COVID-19 and High Deductible Health Plans

COVID-19 and High Deductible Health Plans

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 ...

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Update to Our Clients on COVID-19

Update to Our Clients on COVID-19

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 ...

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State Individual Mandates Add to Employer Reporting Responsibilities

State Individual Mandates Add to Employer Reporting Responsibilities

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 ...

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

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

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 ...

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SECURE Act Signed into Law

SECURE Act Signed into Law

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 ...

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IRS Announces Updates to 2020 Retirement Plan Limits

IRS Announces Updates to 2020 Retirement Plan Limits

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 ...

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

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 ...

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IRS Announces 2020 Flexible Spending Arrangement (FSA) Contribution Limit

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 ...

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Overview of Selected HSA Banking Alternatives

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 ...

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