Employee Benefit Guidance & Compliance Solutions

Posts Tagged "pfcompass"

March 2020 Newsletter

By on Mar 1, 2020 in Newsletters | 0 comments

Dear Valued Clients and Associates, The Spring Equinox is March 19; a time of renewal, it is the day of the year that light and dark are balanced. Symbolizing a time of regrowth and rebirth, it is a great time of year to regroup and re-prioritize! From spring cleaning to religious ceremonies and rituals, how do you welcome the longer, warmer days to come? Would you like to discuss your company’s group insurance options? Interested in assistance navigating the available employee benefits options? We have been working with businesses for over 20 years and hold a 98% retention rate! If you’d like to learn how we can help you reach your employee benefits and compliance goals, let’s chat! Give me a call today 732-258-1032. Here is your March 2020 Newsletter with a combination of HR and Health related news. I hope you enjoy!     Coronavirus Prompts More Companies to Encourage Telework shrm.org Reduce exposure to community settings Businesses in the U.S. should plan for “social distancing,” such as canceling meetings and conferences and arranging for employees to work from home, according to health officials. To read more, click here     DOL Increases Civil Penalty Amounts for 2020 The Department of Labor (DOL) recently released its 2020 inflation-adjusted civil monetary penalties that may be assessed on employers for violations of a wide range of federal laws, including: The Fair Labor Standards Act (FLSA); The Employee Retirement Income Security Act (ERISA); The Family and Medical Leave Act (FMLA); and The Occupational Safety and Health Act (OSH Act). To maintain their deterrent effect, the DOL is required to adjust these penalties for inflation no later than Jan. 15 of each year. Key penalty increases include the following: The maximum penalty for violations of federal minimum wage or overtime requirements increases from $2,014 to $2,050 per violation. The maximum penalty for failing to file a Form 5500 for an employee benefit plan increases from $2,194 to $2,233 per day. The maximum penalty for violations of the poster requirement under the FMLA increases from $173 to $176 per each offense. Employers should become familiar with the new penalty amounts and review their pay practices, benefit plan administration and safety protocols to ensure...

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February 2020 Newsletter

By on Feb 1, 2020 in Newsletters | 0 comments

Dear Valued Clients and Associates, February is a month of hearts, love and valentine’s; it also happens to be the month my Grandmother was born and this year, she’s celebrating 91! I’m excited to head to Maine in a couple weeks to see her and soak up all the love I can get from my family there. Speaking of love, how do you feel about your benefits broker? You may like your broker, but are they really servicing your organization and your employees the way they should be or are they just collecting their commission and not offering you value-add services? Do your employees have direct access to your broker for help with claims questions and adjudication or do your employees have to call the carrier directly? Do they provide you with access to HR and compliance tools? Does your broker include an online benefits administration option? Does your broker administer COBRA for you? Will your broker administer your HRA for you? Do they market your plans every year and show you the comparison, so you know you are offering the best plans? If you are not getting all of these things and more from your broker, we should talk! PF Compass has held a 98% retention rate for over 20 years! If you’d like to learn how we can help you reach your employee benefits and compliance goals, let’s chat! Give me a call today 732-258-1032. Here is your February 2020 Newsletter with a combination of HR and Health related news. I hope you enjoy!     Cadillac Tax and Other Key ACA Taxes Repealed The federal spending bill signed into law at the end of 2019 repealed three taxes and fees under the Affordable Care Act (ACA): The Cadillac tax The medical devices excise tax The health insurance providers fee The Cadillac Tax The Cadillac tax is a 40% excise tax on high-cost group health coverage. Its effective date was previously delayed several times. This tax is now fully repealed, beginning with the 2020 tax year. The Medical Devices Excise Tax The medical devices tax is a 2.3% excise tax on the sales price of certain medical devices. This tax is fully repealed beginning in 2020. Health...

