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EPIC Employee Benefits Hosts 11th EBU Educational Seminar

EPIC Commits to Staying Connected for Clients! Employee Benefits University (EBU) 11, Coming May 6-8 EPIC Employee Benefits team members are assembling again for the latest and greatest iteration of our national internal education and networking event. This year, we’ll be in Austin, Texas!  Why Is EBU so Important? First and foremost, we’ve designed EBU to benefit our clients and their employees. The opportunity to forge lasting bonds with colleagues and provide educational opportunities in a face-to-face setting has proven time and time again to be an exceptional tool in our national strategy.  Our objectives …

https://www.epicbrokers.com/insights/employee-benefits-university-11/

ICHRA: Not Your Parents’ Employee Benefits…Better

… increasing. The newer generation of people you’re trying to recruit and retain want more choices and more say in selecting the benefits that fit them best. They say, “I want to pay my money, and I want to get what I want whenever I want it.” Thanks to ICHRAs, employee benefits’ role in retention has recently taken a giant leap forward by helping employers be more strategic about funding the cost of employee benefits while giving employees more plan choices and flexibility than they’ve had in a long time. A game changer ICHRA stands for an Individual Coverage …

https://www.epicbrokers.com/insights/ichra-individual-coverage-hra/

Five Reasons Why Captives Can Be Your Saving Grace in Funding Employee Benefits

Viewpoints from Renee Bosley If you’re an employee benefits professional who currently uses the fully funded strategy for healthcare insurance – or are self-funded, but without a captive – this message is for you. We know that you’re feeling the pressure from recent renewal rate increases. After a bit of a lull in rate increases due to the pandemic and lower utilization, both members and carriers are making up for lost time! Add inflation into the mix, and you’re ready to start considering other creative options to fund the cost of your employee benefits. If you’re finding …

https://www.epicbrokers.com/insights/captives-funding-employee-benefits/

EPIC Insurance Brokers & Consultants Launches Dedicated Private Equity Employee Benefits Group

… prominent Private Equity (PE) firms. The specialty group has developed an industry-respected financial model that focuses on bringing efficiencies to employer programs, tracking results with comprehensive analytics, and providing leading-edge reporting to their respective PE owners. Larry Kirshner has spent the last 20 years building a highly successful benefits practice in the Northeast. Since 2019, Larry has worked directly with EPIC’s Financial Services team as the Northeast Employee Benefits Practice Leader for Private Equity and Alternative Asset Management firms, building out M&A due diligence capabilities, establishing relationships with mid-market PE firms, and growing revenue specifically …

https://www.epicbrokers.com/insights/new-private-equity-employee-benefits-group/

EPIC Employee Benefits Hosts 10th EBU Educational Seminar

EPIC Commits to Staying Connected for Clients! Employee Benefits University (EBU) 10, Coming April 24 – 26 EPIC Employee Benefits team members are gathering again for the latest and greatest iteration of our national internal education and networking event. This year we’ll be in Nashville, TN! Why Is EBU so Important? EBU is designed first and foremost to benefit our clients and their employees. The opportunity for our EPIC team to forge lasting bonds with colleagues and provide educational opportunities in a face-to-face setting has proven to be an exceptional tool in our national strategy. Our objectives are …

https://www.epicbrokers.com/insights/employee-benefits-university-10/

Compliance Alert: 2023 Federal Employee Benefits Retirement Plan Limits Are Released

… Plan Limits Comparison Edit Retirement/Savings20232022 Maximum Salary Deferral | §401(k) / §403(b) / §457$22,500$20,500 Maximum “Catch-Up” Salary Deferral (age 50 or older)$7,500$6,500 Compensation Limit | §401(a)$330,000$305,000 Maximum Defined Benefit Limit$265,000$245,000 Defined Contribution Annual Additions Limit | §415$66,000$61,000 “Key Employee Officer” Compensation Limit $215,000$200,000 “Highly Compensated Employee” Limit$150,000$135,000 Social Security Taxable Wage Base$160,200$147,000 EPIC Employee Benefits Compliance Services For further information on this or any other topics, please contact your EPIC consulting team. Learn About Our Employee Benefits Compliance Services EPIC offers this …

https://www.epicbrokers.com/insights/compliance-alert-2023-federal-employee-benefits-retirement-plan-limits/

Special Compliance Alert: Federal Employee Benefits Plan Limits Updated for 2023

Federal law sets annual limits on various tax-preferred employee benefit plans. The IRS updates benefit limits periodically throughout the year. On October 18, 2022, the Internal Revenue Service (IRS) released Revenue Procedure 2022-38 updating limits for Flexible Spending Accounts (FSAs), commuter benefits, and other important benefits for 2023. The following chart compares the 2022 and 2023 limits for the most common types of plans and benefits. Edit Benefits Plan Limits Comparison Taxable Wage Base20222023 Social Security Old Age, Survivors, and Disability Insurance (OASDI)$147,000$160,200 Medicare (Part A, hospitalization)UnlimitedUnlimited Health Flexible Spending Accounts (Health FSA)20222023 …

https://www.epicbrokers.com/insights/federal-employee-benefits-plan-limits-updated-2023/

Compliance Alert: Considerations for Domestic Partner Coverage in Employee Benefits

Quick Facts Many employers offer benefits to domestic partners and their children despite the absence of federal laws requiring such coverage. Domestic partner benefits are subject to specific taxation rules under the Internal Revenue Code (IRC). An employee covering a domestic partner or domestic partners’ child that does not qualify as a tax dependent will have imputed income in the amount of the fair market value (FMV) of coverage subject to income tax withholding. Employers should pay close attention to domestic partner rules that effect mid-year changes under IRC Section 125 and Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage …

https://www.epicbrokers.com/insights/domestic-partner-coverage-considerations/