November 2017
Stay Current Newsletter
art1New ACA Rating Methodology Effective January 1

As of January 1, 2018 the ACA age band structure will be adjusted to expand the number of single age bands for dependent children in the 0-20 age segment.  Additionally, the definition of the 3:1 ratio rule has been adjusted. 
  
Missed our blog post? Read it here.
art2HR Done Right Blog: Employee Retention Strategies in a Competitive Job Market

According to the Bureau of Labor Statistics, the national unemployment rate dropped to 4.1 percent in October. Job gains occurred in food services and drinking establishments, professional and business services, manufacturing and health care. When the unemployment rate is low, employers often find themselves competing to retain and attract talent.

Click here to read the  HR Done Right blog.

art3FSA & 401(k) Limits Announced

The IRS has announced that the contribution limits for health flexible spending arrangements (health FSAs) and 401(k) retirement plans will increase in 2018 as follows:
  • Health FSAs: The annual dollar limit on employee contributions to employer-sponsored health FSAs will be $2,650 (up from $2,600 for 2017).
  • 401(k) Plans: The contribution limit for employees who participate in 401(k) plans will be $18,500 (up from $18,000 for 2017). The catch-up contribution limit for those aged 50 and over will remain unchanged at $6,000.
For more information on these and other new tax benefit limits, please see IRS Revenue Procedure 2017-58 and IRS Notice 2017-64.


Article reprinted with permission from HR360.com
art4Coming Soon: ACA Employer Penalty Assessments

On November 2, the Internal Revenue Service (IRS) issued revised FAQs on the employer shared responsibility provisions under the Affordable Care Act (ACA). Question sets 55-58 now detail the procedure the IRS will use to begin issuing proposed penalty assessments to employers that failed to comply with these provisions in 2015. Though the IRS was previously silent on the details of penalty assessments, this new information serves as a reminder to employers that compliance enforcement is a priority for the IRS.   

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art5Office Closure: Thanksgiving Holiday

Benefits Done Right will be closed Thursday, November 23, 2017 and Friday, November 24, 2017 in observance of the Thanksgiving holiday.

We will process and respond to all email, faxes and voicemails promptly when normal business hours resume at 7:30 AM on Monday, November 27, 2017. 


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