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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/

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/

Employee Benefits Broker Compensation Disclosure Requirements Are Coming Soon

… are service providers that reasonably expect to receive at least $1,000 in direct and/or indirect compensation for broker or consultant services under an agreement. What constitutes broker and consulting services is broad and includes services such as: Selection of third party administrators (TPAs) and other service providers for benefits administration Recordkeeping Medical management Pharmacy benefit management Wellness Employee Assistance Programs (EAPs) Compliance services Stop-loss Transparency tools Disease management products Development and/or implementation of plan design Group purchasing organization agreements and services Participation in and/or services from preferred vendor panels The statute has specific requirements on …

https://www.epicbrokers.com/insights/employee-benefits-broker-compensation-disclosure-requirements-coming-soon/

EPIC National Employee Benefits Practice Scores 88% Net Promoter Score

EPIC Employee Benefits (EB) received an 88% Net Promoter Score (NPS). Thank you to our clients who completed our survey! The NPS survey asks, on a scale of 1-10, how likely a Client is to recommend EPIC to a friend or colleague. The score reflects the percent of Promoters (those who selected 9 or 10) minus the percent of Detractors (those who selected 0-6). Passives (those who select a 7 or 8) are not included. We’re proud to report factors influencing and contributing to the favorable rating included: the overall partnership and relationship clients have with their …

https://www.epicbrokers.com/insights/epic-national-employee-benefits-practice-scores-88-net-promoter-score/

EPIC Employee Benefits Solution Group Wins Multiple Communicator Awards

… Communicator Awards competition, which honors the best digital, mobile, audio, video and social content in the industry. The Award of Excellence went to its work on an integrated Human Resources (HR) and Benefits campaign, while Awards of Distinction were given for the team’s work on a brochure, campaign and employee benefits website. “We’re excited that the incredible efforts of our C&E Team have been recognized on a national level,” said Kenneth O’Quinn, C&E creative director. “We see the benefits our clients derive from these important communications, and the recognition from The Communicator Awards reinforces the …

https://www.epicbrokers.com/insights/epic-employee-benefits-solution-group-wins-multiple-communicator-awards/

Keys to a Successful 2022 Employee Benefits Strategy Season

It’s 2022 “Strategy Season.” Not as exciting as baseball season or beach season, but it is more important to your business. The number of organizations I come across that aren’t already in the midst of planning for their employee benefits in 2022 is surprising. “Winging it” with last-minute scrambling can, and often does, result in unexpected outcomes. Viewpoints from Matt Sears When it comes to benefits, there are few key elements to consider to set everyone up for success: Know what you’re trying to accomplish; what you want your benefits “to be.” Your benefits strategy should …

https://www.epicbrokers.com/insights/keys-to-a-successful-2022-employee-benefits-strategy-season/

Employee Benefits Study Illustrates the Range of Effects from the Pandemic

… won from the vanishing commute but were more fearful of illness. Younger employees with white-collar jobs and without families may have found comfort in the stability and quiet in their apartments, though some no doubt missed the social experiences city life had previously offered. MetLife recently released its annual Employee Benefit Trends Study and discovered that more than half of employees in their twenties now expressed higher satisfaction with work-life balance than they had before the pandemic. It’s baby boomers who have seen the greatest decline in “holistic wellbeing,” which is described as including financial, physical, mental …

https://www.epicbrokers.com/insights/employee-benefits-study-illustrates-the-range-of-effects-from-the-pandemic/

Special Compliance Alert: Significant Employee Benefits Changes Contained in the American Rescue Plan Act of 2021

Quick Facts ARPA creates a federal subsidy that will cover 100% of COBRA premiums for certain Qualified Beneficiaries. The subsidy runs from April 1, 2021, through September 30, 2021. Individuals who previously experienced an involuntary termination, or reduction in hours, but did not elect COBRA, or dropped COBRA coverage, but are still within their COBRA maximum coverage period, are allowed a chance to enroll or re-enroll. Congress passed the $1.9 trillion COVID relief bill, the American Rescue Plan Act of 2021 (ARPA). The bill includes significant employee–benefits-related provisions including a federal subsidy that will cover 100 …

https://www.epicbrokers.com/insights/employee-benefits-changes-in-american-rescue-plan-act-of-2021/