Foster & Foster’s Plan Administration Division was established in Fort Myers, FL in 2013 and currently provides third-party administration services to over 40 Florida pension plans. The administrative responsibilities vary based on client needs, but may include services such as: Administration of Meetings – Prepare Meeting Agendas, Packets and Minutes Facilitation of Trustee Elections and Annual Affidavits Certifying Pension Eligibility … Read More
Foster & Foster
IRS Announces 2020 Flexible Spending Arrangement (FSA) Contribution Limit
The Internal Revenue Service (IRS) has announced that the 2020 limit on employee pre-tax FSA contributions will rise to $2,750, up from $2,700 in 2019. Revenue Procedure Bulletin 2019-44 provides the details of this and approximately sixty other tax-related annual inflation adjustments. The dependent care FSA maximum, which is set by statute and not subject to inflation-related adjustments, will remain … Read More
Overview of Selected HSA Banking Alternatives
We’re frequently asked which is “the best” HSA bank for our clients’ employees, but it’s not an easy answer. Lately, employers are moving away from using traditional banks and toward online or investment banks to take advantage of longer term investment options and online fund access. Increasingly, employers are even pairing their HSA with their retirement savings vendor to help … Read More
SOA Mortality Tables Finalized for Private-Sector Retirement Plans
In May 2019, the Society of Actuaries (SOA) released an exposure draft of the Pri-2012 Mortality Tables for private-sector retirement plans. These new tables were based on data collected for 2010 – 2014, with a central year of 2012. The Pri-2012 tables update the RP-2006 tables (the mortality table basis for the RP-2014 Mortality Tables that are currently in use). … Read More
SOA Releases Mortality Improvement Scale MP-2019
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