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IRS Announces Increased Limits for Certain Employee Benefits, Higher Fines for ACA Reporting Failures
Read Time: 3 Minutes
Each year, just as the
leaves turn to the fiery shades of autumn, the Internal Revenue Service (IRS) announces how much more "green" will be available during the coming year under various employee benefit programs. The IRS recently released Revenue Procedure 2022-38 in which it has updated many key employee benefit limits based on annual inflation or cost-of-living adjustments. The good news is that recent higher inflation trends have led to the IRS providing for higher-than-typical increases in both the amount that individuals can contribute to a health flexible spending arrangement (HFSA), as well as the amount they can carry over in a
plan including that feature.
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October Employer Webinar Recording:
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WEBINAR:
Webinar: 2022 & 2023 Transparency in Action
Tuesday, November 8, 2022
1 – 2PM CST
The Affordable Care Act’s 2022 Transparency in Coverage (TiC) provisions have created new compliance hurdles for employers’ plan administrators.
Gain insights into the TiC provisions affecting employers today and in the upcoming 2023 benefit year.
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Workplace Culture | Quiet Quitting: Employee Engagement Issues in Disguise Read Time: 3 Minutes
The term "quiet quitting" swept the corporate world this summer, leading to debates over what it meant and if it mattered.
Quiet quitting is described as employees performing the basic requirements of their jobs and nothing more.
A lack of engagement or psychological detachment is at the root of this trend. In a recent SHRM Research survey, 51% of HR participants were concerned about the repercussions of quiet quitting, including low employee and manager engagement.
HR leaders can take proactive steps to engage their teams.
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Compliance Question of the Week
Q: We would like to reclassify an employee from
exempt to nonexempt status. Is it okay to do this? What do we need to do to change their status?
A: Yes, it’s possible to make this change. Any employee can be classified as a nonexempt employee, although we generally recommend that all employees in the same role have the same classification.
That being said, exempt employees sometimes feel there is a certain "status" involved in being salaried and exempt. If you decide to reclassify an employee, aim to do so in a manner that does not denigrate them or cause them to become disengaged.
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Visit the Insights Blog for the latest employee benefit news, trend analysis, regulatory insight, HR tips and more!
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Have a compliance question? We're here to help! Simply reply to this email or send a new email to info@bimgroup.us
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1151 Red Mile Rd.
Lexington, KY 40504
P 859.255.9455
F 859.255.9457
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