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BFG Benefits Brief and HR Newsletter - August 2019

Executive Order on Health Costs to Affect Employer Health Plans

Flag USPresident Donald Trump recently signed an executive order aimed at improving price and quality transparency in health care.

BFG Benefits Brief and HR Newsletter - July 2019

IRS Releases Inflation-adjusted Limits for HSAs and HDHPs for 2020

medical costsOn May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savin

Retirement Confidence Increases for Workers and Retirees

The 29th annual Retirement Confidence Survey (RCS), conducted by the Employee Benefit Research Institute (EBRI) in 2019, found that two-thirds of U.S. workers (67%) are confident in their ability to live comfortably throughout their retirement years (up from 64% in 2018). Worker confidence now matches levels reported in 2007 — before the 2008 financial crisis.

The Future of Social Security and Medicare: Here's What Trustees Are Projecting

Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The newest reports, released on April 22, 2019, discuss the current financial condition and ongoing financial challenges that both programs face, and project a Social Security cost-of-living adjustment (COLA) for 2020.

Most Common Summary Plan Description Mistakes

One of the most important documents participants must receive automatically when becoming covered under a health benefit plan that is subject to ERISA (the federal Employee Retirement Income Security Act) is a summary of the plan, called the Summary Plan Description or SPD. The fact is, many employers are confused about this very important ERISA-required disclosure, which can put them at risk.

BFG Benefits Brief and HR Newsletter

Health FSA Limit to Increase in 2019

calendarThe ACA imposes a dollar limit on employees' salary reduction contributions to health flexible spending arrangements (health FSAs) offered under cafeteria plans.

Wellness Program Considerations for 2019

male business ownerAt Brooks Financial Group, we strive to provide our business relationships with insightful, timely information to help their businesses thrive.  Wellness programs have faced unique challenges and scrutiny in 2018. As the year winds down, it’s important to review a few important areas as we launch into 2019. The article below offers some updates on:

2018 Health & Welfare Plan Reporting and Disclosure Obligations

If you offer employer-sponsored health and welfare plans - such as life, disability, medical and dental – you will want to review the required reporting and disclosure obligations.  This checklist offers a great overview.

Financial Literacy in the Workplace

Understanding and successfully managing your financial affairs is an important component in the life of most any working adult.  Discover the many benefits of introducing financial education programs into the workplace and see why so many employers are taking the first step to provide their employees with the financial literacy skills they need.  

Advantages and Disadvantages of Self-Funded Health Plans

With the increased interest in self-funded health plans, it’s good to know the advantages and disadvantages.  Learn more with this short video.