IRS 2022-2023 PCORI Fee Released
The Patient-Centered Outcomes Research Institute (PCORI) Fee is a charge to all employers and plan sponsors that offer self-funded plans (including HRAs). These fees help fund research to evaluate a variety of health outcomes, treatment effectiveness, risks, and benefits of treatments and medical services. In Notice 2022-59, the IRS announced an increase in rate from […]
2023 IRS Limits Increases
Recently, the IRS announced its cost of living adjustments for the dollar limitations on flexible spending accounts, health savings accounts, and retirement plans for the 2023 tax year. Due to the increasing inflation, many of these limits went up significantly at some of the highest rates of this century. Flexible Spending Account Increases 2022 2023 […]
NJ Temporary Disability and Family Leave 2023 Rate Annoucements
Today, the NJ Department of Labor and Workforce Development (LWD) announced the 2023 rates for Temporary Disability Insurance (TDI) and Family Leave Insurance (FLI), with shocking changes. Effective in 2023, TDI will become a 100% employer funded program. The previous 0.14% employee contribution from 2022 will now be 0.00%. Conversely, FLI will continue to be […]
Wage Transparency Laws and Compliance
Many states including New York, New Jersey, and Connecticut have strict laws regarding pay during the hiring process. The goal is to minimize the likelihood of pay discrimination beyond the rules set on a federal level. It is essential that all employers and interviewers are aware of these wage transparency laws to ensure they are […]
Employee Paid Sick and Family Leave Compliance
Within the last three years, New Jersey has enacted both Employee Paid Sick Leave and Family Leave Insurance. If you have not included these in your employee handbooks, now is the time as these are highly influential labor laws that every employer in New Jersey should be ensure they comply with. Here is what you […]
IRS Releases 2023 HSA Index Figures
IRS releases 2023 Health Savings Account (HSA) index figures and the maximum amount that may be made newly available for the plan year in an excepted Health Reimbursement Arrangement (HRA). The Internal Revenue Service (IRS) recently released the new HSA index figures for 2023 and additional guidance on the tax treatment of dependent care benefits. […]
Transparency in Coverage Rule: Impact On Your Business
New Transparency in Coverage Rule for 2022 The Transparency in Coverage Rule will come into effect on July 1, 2022. The rule was passed by the US Department of Health & Human Services, the Department of Labor, and the Department of Treasury in 2020. The rule outlines that all health insurers and group health plans […]
New CDC Isolation and Quarantine Guidelines
The new CDC Isolation and Quarantine Guidelines certainly help get workers back sooner, but the CDC admits it is a combination of science and business need. So employers should carefully consider whether implementing the more aggressive return to work protocols are right given their situation. CDC Isolation and Quarantine Guidelines If You Test Positive for […]
New Jersey Minimum Wage Increases: Compliance Reminder
On January 1, 2022, the minimum wage for most employers in New Jersey will increase to $13.00 per hour. For seasonal and small employers (those with five or fewer employees), the minimum wage will increase to $11.90 per hour. Agricultural employers must pay at least $10.90 per hour. Employees who provide direct care at a […]
IRS Announces Changes to Retirement Plans for 2022
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of Changes to Retirement Plans for 2022 The contribution […]
