IRS Announces Increased HSA, HDHP, and EBHRA Limits for 2025
The Internal Revenue Service (IRS) recently announced, in Revenue Procedure 2024-25, inflation adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2025, along with the maximum amount for excepted benefit health reimbursement arrangements (EBHRAs) for 2025.
New Overtime Rules – Impacts To Payroll
Employers facing exempt employees falling below new minimum salary requirements must decide between raising salaries or reclassifying them as nonexempt. With the overtime rule raising salary thresholds, HR should weigh factors like overtime frequency and employee perception, potentially opting for salary adjustments or strategic reclassification.
PCORI Fee Deadline: July 31st
The IRS issued Notice 2023-70, announcing newly increased fees for the Patient-Centered Outcomes Research Institute (PCORI), impacting both self-funded and fully insured health plans. Employers managing self-funded plans must file and pay the PCORI fee using IRS Form 720 by July 31st annually.
Affirmative Action Certification
Deadline: July 1, 2024
Federal contractors must certify their affirmative action plans via the OFCCP Contractor Portal by July 1, 2024. This annual certification ensures compliance with federal regulations and helps avoid potential audits.
FTC’s Non-Compete Ban: What Employers Need to Know
The FTC’s new rule banning most non-compete agreements takes effect on September 4, 2024, impacting many workers and businesses. Employers must notify affected workers, stop enforcing most existing non-competes, and avoid creating new ones to comply with this regulation.
New Look, Same Trusted Partner
You may notice a new look and feel to our emails. eBen, now a division of Risk Strategies, continues to serve as your trusted advisor and business partner, offering clients expanded access to innovative services and specialized expertise across multiple industries. Here’s to a healthier and more prosperous future together!
As always, staying informed and proactive is key to navigating the complex landscape of employee benefits. If you have any questions or need assistance with any of the topics discussed in this newsletter, don’t hesitate to reach out to your local team or contact us here.
