As 2014 draws to a close, we have selected a number of important compliance updates and recommendations you may need to consider for your retirement and benefit plans. Please contact a BPC team member to further discuss or implement applicable recommendations for your plans.
BPC Enhances HSA Administration
BPC has partnered with Avidia Bank to seamlessly integrate their robust banking platform with BPC's compliance and administration services. Thanks to this partnership participants will benefit from having no monthly administrative fees, more than a dozen mutual fund investment options, and the peace of mind that comes from keeping money with an FDIC-insured community bank. Learn More
Important Facts on Restating Your Retirement Plan Document
The mandatory Pension Protection Act (PPA) Plan Document Restatement Window, as set by the IRS, is open now through April 30, 2016. Here are details on how restatements impact your plan and how BPC is ready to help. Learn More
2015 Flexible Spending Accounts Limits
The IRS has released 2015 annual adjustments for various tax benefits including Flexible Spending Accounts (FSA). The maximum Health FSA election in 2015 has risen to $2,550.00. Learn more
New Health FSA Rollover Feature Benefits Employers and Participants
In the early stages of the new Health FSA rollover, the results for plan sponsors and participants are trending positive. By opting in for the new Health FSA balance rollover feature, you can reduce participants' fear of losing money and encourage employees to contribute more dollars into their Health FSAs, saving you and employees tax dollars along the way. Learn More
2015 Pension Plan Limits
The 2015 cost-of-living adjustments on dollar limitations for pension plans and other retirement-related items were released by the IRS. Some limits will remain unchanged in 2015 because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment, however, other limitations will increase for 2015. Learn More
New Permitted Cafeteria Plan Changes
The Affordable Care Act gives people access to healthcare options they've never had before. However, without proper amendments, your Cafeteria Plan will likely restrict your employees from utilizing those options, effectively "trapping" them on your group health plan. Click here to learn more about BPC's recommended updates to your plan. Learn More
Important ACA Reminders
The Affordable Care Act (ACA) included rules that impact Cafeteria Plans and HRAs. We want to share another reminder about the following elements that should raise significant red flags if they're a part of your current benefit structure.
Be cautious if any these three statements are true of your organization:
1. We (the employer) contribute more than $500 into employee Health FSAs.
2. We offer a Health FSA to people who are not eligible for our Group Health Plan.
3. We reimburse individual health insurance premiums through our Cafeteria Plan or HRA.