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Employees will be able to contribute up to $2,700 to a health flexible spending account (FSA) in 2019, a $50 increase from the 2018 amount, the Internal Revenue Service (IRS) announced in Revenue Procedure 2018-57.
If you’re not familiar with pooled employer plans (PEPs), it’s probably because they’re not yet available. But they’re part of existing proposed legislation, so it would be useful for employers to be familiar with the concept.
The U.S. Department of Labor (DOL) took steps toward allowing automatic small-balance 401(k) plan transfers to a new employer’s plan in a job change by proposing to exempt a vendor’s auto-portability program from some prohibited-transaction restrictions.
Health Savings Accounts (HSAs) can be used to save for both current and future health expenses, demonstrating their value as a tool for physical and financial health today and in retirement. In addition to the triple tax advantage and investment capability that was discussed in yesterday’s article, here are reasons three and four to consider […]
Despite the recent increase in discussion around the need to save wisely for retirement, many Americans underestimate the healthcare costs they will face when they retire. In a study conducted by HSA Bank, 67% of consumers believe they will need less than $100,000 for healthcare expenses in retirement, and 82% believe they will need less […]
For 2019, the Internal Revenue Service (IRS) is raising most of the annual threshold and benefit levels that apply to retirement plans, the IRS announced on November 1.
As Generation Z (those generally born between 1995 and 2010) begin to enter the workplace, they’ll truly shine when they’re offered opportunities to give back to their communities and causes they care about. And Millennials also excel at work when they’re offered opportunities to give back and help others.
The Strengthening Financial Security Through Short-Term Savings Accounts Act of 2018 is a bill introduced in the Senate in July 2018 (S. 3218). It proposes, in short, to “allow employers to offer short-term savings accounts with automatic contribution arrangements for financial emergencies.”[i] This bill has only been introduced; it has been referred to committee, and […]
A federal appeals court upheld an earlier ruling that 401(k) plan and individual retirement account (IRA) assets acquired by an ex-spouse in a divorce proceeding aren’t retirement funds protected by federal law from bankruptcy creditors. The case is Brian A. Lerbakken, Debtor-Appellant v. Sieloff and Associates, No. 18-6018 (Bankr. 8th Cir., Oct. 16, 2018).
Larger organizations have already been using the lure of better benefits to attract candidates. A new study shows that small businesses are joining the fray of the talent war by rolling out the best benefits they can muster.