December brings many things to look forward to each year, and for many employees, excitement in December bubbles around highly anticipated holiday bonuses. To employers, it is a way to show employees how much their work is appreciated and how they are valued by the company. To employees, it is a way to wrap the year up on a positive note, with a little extra “green” lining their pockets to either spend on themselves or on loved ones. But how are these bonuses viewed in the eyes of the IRS? Both employers and employees need to make sure they are clear on if and how these bonuses can be taxed so they know how this gesture of generosity will have an affect on their workforce and bottom line.
Beginning in 2018, the Internal Revenue Service (IRS) increased the Health Flexible Savings (FSA) contribution limit. In Revenue Procedure 2017-58, released in October, the salary reduction contribution limit has been raised by $50, resulting in a total of $2,650 for 2018.
Since Hurricanes Harvey and Irma hit the southeastern U.S, many people were either displaced or injured, which has forced many to miss work. One of the top questions many employees have post-hurricane or natural disasters is if they’re eligible for Family and Medical Leave Act (FMLA) leave. FMLA can be a complicated act to understand with varying requirements depending on what kind of injury or illness is happening.
The answer is multi-faceted and dependent on circumstances. There are many criteria to meet the ability to be granted FMLA leave. Employers are required to grant leave to employees only if they employ more than 50 employees for each business day for 20 or more calendar weeks in the year. FMLA is an employee benefit that can be incredibly helpful when disaster or injury strikes.
FMLA grants differing amounts of time depending on the illness or injury incurred. The amount of time granted to employees if their employer meets these criteria is up to 12 weeks for a 12-month period. Employees are eligible if they have:
Ironwood has teamed up with Quantum Health to bring to you a long-term, sustainable benefit program designed to bend the trends and increase employee engagement.
Quantum has been working exclusively with large Fortune 500 clients for over 17 years and has been able to prove* that putting care coordination at the center of the member’s healthcare experience drives down claims spend.
Contact Jon Bailey to discuss details @ 404.503.9136.
In the News:
Ironwood Insurance Services Welcomes Jon Bailey as Benefits Consultant.
Ironwood is pleased to announce the addition of its newest Employee Benefits Consultant, Jon Bailey.
Ironwood Insurance Services is an Atlanta-based brokerage firm specializing in serving the middle market in the areas of risk management, property and casualty insurance, employee benefits and custom HR solutions. Committed to offering highly specialized resources with a strong, dedicated service team, the firm has grown significantly since its founding in 2007. The firm is pleased to announce the addition of Jon Bailey, to its team as a Benefits Consultant
ACA Reporting: Lessons Learned & Forecast
ACA reporting saw successes and challenges. Join our "Lessons Learned" webinar on July 6 for guidance and solutions on this major industry pain point.
Register now for this free webinar presented by Jamie Hawkins, Benefit Technology Resources / BAN HR Admin & Benefit Technology Directory on July 6th at 12:00 EST.
BEWARE OF FICA-REDUCTION ARRANGEMENTS USING WELLNESS PROGRAMS
It has come to our attention that certain arrangements are being marketed to employers that are intended to reduce an employer’s FICA obligation by significantly increasing employees’ pre-tax salary reductions. We want to caution employers against entering into these types of arrangements before having a conversation with an employee benefits attorney who understands them. This alert provides some background on these schemes and our concerns with them.
Self-funding Strategies: Have You Considered this Option?
Have you considered self-funding as an option when offering benefits to your employees?
Pat Campola will educate attendees on the components of a self-insuring arrangement and the possible outcomes, both good and bad, when self-insuring.
You will take away:
- a basic understanding of self-insuring
- key things to considerations before self-insuring
- understanding on how to select a claims administrator and stop-loss carrier
A Wellness Program on a Limited Budget
Creating a wellness program does not need to be scary or expensive. Join wellness author and CEO, Will Clower, as he explains wellness options that can fit into any budget.
This webinar will provide examples of fitness programs you can deploy tomorrow, a road map for introducing wellness tools to your organization, and developing a wellness campaign that will deliver results.
Register now for this free webinar presented by Will Clower, CEO, Mediterranean Wellness on June 22, 2016 at 12:00 EDT.
Overtime Regulations: A Human Resources Prospective
A special webinar with Bobbi Kloss will give a new perspective on the recent overtime regulation changes in the industry from a human resources point of view.
Register now for this free webinar presented by Bobbi Kloss on June 14, 2016 at 12:00 EST.