As part of a year-end spending bill that was signed in law last Friday, Congress passed a repeal of several ACA taxes, an extension of the PCORI fee, and a number of revisions to retirement savings plans. Foster & Foster outlined changes to employer-sponsored and individual retirement accounts here. Below, we highlight several changes relevant to health plans: Permanent repeal … Read More
Foster & Foster Expands Plan Administration Services to Illinois Fire and Police Pension Funds
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
Changes to the ACA Affordability Standard for 2020
Recently, the IRS issued Revenue Procedure Bulletin 2019-29, which decreases the affordability percentage under the Employer Mandate. The “affordability standard” is a component of ACA that is frequently overlooked. Employers should be reassessing their employee contribution structure annually to ensure compliance and avoid costly penalties (see below for updated penalty amounts). In order to determine affordability, the IRS sets an … Read More
IRS Announces 2019 Healthcare Flexible Spending Arrangement (FSA) Contribution Limit
The Internal Revenue Service (IRS) has announced that the 2019 limit on employee pre-tax FSA healthcare contributions will rise to $2,700, up from $2,650 in 2018. Revenue Procedure Bulletin 2018-57 provides the details of this and approximately fifty other tax-related annual inflation adjustments. The dependent care FSA maximum, which is set by statute and not subject to inflation-related adjustments, will … Read More
