Entries by Simon Carlson

The Premium Only Plan: Cutting Costs Made Easy

A Premium Only Plan (POP) is a great way for employers to reduce healthcare costs for their employees. POPs are a type of IRC Section 125 Cafeteria Plan that allows employees to pay for certain health plan premiums using pre-tax dollars. While using pre-tax dollars to pay for health care premiums is a well-known practice, […]

Cafeteria Plan and FSA Relief: IRS Update

The IRS released Notice 2020-29 and Notice 2020-33 on May 12, 2020 that impact cafeteria plan administration. The BASIC Compliance team is currently reviewing these Notices and will provide more in-depth practical insight in the near future. Because the issued guidance applies to many of the questions we are receiving daily, here are the highlights: […]

Certain Form 5500 Filing Deadline Extensions Granted by IRS

On April 9, 2020, the IRS announced filing deadline extensions for certain Form 5500s in an effort to provide relief from the impact of COVID-19. IRS Notice 2020-23 extends the Form 5500 filing deadline for retirement and welfare plans subject to ERISA. Please note that this relief only applies to plans with filing deadlines on […]

CARES Act FAQ: Over-The-Counter Drugs & Medicines

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that was signed into law on March 27, 2020 permanently eliminates the ACA-imposed restriction that requires employees to obtain a prescription in order to be reimbursed for non-prescription “Over-The-Counter” drugs and medicines from a Health FSA, HSA, and certain HRA plans. This common sense change […]

DOL Publishes 4th Round of FFCRA Guidance and FAQs

The DOL has released rules related to administration of leaves under the Families First Coronavirus Response Act (FFCRA) and answered more common questions on their Questions and Answers page. Below you’ll find FFCRA guidance and some key highlights to keep in mind when administering these leaves. Documentation: Employers may not require more documentation from employees […]

Webinar: Understanding COBRA Regulations 4/28/20

1.0 HRCI & SHRM: Understanding COBRA Regulations – Including Continuation Coverage During COVID-19 DATE: Tues, April 28, 2020 TIME: Eastern 2:00 pm to 3:30 pm – Pacific 11:00 am to 12:30 pm Register for the webinar here After registering, you will receive a confirmation email containing information about joining the webinar. Request a recording here if […]

Webinar: Full-Service Payroll & Timekeeping Demonstration 5/7/20

Register for the webinar here After registering, you will receive a confirmation email containing information about joining the webinar. Request a recording here if you are unable to attend the live session. BASIC’s Regional Director, Jordan Salton, will be presenting the services and solutions of BASIC Payroll Plus. BASIC’s full-service Payroll, Timekeeping, and Human Capital Management […]