FBMC Benefits Management’s Post

We’ve all heard about HSAs and FSAs, but what are the major differences between the two? Is one better than the other? What should you consider when choosing which of the two to go with? Read “Know Your Options: HSA vs FSA” now to help you determine what’s the best option for you and your family.

Do you have an HSA? If not - why not? If you do - are you taking full advantage of it? In a recent conversation with CNBC, MetLife’s Todd Katz addressed the growing demand for HSAs among employees despite a general lack of understanding of this benefit and how to take advantage. With open enrollment in full swing, now is a key time for employees to read-up on the many financial advantages of HSAs as they’re evaluating their options. Check out the full article in CNBC to learn more: http://spr.ly/6041sTA1F

Navigating all the benefit acronyms during open enrollment can be a lot to take in. It's important to help employees grasp the differences between HSAs, FSAs, and HRAs. This infographic will help! https://bit.ly/3OjQ82N

As a 401(k) plan sponsor, maintaining a comprehensive fiduciary folder is crucial for regulatory compliance and effective plan management. 📂 Here are Key Components for Your 401(k) Fiduciary Folder 📂 📝 Plan Documents: Plan Document & Summary Plan Description (SPD) Plan Amendments & Adoption Resolutions 🛡️ Fiduciary Governance Documents: Investment Policy Statement (IPS) Fiduciary Committee Meeting Minutes 💼 Service Provider Contracts and Disclosures: Contracts with Service Providers Fee Disclosures (408(b)(2) Disclosures) 📧 Participant Communications: Annual Participant Notices (SAR, Safe Harbor Notices, QDIA Notices) Participant Disclosures and Rights Information 📊 Compliance and Testing Reports: Annual Compliance Testing Results (ADP/ACP testing, etc.) Form 5500 Filings and Attachments 📈 Investment Monitoring and Performance Reports: Investment Performance Reports Quarterly Investment Reviews Documentation 🎓 Training and Education Materials: Fiduciary Training Documentation Employee Education Materials on Plan Features Maintaining an organized fiduciary folder demonstrates prudent oversight and governance of your 401(k) plan, ensuring compliance and transparency for plan participants and stakeholders. Regular updates and reviews are key! #401kFiduciary #ComplianceMatters #PlanManagement

An Heath Savings Account (HSA) is one of the most underutilized financial tools. HSA's allow you to set aside money from your pay for eligible medical expenses. Did you now they also have a triple tax advantage? 1. Contributions are tax deductible 2. Growth is tax-free 3. Withdrawals for qualified medical expenses are tax free. Also....the funds rollover from year to year if not used. The HSA contribution limits for 2024 are $4,150 for self-only coverage and $8,300 for family coverage. This money is allowed to be invested so there is also a potential growth component. #HSA #tripletaxadvantage #medicalexpenses #financialplanning

Do you have a HSA account? For this week's #ThursdayTip, check out this article to have your questions answered. Learn More: https://lnkd.in/gRezXYMU #thursdaythoughts #thursday #thursdaytips #thursdaythought #tips #tipthursday #tipoftheday #hsa #healthsavingsaccount

🎯 New Statutory Guidance alert 🎯 ☁ Really helpful update below from our brilliant McCloud expert Virginia Burke on recently published McCloud Remedy Statutory Guidance.

The McCloud Remedy Statutory Guidance for the LGPS in England and Wales has now been published https://lnkd.in/eshVauPU Highlights include: - Deadline for implementation is 31 August 2025 (for most members) - In determining who qualifies for underpin protection, not only must funds write to members who could qualify for the remedy should they have membership in another LGPS or public service pension scheme, they will also have to re-verify the protection status for some members when they eventually take their benefits. The guidance also provides further information about prioritisation, data collection, payment of compensation and interest, transfers, multiple sets of underpin figures, unpaid additional contributions, and what to do if the person you want to make payment to has passed away. We understand that the next part of the LGA McCloud remedy administrator guide is expected by the end of July (subject to outstanding GAD guidance having been published). This is expected to provide further help for funds revisiting past calculations. In the meantime, there is plenty that administrators can be getting on with, including training, data collection, identifying qualifying members, planning your recalculation exercise and eliminating any backlogs that may prevent you from implementing McCloud in time. If you would like a chat about how Aon can help, including our half-day McCloud training course for administration teams, we'd love to hear from you.

Are you up to date on the latest laws affecting group benefits? Join us for our next BPHA at lunch Tuesday, May 28, 12-1pm to find out. Secure your spot today at https://lnkd.in/eA7nyjur. Group Benefits and the Law Tuesday, May 28, 2024 12:00pm-1:00pm Eastern $50.00 plus HST Free Registration for: BPHA accredited professionals who are active members Those enrolled in the BPHA program 1.0 CE Credit available in most provinces for those who are life licensed Join us as we hear from Dante Manna, Partner, Pensions & Benefits, Labour and Employment at Stewart McKelvey. Dante will share his insights into how the law impacts group benefit plans. As an advisor or insurer, you need to understand the law as it relates to benefits. Multiple legislation impacts group benefit and pension plans. This includes employment standards, pension benefits standards, human rights, pay equity, income tax, employment insurance, worker’s compensation, privacy, and more. It’s not just legislation. Case law is constantly evolving through the courts and benefits professionals must be up to date. Register to find out what you need to know to protect you and your clients. https://lnkd.in/eA7nyjur Registration is free for those who have already achieved their BPHA designation and who are members, and for those currently enrolled in the program. The fee for all others is $50.00 plus HST. If you attend this webinar, you will receive 1 CE credit towards your BPHA designation. Plus you’ll receive a 25% discount when you register for the full online, on demand BPHA program if you sign up by July 1, 2024. BPHA delivers essential knowledge and insider tips for advisors, insurers, HR professionals, market access professionals, and anyone new or who wants to know more about hands-on group benefits practices. #BPHA #Crosslinks #Connex #Healthbenefits #GroupBenefits #LegalInsights #EmployeeBenefits #ContinuingEducation

Has your 403(b) plan recently received a letter from the IRS that they plan to do an audit? Are you concerned about what an IRS 403(b) Audit may look like? On our blog, we dig into top areas of focus of the IRS in their 403(b) plan audits. https://hubs.ly/Q02X0xvs0 #403b #IRS #audit