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January 2020 Newsletter

By on Jan 1, 2020 in Newsletters | 0 comments

Dear Valued Clients and Associates, Happy New Year and best wishes to you all for everything you strive for in 2020! While folks are wrapping up year end, preparing for tax deadlines and setting goals for the new year, my goal is to make your life easier. With that said, what better way to kick off the new year than with a reminder of some compliance updates for 2020! Read on for some changes to be aware of this year. Did you know PF Compass has held a 98% retention rate for over 20 years? If you’d like to learn how we can help you reach your employee benefits and compliance goals, let’s chat! Give me a call today 732-258-1032. Here is your January 2020 Newsletter with a combination of HR and Health related news. I hope you enjoy!     2020 – New Rules for Salaries and Wages By Maggie Johnson, HR Consultant As we start the new year, there are a number of changes in employment law affecting the payment of salaries and wages by New York and New Jersey employers. Here’s an overview of the new regulations. Read More Here     Upcoming Group Health Plan Compliance Dates Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans. Listed below are upcoming important compliance deadlines for employer-sponsored group health plans, organized chronologically. For these requirements, the information provided herein shows the deadlines that apply to calendar year plans. For non-calendar year plans, these deadlines will need to be adjusted to reflect each plan’s specific plan year. January 2020 Employers that filed 250 or more IRS Forms W-2 for the prior calendar year must file Forms W-2 with the Social Security Administration and furnish Forms W-2 to employees by Jan. 31 of each year, unless an extension applies. February 2020 ALEs that sponsor fully or self-insured health plans are required to report information about the coverage to the IRS each year, using IRS Forms 1094-C and 1095-C. Employers that are not ALEs use IRS Forms 1094-B and 1095-B to meet these reporting obligations. The deadline for filing paper versions of the forms is Feb. 28, 2020. The deadline...

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December 2019 Newsletter

By on Dec 1, 2019 in Newsletters | 0 comments

Dear Valued Clients and Associates, Happy Holidays!! This November and December have been a couple of the busiest, most exciting months of my career. With multiple new plans implemented for 2020 and so many wonderful opportunities to volunteer, meet new people and help so many organizations, I’ll be headed home to Maine for a couple days at Christmas with a heart full of gratitude. If you’d like to learn how we can help you reach your benefit and compliance goals, let’s chat! Give me a call today 732-258-1032. Here is your December 2019 Newsletter with a combination of HR and Health related news. I hope you enjoy! From all of us at PF Compass – We wish you a wonderful Holiday Season!     Getting Ready for Winter – Developing Your Inclement Weather Policy By Maggie Johnson, HR Consultant Winter will soon be here with all of the snowstorms, blizzards, and freezing weather that come with the season. Keeping a business running effectively during harsh weather can be challenging, but having an inclement weather policy can provide guidelines to employees about when they are expected to report to work and how they will be paid when stormy weather hits. Here are some things to consider when creating your inclement weather policy Read More Here     FSA Contribution and Other Benefits Limits Rise for 2020 The IRS announced an increase to flexible spending account (FSA) contribution limits for the 2020 plan year. Individuals can contribute $2,750 in 2020, up $50 from the previous year. Since this announcement came so late in the year, some employers may not use the updated figures in their benefits limits—as doing so would require an addendum. In fact, some employers have been known to use limits from the previous year because they cannot wait until this far into the enrollment season to release benefits materials. With that in mind, it wouldn’t be surprising if employers use the 2019 limits for their FSA plans in 2020. In addition to the FSA contribution limits, the IRS announced increases for transportation benefits and adoption services. Qualified transportation benefit limits (for parking or transit passes) increased to $270 for 2020. Maximum employer subsidies for qualified adoption expenses rose...

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Monthly Newsletter November 2019

By on Nov 6, 2019 in Newsletters | 0 comments

Dear Valued Clients and Associates, With January rates finally available from the carriers, benefit strategy meetings are in full swing between employers and their brokers. Offering multiple medical plans coupled with ancillary and voluntary benefits may give you the edge in attracting and retaining top talent. To accomplish this, a smart employer contribution strategy is critical for your bottom line and we can help you find the balance! We’d love to learn about what is important to you and your organization and help you reach your benefit goals. If you’re open to a chat, give me a call today 732-258-1032. Here is your November 2019 Newsletter with a combination of HR and Health related news. I hope you enjoy! All the best to your success, Brandi Bowers     Employers Are Scaling Back Their Dependence On High-Deductible Health Plans By: Michelle Andrews for khn.org Everything old is new again. As open enrollment gets underway for next year’s job-based health insurance coverage, some employees are seeing traditional plans offered alongside or instead of the plans with sky-high deductibles that may have been their only choice in the past. Some employers say that, in a tight labor market, offering a more generous plan with a deductible that’s less than four figures can be an attractive recruitment tool. Plus, a more traditional plan may appeal to workers who want more predictable out-of-pocket costs, even if the premium is a bit higher. Read More Here     Using Voluntary Benefits to Entice Millennial Talent Millennials consistently cite elements like work-life balance and benefits packages as huge factors when considering employers. Salary, it seems, comes secondary in many cases. You can capitalize on this market shift by offering more imaginative and comprehensive perks to reel in millennial talent. A good place to start is with voluntary benefits. Here are some voluntary benefits to consider: Pet insurance Student loan repayment Identity theft insurance Elder care On-site daycare Offering even a few voluntary perks can signal to millennials that you’re taking their wants seriously and get them through the door.     The Rut is on! Beware of Deer on the Roads Drivers are urged to use extra caution and watch for white-tailed deer as deer...

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