It has been estimated that in the next five years or so, more than $5 trillion in value of small businesses will be changing hands. In the next 10 to 15 years, the estimate rises to $14 trillion. The main reason driving this is, of course, the aging of the Baby Boomer population in the […]
Below are five mistakes that Chris Stoddard, BASIC’s FMLA Specialist, commonly sees with FMLA administration. Each of these mistakes can lead to undesirable consequences. With the proper precautions these mistakes can be avoided. 1. Not recognizing FMLA. It is a misconception that the employee has to request FMLA specifically. In fact, the employer has the […]
Employers are responsible for providing a safe workplace environment for their employees free from harm, health hazards, harassment, etc. Enforcement of workplace safety compliance is an issue that has gained increased attention from federal and state governing agencies. According to the federal Occupational Safety Health Administration (OSHA), an effective safety and health program can save […]
Starting in 2013, there is a new limit of $2,500 on the pre-tax amount employees can set aside in a Health Care Flexible Spending Account (FSA) plan for out-of-pocket health care expenses. If an employee or a spouse currently contributes more than $2,500 to a Health FSA, this is potentially a real takeaway. But there […]
Recent developments may change FSA’s and HSA’s to be more advantageous for participants. Below, the two main changes are outlined: 1. Dropping the “use it or lose it” rule: Recently, the House Ways and Means Committee voted 23-6 on the Medical FSA Improvement Act of 2011, H.R. 1004. The bill provides for a cash out […]
IRS released Notice 2012-40 which provides guidance on the effective date of the $2,500 limit (as indexed for inflation) on salary reduction contributions to health flexible spending arrangements (Health FSAs) under Code Section 125(i) and on the deadline for amending plans to comply with that limit. This notice also provides relief for certain contributions that mistakenly […]
According to the HR Support Center March 2012 poll, 78% of respondents indicated “No” to the question posed of: “Does your company currently have a policy or practice that permits or prohibits political related activities in the workplace?” Due to recent “occupy” movements, legislative banter and election promotions, political activities can be effectively addressed with […]
The new JOBS Act — the acronym for the Jumpstart Our Business Startups Act of 2012 — is expected to give a swift kick to the business sector. Under the new law, signed by President Obama on April 5, a qualified business will be able to raise cash without meeting all the usual requirements for […]
“It is easy to understand why companies have focused on… pay, parking, cafeteria discounts, etc.” when trying to attract, retain and motivate workers, stated Gallup in introducing its research on their Management Journal website. Why? Because it’s usually fairly easy to tinker with those variables. Problem is, “these factors do not really make a difference […]
May 2012 Set out below are additional Frequently Asked Questions (FAQs) regarding implementation of the summary of benefits and coverage (SBC) provisions of the Affordable Care Act. These FAQs have been prepared jointly by the Departments of Labor, Health and Human Services (HHS), and the Treasury (the Departments). Like previously issued FAQs (available at http://www.dol.gov/ebsa/healthreform/ and […]
