On Sept. 11, 2019, the IRS updated their Q&As on the ACA's employer shared responsibility rules to include adjusted penalty amounts for 2019 and 2020.
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Employers with employee benefit plans that operate on a calendar year basis must file their Forms 5500 with the DOL by July 31. An employer may extend this deadline by two and one-half months (until Oct. 15) by filing IRS Form 5558. This Compliance Bulletin summarizes the Form 5500 filing requirement and highlights the deadlines for calendar year plans.
Read the compliance bulletin now or you may have to pay up to $2,194 per day for each day you do not have the Form 5500 completed!
Click here to view the compliance bulletin.
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Offering employees time off from work can be an easy way to round out your benefits package. When taken advantage of, paid time off (PTO) can bring employees back into the workplace with renewed energy and productivity. Moreover, workers want flexibility in the workplace and want to find a healthy work-life balance. A well-drafted PTO policy can show your commitment to employee wellness and help keep your workforce happy.
Beginning March 29, 2019, Michigan employers with 50 or more employees must provide paid medical leave to their eligible employees under the Paid Medical Leave Act (PMLA). Click here to view the Compliance Bulletin.