COVID-19 Legislation and Resources

AdminBlog

While federal, state, and local governments are frantically drafting, debating, and enacting a plethora of coronavirus-related legislation, employers and plan sponsors are becoming overwhelmed with the influx of information. In an effort to provide resources that can be accessed as needed, we provide links below for the topics our clients are asking about the most. Remember to also point your … Read More

COVID-19 and High Deductible Health Plans

AdminBlog

In response to the present health crisis, the IRS issued Notice 2020-15, which permits Health Savings Account (HSA)-compatible high deductible health plans (HDHPs) to cover the testing and treatment of COVID-19 without deductible or other cost sharing. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) further relaxed the HDHP rules to allow the coverage of all telehealth and … Read More

Update to Our Clients on COVID-19

AdminBlog

As a country, we are rapidly adapting to the global pandemic of COVID-19. Foster & Foster is monitoring the situation to understand how the virus will impact our clients’ benefit plans. We would like to share this update, which contains our policies and recommendations as of Friday, March 13, 2020. We will follow developments and update you as things change. … Read More

State Individual Mandates Add to Employer Reporting Responsibilities

AdminBlog

In response to the federal government’s repeal of the financial penalties of the Affordable Care Act’s (ACA’s) Individual Mandate, several states have enacted their own individual mandates. Without the federal penalty in place, many states feared that there would be a exodus of healthy individuals from the plans offered in their respective healthcare marketplaces. In order to avoid market destabilization, … Read More

Year-end Congressional Spending Bill Repeals ACA Taxes and Extends PCORI Fee

AdminBlog, Health & Welfare, Multiemployer / Taft-Hartley Plan, Private Self-Funded Health Plan

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

SECURE Act Signed into Law

AdminBlog, Retirement

Last week saw the U.S. Senate pass an omnibus spending bill, which President Trump signed into law on Friday. Attached to this bill was the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which would make changes to both employer-sponsored retirement plans and individual retirement accounts, most notably: Expand the ability of employers to partner together to offer … Read More

IRS Announces Updates to 2020 Retirement Plan Limits

AdminBlog, Retirement

Each year the IRS provides cost of living adjustments to benefit plan limits to assist sponsors in administering their plans. On November 6, the IRS released Notice 2019-59, which provided 2020 limits for retirement plans. Information on the release can be found here. Some of the key limits are shown below, along with the increase in the Social Security taxable … Read More

Foster & Foster Expands Plan Administration Services to Illinois Fire and Police Pension Funds

AdminBlog, Health & Welfare, Multiemployer / Taft-Hartley Plan

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

IRS Announces 2020 Flexible Spending Arrangement (FSA) Contribution Limit

AdminBlog, Health & Welfare

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