|HR News Alert
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|November 2016 Issue|
|2017 HSA and Health FSA Contribution Limits Announced
The Internal Revenue Service (IRS) has announced the inflation-adjusted contribution limits for health savings accounts (HSAs) and health flexible spending arrangements (health FSAs) for tax year 2017.
2017 Contribution Limits
Visit our HSAs, FSAs, and Other Tax-Favored Accounts section for more on HSAs and health FSAs.
|2016 ACA Transitional Reinsurance Program Contributions Form Due by November 15
Employers sponsoring certain self-insured plans that use a third-party administrator in connection with claims processing, claims adjudication, and enrollment functions (“contributing entities”) must submit their 2016 Annual Enrollment and Contributions Submission Form and schedule a payment for the 2016 benefit year no later than November 15.
Reinsurance Contribution Process
2016 Contribution Amounts
Our Transitional Reinsurance Program section features additional information on the reinsurance contribution process.
|IRS Releases Final 2016 Forms 1094 and 1095
The Internal Revenue Service (IRS) has released the final forms and instructions for Forms 1094 and 1095 for calendar year 2016 reporting. Employers are required to report in early 2017 for calendar year 2016.
2016 Forms and Instructions
Information Reporting Deadlines
Insurers, self-insuring employers, and other parties that provide minimum essential health coverage(regardless of size, except for large self-insuring employers) must furnish a copy of Form 1095-B to the person identified as the “responsible individual” by January 31, 2017. The responsible individual is the person who, based on a relationship to the covered individual(s), the primary name on the coverage, or some other circumstances, should receive the statement. Forms 1094-B and 1095-B are also required to be filed with the IRS by February 28, 2017 (or March 31, 2017, if filing electronically).
Employers subject to both reporting provisions (generally self-insured employers with 50 or more full-time employees, including FTEs) will satisfy their reporting obligations using Forms 1094-C and 1095-C.
In addition, please be advised that Forms 1095-B and 1095-C must be electronically filed if the reporting entity is required to file at least 250 of the specific form.
Visit our Information Reporting section for more on the information reporting requirements.
|New Federal Overtime Rule Effective December 1
Effective December 1, a new rule updates the regulations governing which executive, administrative, professional, and highly compensated employees are entitled to the minimum wage and overtime pay protections of the federal Fair Labor Standards Act (FLSA).
Note: When both the FLSA and a state law apply, the employee is entitled to the most favorable provisions of each law.
Our Fair Labor Standards Act section features additional information on exemptions from the law’s minimum wage and overtime requirements.
|Election Day is November 8th–Are Your Employees Entitled to Voting Leave?
With Election Day quickly approaching, private sector employers should be aware of their obligations under state law to provide voting leave for their employees.
While there is no federal law that requires private sector employers to provide employees with time off from work to vote in a national or state election, numerous states require that private sector employees be provided with either unpaid or paid time off to vote.
The chart below summarizes the general voting leave requirements of all 50 states and the District of Columbia:
To review the voting leave requirements specific to your state, please visit our interactive map.