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Health & Welfare Plans Newsletter

October 26, 2022

3 New Job Opportunities 3 New Job Opportunities

 

[Guidance Overview]

IRS Finalizes 'Family Glitch' Fix

"Applicable large employers that are subject to the ACA's employer mandate should note that these final regulations do not impact the affordability or minimum value analysis under those rules ... Employer plan sponsors with non-calendar-year plans will need to decide if they want to amend their cafeteria plans to allow family members of employees who may be eligible for ACA exchange coverage with subsidies to drop their current family coverage in order to enroll in exchange coverage. Amendments must be done within the time frames set out in [Notice 2022-41]."  MORE >>

Willis Towers Watson

[Guidance Overview]

Massachusetts PFML Improvements for 2023

"[T]he Department of Paid Family and Medical Leave is reducing contributions to .63% of payroll (from .68% in 2022) capped at the 2023 Social Security wage base ($160,200). The maximum weekly PFML benefit will also increase to $1,129.82 (from $1,084.31 in 2022)."  MORE >>

Newfront

2022 HSA Survey (PDF)

52 pages. "The average participant contribution in 2021 was $2,483, down from the last few years. The average account balance at the end of 2021 was $4,924, down from $6,318 in 2020. Three-quarters of employers make contributions to the HSA and most provide a set amount per coverage level. Sixty percent of responding organizations offer investment options for HSA contributions. More than 20 percent of participants invested assets in 2021, accounting for nearly 30 percent of all HSA assets.... Fewer than 30 percent of employers position the HSA as a retirement savings vehicle."  MORE >>

Plan Sponsor Council of America [PSCA]

Fidelity to Offer Fully Funded Undergraduate Degrees to Many of Its Entry-Level Employees

"The program will fully pay for tuition, books, fees, and taxes, providing a truly debt-free education for select four- and two-year programs.... This new program is an investment in the next generation of financial services talent and part of a larger expansion of Fidelity's education benefits, making education and the most in-demand skills accessible to all."  MORE >>

Fidelity

Benefits in General

[Guidance Overview]

2023 IRS Limits for Retirement, Social Security, and Health Benefits; 2023 PBGC Premiums

" In addition to updating administrative systems to reflect the 2023 limits, plan sponsors may wish to review the contribution patterns over the last few years of their participants who were or are contributing at the maximum IRS limits.... If a nonqualified savings plan feature exists, there could be a reduction in the necessary amount to finance in a Rabbi Trust or leave as an unfunded unsecured obligation of the plan sponsor."  MORE >>

Milliman

[Guidance Overview]

2023 Quick Benefit Facts (PDF)

2-page chart shows retirement plan limits, and health and fringe benefit limits, for 2021-2023.  MORE >>

Mercer

Employee Benefits Jobs

View job as Retirement Account Analyst
            for Alerus

Retirement Account Analyst

Alerus

Remote / AZ / MI / MN / ND / NH

View job as Retirement Account Analyst for Alerus

View job as Retirement Analyst / Senior Retirement Analyst, Grade N23 / N26
            for Montgomery County, MD Government

Retirement Analyst / Senior Retirement Analyst, Grade N23 / N26

Montgomery County, MD Government

Rockville MD

View job as Defined Contribution Plan Administrator (Entry Level)
            for MGKS

Defined Contribution Plan Administrator (Entry Level)

MGKS

Phoenix AZ

View job as Defined Contribution Plan Administrator (Entry Level) for MGKS

Selected New Discussions

Health FSA Carryover, Grace Period

"So memory is that you couldn't have both the carryover(rollover) AND a grace period with regard to a health FSA. Then Covid/CAA/etc. came along, and I'm not sure now whether the temporary allowance of rollover if you also had carryover expired, or is it permanent? Or maybe I'm completely off-base anyway... Thanks."

BenefitsLink Message Boards

Press Releases

American Retirement Association, ASPPA Announce 2023 Officers

American Retirement Association [ARA]

PBGC Industry Day for Upcoming Smaller Asset Manager Program Solicitation

PBGC [Pension Benefit Guaranty Corporation]

Young Honored with 2022 Edward E. Burrows Distinguished Achievement Award

American Society of Enrolled Actuaries [ASEA]

Ubiquity Retirement + SavingsĀ® Ranked #1 Small/Medium Size 401(k) Provider on Google Reviews, TrustPilot, and BBB

Ubiquity Retirement + Savings

Last Issue's Most Popular Items

Implications of Higher 2023 Benefit Limits

Bolton

Oregon Employment Department Releases Model Notice Poster for Paid Leave Oregon

Ogletree Deakins

District Court Finds Employer's Evidence of COBRA Notice Mailing Procedures Insufficient

The Wagner Law Group

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.

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