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Compliance Recap – April 2023 | California Benefits Advisors

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2024 BENEFIT PARAMETERS FOR MEDICARE PART D CREDITABLE COVERAGE DISCLOSURES ANNOUNCED The Centers for Medicare and Medicaid Services (CMS) released a Fact Sheet announcing the 2024 benefit parameters for Medicare Part D. These factors are used to determine the actuarial value of defined standard Medicare Part D coverage under CMS guidelines. Each year, Medicare Part D requires … Continued

Compliance Recap – March 2023 | CA Employee Benefits Advisors

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  IRS RELEASES 2024 EMPLOYER SHARED RESPONSIBILITY PROVISION PENALTIES The dollar amount used to calculate the employer shared responsibility provision penalties (ESRP) has been provided for 2024. As background, the penalties can be assessed under Code § 4980H(a) if an applicable large employer (ALE) fails to offer minimum essential coverage to the required number of … Continued

Transparency in Coverage | CA Employee Benefits Agents

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Health plan price transparency helps consumers know the cost of a covered item or service before receiving care. Beginning July 1, 2022, most group health plans and issuers of group or individual health insurance will begin posting pricing information for covered items and services. This pricing information can be used by third parties, such as … Continued

HOW TO MAKE GOOD USE OF YOUR EMPLOYEE HANDBOOK

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Employee handbooks are a nifty communication and reference tool for the workplace, but only if they’re used and not collecting dust on some physical (or digital) shelf. A handbook is only as good as what it does. At the minimum, it should do the following: Introduce employees to the fundamentals of your organization’s culture—the beliefs … Continued

WHAT SMALL BUSINESSES CAN TEACH US IN 2021

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Based on responses from over 2,200 professionals to our October survey, there’s a bigger story at play than just “it was a challenging year.” Small businesses teach us that responding to employee concerns, prioritizing people over profits, and dealing with compliance through collaboration are vital to braving the ever-changing role of human resources in 2021. … Continued

5 HR Trends To Monitor in 2021

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HR departments are given more and more responsibility each year, oftentimes with budgets that don’t match. This means HR teams must constantly seek ways to innovate and stay on top of trends if they want to compete in the marketplace, particularly amid the COVID-19 pandemic. To that end, here are five HR trends to watch … Continued

COMPLIANCE REQUIREMENTS FOR A REMOTE WORKFORCE

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According to Gallup, the number of days employees are working remotely has doubled during the pandemic. Some companies are even considering making a remote work arrangement permanent. While there are no laws that exclusively apply to remote workplaces, remote work does come with additional compliance risks. Below is our general guidance for employers. Logging Hours … Continued

Employee Benefit Plan Limits for 2021

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Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS. The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and Transportation fringe benefit plans. The IRS typically announces … Continued

IRS Issues Notice 2020-29

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The IRS issued IRS Notice 2020-29 (Notice) that provides increased flexibility for making mid-year elections or changes under a Section 125 cafeteria plan during calendar year 2020 related to employer-sponsored health coverage, health flexible spending arrangements (health FSAs), and dependent care assistance programs (DCAPs). This Notice also provides increased flexibility to apply unused amounts in … Continued

The Big-Picture View of Risk | California Benefits Agents

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Many human resources and business leaders think about compliance in black-and-white terms. We simply check the boxes and evaluate compliance efforts using one measure: “Are we doing it right or not?” It’s easy to fall into the trap of failing to see the broader implications of our compliance efforts. We need to go beyond, “What’s … Continued

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