Can I Have More Than One 401(k)?
Posted: October 13, 2020
Can I Have More Than One 401(k)?It is possible to enroll in more than one 401(k) at a time. In fact, it is not uncommon to accumulate several over a lifetime. This can occur in various situations. Scenarios that Can Lead to More than One 401(k) You may have a 401(k) account from a previous employer and enroll in a second 401(k) plan when you start a new position. This process...
What Happens To My HSA/FSA If I Leave My Job?
Posted: September 28, 2020
What Happens To My HSA/FSA If I Leave My Job?Many employers today are offering health savings accounts (HSAs) or flexible spending accounts (FSAs) to employees. Both types of plans allow for tax-free contributions to cover qualifying medical expenses, as detailed by the IRS. A critical difference between the two plans is you keep the funds in an HSA if you leave your job, but you lose the funds with an FSA. What Is A...
Understanding 401(k) Terms: Sponsor & Third-Party Administrator
Posted: September 13, 2020
Understanding 401(k) Terms: Sponsor & Third-Party AdministratorA 401(k) plan is an excellent benefit for employers to offer employees. It is a tax-deferred, defined-contribution retirement account that gets its name from a section of the IRS Code. Many employers offer matching funds for all or part of their employees’ contributions to a 401(k) plan. If you are opening a 401(k), two key terms to understand are “sponsor” and “third-party administrator.” What Is...
Do I Need To Offer My Employees Dental & Vision Plans?
Posted: August 28, 2020
Do I Need To Offer My Employees Dental & Vision Plans?Under the Affordable Care Act (ACA), employers with 50 or more full-time employees must provide health insurance or pay a hefty penalty to the IRS. Smaller companies that are not required to provide health insurance to their employees can benefit from the Small Employer Health Care Tax Credit under ACA, provided they pay at least half of their employees’ health insurance premiums. But what about...
Medicare & COBRA
Posted: August 27, 2020
Medicare & COBRACOBRA is the temporary insurance that allows people to remain insured for 18 months (or sometimes longer) after leaving employment. It is designed to give people time to get another job or find a different health plan. Aside from the expense—terminated employees must now pay the entire premium themselves—it works well for people under age 65 who are not yet eligible for Medicare. But for...