The IRS has released Revenue Procedure 2020-32 announcing the HSA contribution limit increases for 2021. The 2021 HSA contribution limit for individual coverage will increase by $50 to $3,600. The 2021 HSA contribution limit for family coverage (employee plus at least one other covered) will increase by $100 to $7,200. The catch-up contribution limit of […]
The COVID-19 pandemic has greatly impacted daily life and is taking its toll on everyone. Physical, emotional and financial stresses are heightened, and now more than ever leaders need to demonstrate their commitment to employees’ overall well-being. To support our clients as they navigate this time, ABD kicked off its return to workplace webinar series with our first session […]
Determining an employee’s eligibility for leave under the Families First Coronavirus Response Act (FFCRA) is new and exciting (actually, it’s complicated). The FFCRA requires private employers with less than 500 U.S. based employees and public employers to provide time off related to COVID-19. Depending on the reason, an employee may take up to two weeks […]
The current situation has impacted businesses, and as a result many are exploring options to help their employees during this uncertain time. Furlough or Layoff? Both are intended to achieve cost savings. Even though the words have been used interchangeably, their meanings are different. Furlough. A furlough is an alternative to layoff. An employer may […]
As our portfolio company clients renew their D&O policies, the impact of COVID-19 on the renewal process is starting to become clearer. The private equity deal team typically gets involved with the D&O process when the transaction closes, and then the portfolio company management team facilitates the subsequent renewals. With the questions that underwriters are […]
Question: Why is the annual dependent care FSA contribution limit stuck at $5,000 year after year? Short Answer: Congress set the $5,000 dependent care FSA contribution limit in 1986 without indexing it to inflation, and therefore only an act of Congress can increase the limit. Dependent Care FSA: General Rule Employees can contribute up to […]
May is recognized as Mental Health Month – which couldn’t be more timely, as our teams are currently tasked with balancing Work, Love, & Play during these unprecedented circumstances. Mental Health Month started over 70 years ago and has been vital in bringing awareness to the millions of people suffering in silence due to mental […]
Question: What are the requirements for providing SBCs to employees? Short Answer: The ACA sets forth specific rules governing when, what, how and to whom employers must provide SBCs. What is the SBC? The ACA added the Summary of Benefits and Coverage (SBC) document requirement for group health plans and insurance carriers to provide participants […]
Today the Departments of Labor and the Treasury, in consultation the Department of Health and Human Services (collectively, the “Departments”) issued new final rules imposing mandatory timeframe extensions for common employee benefits compliance requirements. The rules come in response to President Trump’s March 13, 2020 Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus […]
Acts of kindness change the world for the better. Small steps toward making each other smile lead to great change. Today, we celebrate “Pay It Forward Day” – a day to create waves of good feelings across the globe. Global Pay It Forward Day is about showing love and compassion for one another and inspiring […]
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