Legal Update: IRS Implementation Guidance on Qualified Student Loan Payment Match Programs
On Aug. 19, 2024, the IRS issued Notice 2024-63, providing interim guidance for sponsors of 401(k) and similar retirement plans that provide or wish to provide matching contributions based on qualified student loan payments (QSLPs) madeby their participating employees.
News Brief: IFEBP Report: Employers Project 8% Increase Health Costs in 2025
According to a recent survey of employers by the International Foundation of Employee Benefit Plans (IFEBP), U.S. employers estimate a median 8% increase in health care costs for 2025. Catastrophic health claims and rising specialty prescription drug prices drive the projected increase. The latest findings are greater than those of the past two annual surveys, which both projected a 7% rise in health care costs.
HR Compliance Bulletin: Recent and Upcoming U.S. Supreme Court Cases Employers Should Monitor
In its 2023-24 term, the U.S. Supreme Court issued several consequential decisions that will likely have a significant impact on employers. These cases involved federal agency power, discrimination until Title VII of the Civil Rights Act (Title VII), whistleblower retaliation and arbitration. The Supreme Court’s
next term, which starts Oct. 7, 2024, will also decide cases that will impact the workplace.
Click here to view and download the latest HR Compliance Overview
News Brief: Inflation Rate Slows to 2.9% in July
The U.S. Bureau of Labor Statistics (BLS) reported that the consumer price index (CPI) rose 2.9% year over year in July, down from 3% in June. This is the first time the monthly reading has dipped below 3% since March 2021, an additional sign that the inflated pressures are waning and that the Federal Reserve (Fed) may start cutting interest rates.
“Federal Reserve officials have reason to be increasingly concerned about softening of the job market, the other part of its dual mandate of stable prices and maximum employment.”
-Mark Hamrick, Bankrate senior economic analyst
Compliance Bulletin – SAR Is Due by Sept. 30 for Calendar Year Plans
Many employers that must file Form 5500 on behalf of their employee benefit plans must also provide plan participants with a summary annual report (SAR). The SAR is a summary of the information included in the Form 5500.
Employers with plans that operate on a calendar year basis must provide the SAR by
Sept. 30, 2024. However, if the employer received an extension of time to file its Form 5500, the deadline for providing the SAR is Dec. 15, 2024.
The SAR requirement only applies to plans that must file a Form 5500. Also, self-insured welfare plans, regardless of size, are not required to provide a SAR if they are unfunded.
The DOL has released a model SAR relating to welfare plans for plan years beginning in 2023 and later. Acceptable delivery methods for the SAR include U.S. mail, in-hand delivery and electronic delivery, if certain requirements are satisfied.
Client and Employee Resources
The more your employees understand your benefit plans the more they become educated, empowered consumers. The programs you provide will also gain an enhanced value.
As your strategic partners in employee benefits, we can provide multiple avenues of ongoing support, including:
- Employee Meetings (English and Spanish)
- Webcasts
- Payroll Stuffers
- Poster Campaigns
- Newsletters
Carrier Directories
E-Verify is a web-based system that allows enrolled employers to confirm the eligibility of their employees to work in the United States. Click the image below to begin.
