29 Oct

Posted at 22:52h in Employee Benefits White Papers by . .

The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted in 2010. Since that time, a number of changes have been made to various ACA requirements that employers and plan sponsors should be aware of. It is important for employers to periodically review their benefit plans in order to maintain compliance with these various requirements.

Changes to some ACA requirements take effect in 2021 for employers sponsoring group health plans, such as increased dollar limits. To prepare for 2021, employers should review these upcoming requirements and develop a compliance strategy. This ACA Overview provides an ACA compliance checklist for 2021. Please contact Reseco Group for assistance or if you have questions about changes that were required in previous years.

29 Oct

Posted at 22:06h in Employee Benefits White Papers by . .

Legal Update HeaderThe Internal Revenue Service (IRS) has released Notice 2020-79, containing cost-of-living adjustments for 2021 that affect amounts employees can contribute to 401(k) plans and IRAs, most of which remain unchanged.

Key limits that remain unchanged include the following:
  • The employee contribution limit for 401(k) plans will remain $19,500. The catch-up contribution limit for employees aged 50 and over also remains unchanged at $6,500.
  • The employee contribution limit for IRAs will remain $6,000. The catch-up contribution limit for employees aged 50 and over also remains unchanged, at $1,000.
  • The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans will remain $13,500.
  • The limits used to define a “highly compensated employee” and a “key employee” will remain $130,000 and $185,000, respectively.

26 Oct

Posted at 15:50h in Employee Benefits White Papers by . .
Trends at a glance header

24 Oct

Posted at 01:26h in Risk Management White Papers by . .

Alternative Fuels Are Being Used More Today To Fuel Commercial Fleets. Compared To Using Other Types Of Fuel, Using Alternative Fuels Such As Compressed Natural Gas (CNG) And Liquified Natural Gas (LNG) Has Great Benefits For Employers. Some Of These Benefits Include Fewer Emissions, Reduced Operating Costs And Price Stability.

While working with and handling natural gas is not new, many employees have never had to fuel vehicles with it. Accordingly, there are safety measures to take note of and train your employees on.

24 Oct

Posted at 01:25h in Risk Management White Papers by . .

On Oct. 2, 2020, The U.S. Occupational Safety And Health Administration (OSHA) Issued Temporary Guidance For Compliance Safety And Health Officers (CHSOs), Easing Enforcement Of Fit-Testing Requirements Under The Respiratory Protection Standard For The Use Of Tight-Fitting Powered Air Purifying Respirators (PAPRs).

This enforcement guidance is significant because it applies to the shortage of N95 filtering face piece respirators (FFRs) and fit-testing supplies caused by the current COVID-19 pandemic. OSHA is currently allowing employers to use PAPRs approved for protection by the National Institute for Occupational Safety and Health (NIOSH) when N95 respirators are not available.

24 Oct

Posted at 01:19h in Employee Benefits White Papers by . .

On Oct. 2, 2020, The Internal Revenue Service (IRS) Issued Notice 2020-76 To:

  • Extend the due date for furnishing forms under Sections 6055 and 6056 for 2020 from Feb. 1, 2021, to March 2, 2021; and
  • Provide a final extension of good-faith transition relief from penalties related to 2020 information reporting under Sections 6055 and 6056; and
  • Provide additional penalty relief related to furnishing 2020 forms to individuals under Section 6055. Under this relief, employers will only have to provide Form 1095-B to covered individuals upon request.