Join host Travis Smith and special guest, Nikki Chriesman-Green, as they discuss the State of Union for employer-sponsored health and welfare plans and provide a preview of 2021 Hot Topics in the employee benefits arena. This episode was recorded on December 22, 2020. Reach out to Travis Smith and Nikki Chriesman-Green directly: Travis Smith:Phone: (630) 620-0200Email: Travis.Smith@Foster-Foster.com Nikki Chriesman-Green:Phone: (630) … Read More
SOA Releases Mortality Improvement Scale MP-2020
When the Society of Actuaries (SOA) released the RP-2014 mortality table in 2014, they included mortality improvement scale MP-2014. The purpose of this scale is to reflect mortality improvement into the future, since one would expect future mortality rates to be lower with further advances in health and medicine. A practice was then started to update this improvement scale annually … Read More
PBGC Guidance on CARES Act – UPDATE
The CARES Act, signed into law in March 2020, provided contribution relief to employers by allowing contributions to be delayed until the end of 2020. Initial guidance from the PBGC clarified that payment / filing deadlines would not be extended, rendering delayed contributions useless for 2020 premium purpose (see our summary of prior guidance here). Updated PBGC guidance released this … Read More
Integral, a Foster & Foster Podcast, Episode 1: COVID-19
Join host Travis Smith and special guest Matt Plachta as they discuss the COVID-19 pandemic, implications on health plans, and concepts to consider as we move toward 2021. Reach out to Travis Smith and Matt Plachta directly: Travis Smith:Phone: (630) 620-0200Email: Travis.Smith@Foster-Foster.com Matt Plachta:Phone: (630) 620-0200Email: Matt.Plachta@Foster-Foster.com
PBGC / IRS Guidance on CARES Act
The CARES Act, signed into law in March 2020, provided contribution relief to employers by allowing contributions to be delayed until the end of 2020. What became uncertain was the impact this relief would have on PBGC and IRS requirements that make use of the delayed contributions. Recent guidance has provided some clarity on these matters. PBGC The PBGC released … Read More
DOL Announces New Electronic Disclosure Rule for Retirement Plans
On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures for retirement plans. The final rule is an alternative method of furnishing electronic disclosures and does not replace the 2002 Safe Harbor Rules, nor does it apply to health plan disclosures. Under the new rule, plan sponsors may send electronic disclosures to plan participants, … Read More
Patient-Centered Outcomes Research Institute (PCORI) Fees Due July 31, 2020
On June 8, 2020, the Internal Revenue Service (IRS) issued Notice 2020-44 announcing the PCORI fee for plan years ending on or after October 1, 2019 and before October 1, 2020 will be $2.54 per covered life and is due July 31, 2020. The Further Consolidated Appropriations Act of 2020 included a 10 year extension of the PCORI fees originally … Read More
IRS Issues COVID-19 Guidance for Cafeteria Plans
Due to the COVID-19 crisis, the IRS has issued Notice 2020-29 to announce the opportunity for employers to allow mid-year changes to employer-sponsored health coverage and dependent care assistance program elections (listed below). The notice also allows employers the option to extend health and dependent care FSA grace periods that would have ended earlier in 2020, in order to make … Read More
2021 HSA Limits and ACA Out-Of-Pocket Maximums
The IRS has issued Revenue Procedure 2020-32 to announce the 2021 contribution limits and high deductible health plan (HDHP) design requirements. The new Health Savings Account (HSA) contribution limits will become effective January 1, 2021, and the new HDHP design requirements will go into effect on the first day of plan years beginning on or after January 1, 2021. … Read More
- Page 1 of 2
- 1
- 2