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EPIC Adds Matthew Presutti as Managing Principal

EPIC Insurance Brokers and Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, announced today that Matthew Presutti has joined their EPIC New York operations as managing principal on the employee benefits team. Presutti will be based in New York City as part of Frenkel Benefits, an EPIC Company and report to Adam Okun, co-president and Larry Kirshner, co-president, EPIC New York. In his new position, he will be responsible for strategic oversight, new business development, and the design, placement and management of employee benefits insurance programs and solutions. Presutti brings nearly 30 years of …

https://www.epicbrokers.com/insights/epic-adds-matthew-presutti-as-managing-principal/

EPIC Adds Todd Randolph in Atlanta

EPIC Insurance Brokers and Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, announced today that Todd Randolph has joined the firm as a Principal of its Southeast Employee Benefits Practice. Randolph will be based in Atlanta and report to Ed Oravetz, Managing Principal. In his new position, Randolph is responsible for new business development and the design, placement, and management of employee benefit programs, providing critical attraction and retention strategies for mid-market and large clients. Randolph joins EPIC from USI Insurance Services, where he spent the last eight years of his career. As a VP …

https://www.epicbrokers.com/insights/epic-adds-todd-randolph-in-atlanta/

Compliance Alert: IRS Extends Due Date for Furnishing Individual ACA Coverage Statements and Good Faith Transition Relief for ACA Reporting

The Internal Revenue Service (IRS) has released Notice 2019-63 (Notice) which extends the due date for furnishing to individuals the 2019 Form 1095-B (generally provided by insurers), and the 2019 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2020, to March 2, 2020. The Notice also extends good faith transition relief from penalties relating to 2019 Affordable Care Act (ACA) information reporting requirements under Internal Revenue Code (IRC) sections 6055 and 6056.  Finally, the Notice provides new relief relating to the failure to furnish information required by IRC section 6055 under certain circumstances …

https://www.epicbrokers.com/insights/compliance-alert-irs-extends-due-date-for-furnishing-individual-aca-coverage-statements-and-good-faith-transition-relief-for-aca-reporting/

Compliance Alert: IRS Releases Draft Forms and Instructions for 2019 ACA Reporting

… or did not offer or provide to their employees during the prior calendar year. Each reporting entity must file annually: A separate statement (Form 1095-B or 1095-C) for each individual who was provided with minimum essential coverage (for providers reporting under Section 6055), or for each full-time employee (for ALEs reporting under Section 6056), respectively; and A transmittal form (Form 1094-B or 1094-C) for all of the returns filed for a given calendar year with the IRS. DUE DATES Reporting entities must furnish individual statements (Form 1095-B, 1095-C, or a substitute form) to …

https://www.epicbrokers.com/insights/irs-releases-draft-forms-and-instructions-for-2019-aca-reporting/

Compliance Alert: Federal Benefit Plan Limits for 2020

… 500$19,000 Maximum “Catch-Up” Salary Deferral (age 50 or older)$6,500$6,000 Compensation Limit (401(a))$285,000$280,000 Maximum Defined Benefit Limit$230,000$225,000 Defined Contribution Annual Additions Limit (415)$57,000$56,000 Defined Contribution Annual Additions Limit (415) If age 50 or older$63,500$62,000 “Key Employee” Compensation Limit$185,000$180,000 “Highly Compensated Employee” Limit$130,000$125,000 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 …

https://www.epicbrokers.com/insights/compliance-alert-federal-benefit-plan-limits-for-2020/

Compliance Alert: Hefty HIPAA Penalty for Failure to Encrypt Mobile Devices

QUICK FACTS The Health Insurance Portability and Accountability Act (HIPAA) contains stringent privacy and security rules that group health plans, as covered entities, must follow to safeguard participants’ protected health information (PHI). The Department of Health and Human Services (HHS), through the Office of Civil Rights (OCR), enforces the privacy and security rules and can assess fines against non-compliant covered entity group health plans. The OCR continues to address HIPAA complaints and monitor covered entities to ensure that they meet their HIPAA obligations. Plan sponsors should ensure that the devices used to manage or store sensitive PHI are properly …

https://www.epicbrokers.com/insights/compliance-alert-hefty-hipaa-penalty-for-failure-to-encrypt-mobile-devices/

Big Data – Do the Positives Outweigh the Negatives?

The recent Google-Ascension personal health data transfer leak has caused quite an uproar. Google initiative Project Nightingale collected private health data, identifying details and all, from Ascension’s healthcare facilities across 21 states from millions of patients – unbeknownst to them until recently. Since the news broke new bipartisan legislation has been proposed to combat mining of sensitive health data from wearable devices (see the SMARTWATCH bill). And just a few days after the leak, Google almost published sensitive data tied to 100,000 chest x-rays. The California Consumer Privacy Act (CCPA), effective in January 2020, can’t come …

https://www.epicbrokers.com/insights/big-data-do-the-positives-outweigh-the-negatives/

How a Law Firm Reduced Employee Contributions by $800 a Month

… after experiencing low enrollment rates. Not all office locations valued the same benefits, and yet the firm offered 12 medical plans that each favored only one state’s preferences. We re-underwrote the medical plan into three national plans and one state-specific plan. Not only did it better represent employee preferences nationwide, consolidating and redesigning plan offerings saved the firm $300,000. That’s a savings of $1,000 per employee.   $300,000 savings for the firm   $1,000 savings per employee Invest in your people. The next right move is to invest in your most valuable asset. After …

https://www.epicbrokers.com/insights/how-a-law-firm-reduced-employee-contributions-by-800-a-month/