The IRS has released a draft of the 2011 W-2 with a box 12 for reporting employer health coverage and Code DD for nontaxable health coverage. Simultaneously, the IRS delayed the rule for a year meaning you don’t have to do the reporting of health coverage for 2011.
To view Notice 2010-69, click here.
To view Draft Form W-2, click here.
The Equal Employment Opportunity Commission (EEOC) has issued a final rule regarding “Disparate Impact and Reasonable Factors Other than Age” under the Age Discrimination in Employment Act (ADEA). The final rule is effective April 30, 2012. Continue reading
The U.S. Department of Labor (DOL) recently released new forms for employers to use in connection with leave taken by their employees under the federal Family and Medical Leave Act (FMLA). The new forms reflect a new expiration date of February 28, 2015. Continue reading
The HR & Benefits Compliance Guide and the supporting documents are provided by Proskauer Rose LLP (Proskauer), an international law firm providing a wide variety of legal services to clients worldwide. Proskauer is at the forefront in the industry, addressing the unfolding legal and business developments impacting executive compensation arrangements and employee benefits plans and their assets and formulates innovative, practical and proactive legal strategies.
2012 Health Care Reform Compliance Timeline
2012 Welfare Plan Compliance Calendar
An updated model notice for employers to provide information on eligibility for premium assistance under Medicaid or the Children’s Health Insurance Program (CHIP) is now available for download. Continue reading
Employees will continue to receive larger paychecks for the rest of this year based on a lower Social Security tax withholding rate of 4.2%. This reduced rate (from 6.2% to 4.2%), originally in effect for all of 2011, was previously extended through February 2012. A recently enacted law, the Middle Class Tax Relief and Job Creation Act of 2012, further extends the payroll tax reduction to the end of 2012. Continue reading
New SBC Notice Requirements Delayed – 5 Q&As for Employers
Final rules have been issued relating to the requirement under Health Care Reform that group health plans provide participants and beneficiaries a summary of benefits and coverage (SBC) and related notices. The final rules include a 6-month delay in the effective date for compliance (originally set for March 23, 2012), and make changes to a number of requirements proposed in earlier regulations. Continue reading
It’s a brand new year and it’s never too early to start taking advantage of the benefits of retirement planning. As a business owner, a retirement plan allows you to invest now for financial security when you and your employees retire. As a bonus, you and your employees can receive significant tax advantages and other incentives. Consider the following benefits of setting up a retirement plan: Continue reading
Retaining skilled employees is a significant issue for any business. A high rate of employee turnover can result in a loss of knowledge and skills, as well as have a direct impact on a company’s bottom line. The cost of losing an employee includes not only lost productivity, but also the expense of recruiting, selecting and training a new employee. Consider the ideas presented below to help reduce turnover and increase satisfaction among your company’s valued employees. Continue reading
You may not expect an emergency or natural disaster to occur at work, but it is important to be prepared because dangerous situations can strike at any time and with little or no warning. Continue reading
