DOL Releases ERISA Enforcement Results for 2023 The U.S. Department of Labor (DOL) has released the results of its Employee Benefits Security Administration’s (EBSA) enforcement actions during fiscal year (FY) 2023. The DOL has broad authority to investigate or audit an employee benefit plan’s compliance with ERISA. EBSA handles audits of employee benefit plans for … Continued
IRS Releases ACA Pay-or-Play Penalties for 2025 The IRS recently released updated penalty amounts for 2025 related to the employer shared responsibility (pay-or-play) rules under the Affordable Care Act (ACA). For calendar year 2025, the adjusted $2,000 penalty amount is $2,900, and the adjusted $3,000 penalty amount is $4,350. This is a decrease from the … Continued
ACA Reporting Deadlines Are Approaching Employers subject to Affordable Care Act (ACA) reporting under Internal Revenue Code Sections 6055 or 6056 should prepare to comply with upcoming reporting deadlines. For the 2023 calendar year, covered employers must: Furnish statements to individuals by March 1, 2024 (an alternative method of furnishing statements to covered individuals is … Continued
Recently, the President signed a bill repealing the Affordable Care Act’s Individual Mandate (the tax penalty imposed on individuals who are not enrolled in health insurance). While some are praising this action, there are others who are concerned with its aftermath. So how does this affect you and why should you pay attention to this … Continued
Recently, the President signed a bill repealing the Affordable Care Act’s Individual Mandate (the tax penalty imposed on individuals who are not enrolled in health insurance). While some are praising this action, there are others who are concerned with its aftermath. So how does this affect you and why should you pay attention to this … Continued
Are you having a hard time keeping up with the steady flow of news and information that affects your workplace? Let ThinkHR help! We’ve curated some of the stories from business, news, human resources, benefits, and risk management publications that caught our eye this June. Just Don’t Ask Job candidates are covered by the Civil … Continued
DOL Releases Assistance for Enforcement of Tip Credit Rules under FLSA On April 6, 2018, the U.S. Department of Labor released a field assistance bulletin (FAB No. 2018-3) providing guidance concerning the Wage and Hour Division’s (WHD) enforcement of tip credit rules under the Fair Labor Standards Act (FLSA) after Congress amended the FLSA in … Continued
“Your most valued asset isn’t your house, car, or retirement account. It’s the ability to make a living.” No one foresees needing disability benefits. But, should a problem arise, the educated and informed employee can plan for the future by purchasing disability insurance to help cover expenses when needed. When you ask people what is … Continued
The 2,232-page budget spending bill that was signed by President Trump on March 23, 2018, included an amendment to the Fair Labor Standards Act (FLSA) prohibiting employers, managers, or supervisors from collecting or retaining tips made by employees, regardless of whether the employer takes a tip credit. This law essentially blocked the U.S. Department of … Continued
Summary plan descriptions (SPDs) are required for all retirement, health, and welfare plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). However, misconceptions about this requirement are widespread. ERISA attorney Stacy H. Barrow, partner with Marathas Barrow Weatherhead Lent LLP, had a chat with ThinkHR about the importance of having proper ERISA … Continued