage to their employees.
    • Short-Term, Limited Duration Insurance (STLDI): The executive order directs federal agencies to consider ways of expanding coverage through low-cost STLDI, which is not subject to certain ACA rules.
    • Health Reimbursement Arrangements (HRAs): The executive order directs federal agencies to consider changes to the rules regulating HRAs so that employers can make better use of these arrangements for their employees.

    For more information on this executive order, click here.

    Note: In general, executive orders must be implemented in a manner consistent with applicable law, including the Administrative Procedure Act, which requires extended review of and public comment on any federal rules which may be proposed as a result of an executive order. Going forward, we will promptly report changes made to any ACA requirements.

    For more information on the ACA, check out our Health Care Reform section.

    Health Care Reform Updates provided by:

    Team Nash
    2005 E 2700 St, Suite 140, Salt Lake City, UT 84109
    385-234-6754

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2017 HR 360, Inc., All rights reserved.

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  • Health Care Reform Updates: Administration Eliminates Cost-Sharing Reduction Payments

    Cuts to Take Effect Immediately

    The Trump administration announced yesterday that it will no longer make cost-sharing reduction (CSR) payments to insurance companies under the Affordable Care Act (ACA). According to a statement issued by the U.S. Department of Health and Human Services (HHS), the agency’s decision to discontinue these payments immediately follows a legal review by HHS, the Department of Treasury, the Office of Management and Budget, and an opinion from the U.S. Attorney General.

    Background
    The ACA requires insurers to offer plans with reduced deductibles, copayments, and other means of cost sharing to eligible individuals who purchase plans through the Health Insurance Marketplace. In turn, insurers receive CSR payments arranged by the Secretary of HHS to cover the costs they incur because of this requirement. Whether CSR payments were properly appropriated by Congress has been the subject of litigation since 2014.

    To read the HHS statement, click here.

     


    Health Care Reform Updates provided by:

    Team Nash
    2005 E 2700 St, Suite 140, Salt Lake City, UT 84109
    385-234-6754

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2017 HR 360, Inc., All rights reserved.

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  • Top 5 Open Enrollment Notices

    Certain Notices Must Be Distributed Around Open Enrollment

    A company’s open enrollment period can be a hectic time for management, HR, and employees alike. However, during the enrollment process, employers should remember their disclosure obligations. Below are five key notices that must be distributed to employees around the open enrollment period:

    1. Summary Plan Description (SPD): An SPD must generally be distributed to group health plan participants within 90 days after the employee becomes a plan participant. Click herefor more on the SPD requirement.
    2. Summary of Benefits and Coverage (SBC): An SBC must generally be provided to group health plan participants and beneficiariesprior to initial enrollment in, or upon renewal of, plan coverage. Click here to access an SBC template.
    3. Employer CHIP Notice: The Employer CHIP Notice must be provided to all employees that reside in states with group health plan premium assistance, annually before the start of each plan year. Click here to download a model Employer CHIP Notice.
    4. Notice of Special Enrollment Rights: This notice must be provided to all employees eligible to enroll in the employer’s group health plan, at or before the time the employee is initially offered the opportunity to enroll. Click here to access a model Notice of Special Enrollment Rights (see page 3, also marked as page 138).
    5. Medicare Part D Creditable or Non-Creditable Coverage Notice: This notice must generally be distributed before October 15 to all Medicare-eligible individuals who are offered prescription drug coverage under the employer’s group health plan. Click here to access model versions of the creditable and non-creditable coverage notices.

    Note: Additional notice requirements may apply depending on the particular features of the group health plan.

     

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2017 HR 360, Inc., All rights reserved.

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  • Health Care Reform Updates by Team Nash

    Final Forms 1094 and 1095 Not Yet Available

    Employers subject to the Affordable Care Act’s (ACA) information reporting requirements are reminded that the 2018 deadlines for reporting coverage provided in calendar year 2017 are currently as follows:

    • Applicable large employers (ALEs)-generally those with 50 or more full-time employees, including full-time equivalents-must file Forms 1094-C and 1095-Cwith the IRS no later than February 28, 2018 (or April 2, 2018 if filing electronically). ALEs must also furnish a Form 1095-C to all full-time employees by January 31, 2018

      .

