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Businesses considering a defined contribution plan or changing, eliminating their Benefit Program. Please do your homework. There are many overlapping, seemly contradicting, laws to consider when creating this or just about any type of plan – understanding your specific circumstance, business set up is important – then understanding how all those laws apply to you.  The administration came out on September 13, 2013 with some crucial clarifications on what those plans need to look like in order to add pre-tax benefits.  Having a general understanding of tax, labor and insurance laws are critical in designing more complex employee benefit plans – if you insurance person doesnt have this , you need to find people that do and that work together (preferably just find one person that does and is abe to refer you to get legal tax advice when needed). Healthcare reform is adding another layer to this and it includes small businesses… you do not have to give up your benefit plan, you just need someone that is willing to help you design the “right” one – I have always said an insurance policy is not an employee benefit program… an insurance policy is just a form of funding… so there is a big difference between an insurance agent and an employee benefit specialist… Additional tax update on May 16 2014 http://www.irs.gov/uac/Newsroom/Employer-Health-Care-Arrangements
#definedcontribution, #healthcarereform, #employeebenefits, #smallbusiness