BPC's Holiday Hours

happy holidays from bpc

As we embark on the holiday season we want to keep you up-to-date on our regular, extended and holiday hours for the months of November, December and January.

Regular Business Hours
Monday - Friday: 8:00am - 5:30PM

Extended Hours for Reimbursement Accounts
Monday - Thursday: 7:00AM - 8:00PM
Friday: 7:00AM - 5:30PM

Holiday Hours
December 5, 2014: 7:00AM - 11:00AM
December 24, 2014: Closed*
December 25, 2014: Closed
December 26, 2014: Open
December 31, 2014: 7:00AM - 12:00PM*
January 1, 2015: Closed
January 2, 2015: Open

*Weekly check processing will take place on Tuesday rather than Wednesday for the weeks of December 22 and 29.

If you have any questions, please contact us at 800-355-2350.

Happy holidays,

BPC Team

Posted on November 21, 2014 .

Health Plan Identifiers Guidance for BPC Plans

UPDATE: We would like to pass along news of an indefinite enforcement delay related to obtaining and using a unique Health Plan Identifier (HPID).  BPC had previously informed clients that some of their health plans might need to obtain an ID by November 5, 2014, with a deadline of a year later for smaller plans.  According to a statement released late on Friday, October 31, the Centers for Medicare and Medicaid have announced a suspension of all enforcement surrounding HPIDs.  Until further notice, no action needs to be taken with regard to obtaining or using an HPID for any of your health plans.  The full statement can be viewed here.

Posted on November 1, 2014 .

2015 Tax Limit Changes for Flexible Spending Accounts

IRS Update on Flex Limit Changes for 2015

The IRS released 2015 annual inflation adjustments for various tax benefits including Flexible Spending Accounts.  Of particular note for BPC clients, was a move to raise the Health FSA employee contribution limit for 2015 up to $2,550.  That’s a $50 increase over the 2013 and 2014 limit of $2,500.  

Depending on your plan document language, this change may or may not automatically apply to your plan for 2015.  It’s important to be aware of whether or not it does, because the plan document will control what should be reflected on enrollment materials and other communications to your employees.

If your plan document states the annual limit for the Health FSA is $2,500, but will automatically adjust for cost of living increases announced by the IRS, then the new limit will apply to your first plan starting on or after 1/1/2015.  If your plan document simply lists a static dollar amount as the limit (whether it’s $2,500 or something lower), then this new limit will only apply if you choose to amend your plan.  

Next Steps:
If the $2,550 limit applies to your plan already, then revisions to your open enrollment materials may be advisable.  If the new limit does not apply yet, but you would like to change it, please contact BPC to request a plan amendment or restatement.  

BPC will be happy to work with you to determine where you plan stands currently, and what open enrollment material changes may be needed.  Please contact your BPC Representative by phone or email if you have any questions or need assistance.  You can also contact an available representative by calling 877-272-8880 or by emailing.  

Posted on October 31, 2014 .

2015 Pension Plan Limitations

Pension Plan Limits 2015

The 2015 cost-of-living adjustments on dollar limitation 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. Highlights include:

  • Elective Deferral: The elective deferral limit for employees who participate in 401(k), 403(b) and most 457 plans increased from $17,500 to $18,000.
  • Catch-Up: The catch-up contribution limit for employees age 50 and over who participate in 401(k), 403(b) and governmental 457 increased from $5,500 to $6,000.
  • Annual Defined Contribution Limit: The limitation for defined contribution plans increased from $52,000 to $53,000.
  • Annual Compensation Limit: The compensation limit increased from $260,000 to $265,000.
  • HCEs: The threshold for identifying highly compensated employees increased from $115,000 to $120,000.
  • Key Employees: The threshold for identifying key employees for purposes of top-heavy remains unchanged at $170,000.
  • Wage Base: The Social Security taxable wage base is $118,500 in 2015, up from $117,000 this year. (The wage base is determined by the Social Security Administration, not the IRS.)
Posted on October 23, 2014 .