    • Self-insuring employers that are not considered ALEs, and other parties that provide minimum essential coverage, must file Forms 1094-B and 1095-B with the IRS no later than February 28, 2018(or April 2, 2018, if filing electronically). These entities are also required to furnish a Form 1095-B to “responsible individuals” (may be the primary insured, employee, former employee, or other related person named on the application) by January 31, 2018.

    Note: The final Forms 1094 & 1095 for calendar year 2017 reporting are not yet available from the IRS.

    For more on employer information reporting requirements, check out our comprehensive section on Information Reporting.

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2017 HR 360, Inc., All rights reserved.

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  • Top 3 Emerging Benefits

    Use Popular Benefits to Lure Top Talent

    Benefits are a key factor in attracting and holding onto the best and brightest people for your organization. To make sure you’re keeping up with the competition, consider offering these emerging popular benefits to your employees.

     

    1. Telemedicine and On-Site Clinics: Millennials demand and value convenience, in health care as in all else. Adding a telemedicine service to your health plan allows employees to consult with medical professionals remotely via video services like Skype. Even more convenient is placing a health care clinic at the worksite, another benefit some employers are starting to offer.
    2. Student Loan Assistance: With total national student loan debt reaching over $1 trillion, employees increasingly appreciate student loan repayment assistance as a benefit.
    3. Voluntary Benefits: Many employee populations vary in age, interest, and needs. With a voluntary benefits program, employees can take advantage of discounted group rates for nontraditional benefits like cybersecurity insurance and pet insurance, and cover the cost themselves through payroll deferral.

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2017 HR 360, Inc., All rights reserved.

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  • What is the ‘Age 26’ Requirement Under the ACA?

    Law Requires Certain Employers to Offer Dependent Coverage Until Age 26

    Under the Affordable Care Act, when a plan covers dependents, it must continue to make the coverage available until a child reaches the age of 26, even if the young adult has been offered coverage through his or her own employer, is married, no longer lives with his or her parents, is not a dependent on a parent’s tax return, or is no longer a student.

    There is no federal requirement compelling a plan or issuer to offer dependent coverage. However, applicable large employers may be liable for a “pay or play” penalty if they do not offer coverage to the dependents of their full-time employees through the entire calendar month during which the dependent attains age 26.

    Note: Individual states may have dependent coverage requirements that are more favorable to employees. Employers and plan administrators should consult with their state insurance department to determine if additional requirements apply to their plans.

    Check out our Health Care Reform section for more important ACA requirements.

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  • Service Recognition Program

    Question: Can you suggest a best practice policy for a service recognition program?

    Answer: Awards for length of service are a common form of employee recognition. Employees like service award programs because they provide all employees with an equal opportunity to receive recognition, and the criteria is objective because it is based on the date of hire. Likewise, employers find these programs to be both useful and beneficial because they are easy and inexpensive to administer.
    Here are some things to keep in mind when crafting a service recognition program:

    • Be sure to outline the eligibility criteria. Many employers go by years of service in multiples of five.
    • Within that criteria, include a rehire policy that states how long an employee may be gone from the workplace before their seniority date “resets” for tenure award purposes. Consider a statement such as: “Employees who leave XYZ Company and are rehired after more than [____ days/weeks/months/years] will be eligible for service awards based on their rehire date.”
    • Determine the substance of the actual award. Some employers offer a menu of awards for each tier and some have set awards that become more valuable as the years of service accumulate. Be sure the awards are applied consistently and that program changes are publicized to all employees to avoid issues with employee expectations and claims of unfairness or discrimination.
    • Keep in mind that military leaves cannot negatively impact tenure because taking such leaves cannot cause “harm” to the employees. Consider whether adjusting tenure for any leaves (family and medical leave, disability, pregnancy, etc.) could create discriminatory issues related to the reward policy.

    As always, we recommend reviewing new or modified policies with counsel prior to implementation.

     

    The content contained herein is for informational purposes only. It is not intended, nor should it be taken, as legal or tax advice or a substitute for legal counsel.

     

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