Who is an Employee?
MAINTAINING A RETIREMENT PLAN FOR YOUR EMPLOYEES IS NO EASY TASK.
At various points during the year, employers and HR departments field participant questions, help with enrollments, deliver notices and statements, and participate in the distribution process. However, an additional responsibility, and one of the most important, is the collection of data that is used for compliance testing and government reporting. Though all these duties are important, one task drastically affects the outcome of your compliance testing; accurate reporting of all employee information to your third-party administrator. Sound onerous? Not really.
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Under the New Tax Law
HSA vs 401[k]
IF YOUR COMPANY HAS DECIDED TO OFFER A HIGH DEDUCTIBLE HEALTH PLAN, DON’T WORRY, YOU ARE NOT ALONE.
Recent studies show that an increasing number of employers have elected to offer high deductible health plans
(HDHP) either to completely replace or be offered in conjunction with a more traditional Health Maintenance Organization (HMO) plan or Preferred Provider Organization (PPO) plan. When sponsoring an HDHP, employers typically offer their employees the ability to contribute to a Health Savings Account (HSA) to help offset the increased deductible associated with the HDHP. In 2015, 24 percent of all workers were enrolled in a HDHP with an HSA savings option. This is a dramatic rise since 2009 when just 8 percent were covered under such plans.
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