In 2015, Congress passed the Federal Civil Penalties Inflation Adjustment Act of 2015 (the “Inflation Adjustment Act”) to direct federal agencies to adjust the civil monetary penalties for inflation every year. Civil penalties ensure compliance with federal regulation by incentivizing employers not to violate federal regulation and providing federal agencies the power to ensure compliance. However, when penalties are too low, or have failed to be increased for inflation, compliance with federal regulation remains stagnant. The Department of Labor (DOL) recently published the annual adjustments for 2018 that increase certain penalties applicable to employee benefit plans Click here to download the full bulletin As always please contact your Total Benefit… Read More
Continue ReadingNew Guidance Addresses Account Based Plans
IRS Notice 2015-87 provides further guidance on health flexible spending accounts (“health FSAs”) and health reimbursement arrangements (“HRAs”) (and other topics summarized in past articles). Click the link below for more information. New Guidance Addresses Account-Based Plans – 012516
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Comparative Effectiveness Fee Reminder
The Comparative Effectiveness Research Fee is now known as the Patient-Centered Outcomes Research Institute (PCORI) Fee. The Patient Protection and Affordable Care Act (the Act) imposes a new Patient-Centered Outcomes Research Institute (PCORI) fee, formerly the comparative effectiveness research fee, on plan sponsors and issuers of individual and group policies. The first year of the fee is $1 per covered life per year, the second year the fee adjusts to $2 per covered life and then it’s indexed to national health expenditures thereafter until it ends in 2019. Click here to download this bulleting regarding the timely payment of the fees. Purpose of the Fee The assessed fees are to… Read More
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