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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/

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/

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/

Federal Employee Benefits Plan Limits for 2022

… Family Limits2021 Self-Only Limits2021 Family Limits HSA Maximum Contribution$3,650$7,300$3,600$7,200 HSA Maximum “Catch-Up” Contribution (age 55 or older)$1,000$1,000$1,000$1,000 High-Deductible Health Plan (HDHP) Minimum Deductible$1,400$2,800$1,400$2,800 HDHP Maximum Out-of-Pocket Expense$7,050$14,100$7,000$14,000 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 material for general information only. EPIC does not intend this material to be, nor may any person receiving this information construe …

https://www.epicbrokers.com/insights/federal-employee-benefits-plan-limits-2022/

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/