Your Monthly
Newsletter from Integrated Benefit Solutions
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December 2019
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FSA Contribution and Other Benefits Limits Rise for
2020
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The IRS announced an increase to flexible spending
account (FSA) contribution limits for the 2020 plan year.
Individuals can contribute $2,750 in 2020, up $50 from the
previous year.
Since this announcement came so late in the year, some employers
may not use the updated figures in their benefits limits—as doing
so would require an addendum.
In fact, some employers have been known to use limits from the
previous year because they cannot wait until this far into the
enrollment season to release benefits materials. With that in
mind, it wouldn’t be surprising if employers use the 2019 limits
for their FSA plans in 2020.
In addition to the FSA contribution limits, the IRS announced
increases for transportation benefits and adoption services.
Qualified transportation benefit limits (for parking or transit
passes) increased to $270 for 2020. Maximum employer subsidies
for qualified adoption expenses rose to $14,300, up $220. Other
adoption-related limits increased as well.
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6 Steps for a Sublime Seasonal Shindig
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Planning a holiday party can be a logistical
nightmare, especially when you don’t know where to begin.
Luckily, we have a few steps to make it easier.
1. Set a
Budget
A good party doesn’t need to cost more—a buffet can delight as
much as a five-course meal. Consider how you want to spend your
money (e.g., DJs, food, fancy venue or decor).
2. Outline
the Basics
You’ll need to determine the theme, venue, time and a rough
estimate of guests before you can do anything else.
3. Get a
Team
Together Instead of doing it all yourself, consider forming a
party planning team to help with logistics, like booking a venue.
4. Think
About Activities
What will people do at your party? Will they eat, dance, exchange
gifts, receive awards, play games or something different? Think
about what your employees will enjoy the most.
5. Set
Expectations
Prior to the event, communicate appropriate conduct and dress
codes. If there will be alcohol, define limits and appropriate
etiquette.
6. Raise the
Hype
Ensure employees are excited for the party by hyping it up at
work. Keep it top of mind in internal communications by
mentioning it frequently as the date approaches.
If you do it right, you’ll have a party that employees won’t stop
talking about for months!
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DOL Proposes New Method for Electronic Delivery of
Retirement Plan Disclosures
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The U.S. Department of Labor (DOL) published a proposed rule
in October that would allow plan administrators to make
retirement plan disclosures available on a website.
If the proposal is adopted, plan administrators may continue to
use the existing safe harbor for electronic delivery, or to
furnish paper documents by hand-delivery or mail.
The proposal would provide a new, optional method where plan
administrators who satisfy specified conditions may furnish
documents electronically, unless participants affirmatively opt
out.
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How to Conduct 1-on-1 Benefits Meetings
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Employee
benefits programs are a big part of attracting and retaining top
talent. You’ve likely worked hard to develop a competitive
benefits package, but you may be undermining your hard work by
not communicating effectively. Learn some tips for holding 1-on-1
benefits meetings in the video below.
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