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We at Brooks Financial Group (BFG) are aware of the challenging times we all face personally and professionally as we navigate the uncharted territory of COVID-19. We continue to monitor national, state and local reports and comply with their recommendations. We have adapted processes and procedures that allow us to continue to provide our high level servant leadership to our trusted partner client relationships, while mitigating exposure to all stakeholders.
Do you use electronic media to send employee benefit plan notices, including health plan notices, required SOBCs, ACA Exchange Notices, etc.?
Did you know that the Department of Labor (DOL) has regulations under which employers may use electronic means to distribute certain documents to employees?
Upcoming Group Health Plan Compliance Dates
Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans.
Taxpayers have until their tax return due date (not including extensions) to contribute up to $5,500 to an IRA for 2018 ($6,500 if they were age 50 or older on December 31, 2018). For most taxpayers, the contribution deadline for 2018 is April 15, 2019 (April 17 for taxpayers in Maine and Massachusetts).
Make your contribution today!
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.
The 2019 Federal and State minimum wage chart has been published. Employers should be advised that different rates may apply to employees and in cities and counties that have passed local minimum wage ordinances. Be sure to confirm the wage requirements that apply to your business with your state Department of Labor.
To view a copy of the current chart, please use the link below.
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.
ERISA includes standards of conduct for those who manage employee benefit plans and their assets, who are called “fiduciaries”. This Compliance Overview includes a set of frequently asked questions (FAQs) to help employers understand the basic fiduciary responsibilities applicable to group health plans under ERISA.
Now your clients can download their required 2018 federal workplace posters from HR360's convenient Federal Workplace Poster Requirements guide. This simple tool provides guidelines on which employers must display the posters, and posters can be downloaded by simply clicking on the special links in the chart.
IRS Releases New Income Tax Withholding Tables
The Internal Revenue Service (IRS) has released IRS Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding.