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Monthly Archives: October, 2018

  • Administration Proposes Allowing All Employers to Offer HRAs to Reimburse Individual Health Insurance Policy Premiums

    If Finalized, Proposal Would Become Effective for 2020 Plan Year

    A new proposed rule would permit all employers to offer health reimbursement arrangements (HRAs) to reimburse employees’ individual health insurance policy premiums if certain conditions are met. Currently, many employers are prohibited from offering such HRAs. If finalized, the proposal would be effective for plan years beginning on or after January 1, 2020.

    In general, the proposal would permit HRAs to reimburse premiums for individual health insurance policies only if:

    • All individuals covered by the HRA verified that they are, or will be, enrolled in individual health insurance coverage;
    • No class of employees is offered a choice between a traditional group health plan and the HRA;
    • The HRA is offered on the same terms to all employees within a class;
    • Participants can opt out of the HRA annually; and
    • Employers provide eligible participants with a written notice describing certain features of the HRA.

    Click here for more information on the proposal.

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  • Earnings Subject to Social Security Tax to Increase in 2019

    Taxable Earnings to Increase to $132,900

    The Social Security Administration has announced that, effective January 1, 2019, the maximum amount of earnings subject to the Social Security tax will increase to $132,900, up from $128,400 in 2018. As a reminder, both employers and employees pay a 6.2% Social Security tax on an employee’s earnings, up to the maximum amount of earnings subject to the tax each year.

    Click here for more information.

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  • Updated Consumer Report Notice Required Sept. 21

    Notice Available for Download

    Beginning September 21, 2018, an updated Summary of Consumer Rights notice must be provided when required under the federal Fair Credit Reporting Act (FCRA). As a reminder, the FCRA requires employers to provide an applicant or employee with this notice before rejecting a job application, terminating an employee, or taking any other adverse employment action based on information in a consumer report.

    Click here to view more information and download the updated notice.

    To access your HR library, please visit www.HR360.com/login

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