With the election of a new President, health care plans and the fate of the Affordable Care Act are a hot topic of discussion. As part of his 7-tier health plan, President-Elect Donald Trump has proposed a shift in the way health savings accounts (HSAs) are offered to working Americans. Simply put, an HSA is … Continued
Overview According to the Internal Revenue Service (IRS), no permission or authorization to set up either an FSA or HSA account is required. Both accounts are intended to help provide you with financial assistance regarding medical care costs. An FSA (flexible spending account) is set up by your employer. An HSA (health savings account) is … Continued
Use of Payroll Cards On November 4, 2016, Pennsylvania Governor Tom Wolf signed legislation (S.B. 1265) governing the use of payroll cards by employers for payment of wages. Pursuant to the bill, when an employer pays wages by payroll card, the employer must provide employees with a written or electronic statement of earnings and deductions … Continued
As an increasing number of Baby Boomers retire and leave the workforce, millennials are positioned to take on more leadership roles in the business world. Millennials bring with them a unique and evolving knowledge of technology and innovative HR practices that differ greatly from their Baby Boomer predecessors. As managerial roles are transferred from the … Continued
What better way to kick off our holiday-season stress than with talk of deductibles, coinsurance and high premiums? Welcome to open enrollment, where employees can re-evaluate their health care options each November. It’s a prime opportunity to secure better benefits and maximize savings; yet open enrollment is often underutilized. “Although it can be one of … Continued
On November 14, 2016, U.S. Citizenship and Immigration Services (USCIS) released a revised version of Form I-9, Employment Eligibility Verification (version 11/14/2016). All employers are required to complete and retain a Form I-9 for each employee to verify his or her employment authorization and identity. Employers should begin using the new Form I-9 immediately. However, employers may … Continued
The U.S. Presidential race win by Donald Trump will impact labor, employment, and HR professionals in the key issues of immigration, paid leave, tax reform, and health care. Significant Shift in Immigration Policy Trump has been vocal about his stance on immigration in regard to deportation and illegal immigration. He also seeks to strengthen U.S. … Continued
Millennials are currently the largest generation in the workforce, and statistics show they’re not going anywhere anytime soon. By 2020, millennials are projected to make up 50% of the workforce. As millennials continue to rise in numbers, companies are finding it harder to retain them in their current roles. A study conducted by Deloitte conveyed … Continued
On October 25, 2016, the Internal Revenue Service (IRS) announced annual inflation adjustments for more than 50 tax provisions, including an increase in voluntary employee contributions to employer-sponsored healthcare flexible spending arrangements (HFSAs) to $2,600 for plan years beginning in 2017, up from the 2016 limit of $2,550. The IRS also announced there will be … Continued
On October 27, 2016, the Internal Revenue Service (IRS) released Notice 2016-62 announcing cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Many pension plan limitations will not change in 2017 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment. … Continued
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA www.finra.org / SIPC www.sipc.org, to residents of: DC, FL, MD, NJ, NY, OH, PA, SC, TX, CA, CO, GA, and OK. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Webber Advisors and the Leavitt Group are not affiliated with Cambridge. Fixed insurance and benefit services are not offered through Cambridge.
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