Why businesses are beginning to see the need. Organizations are facing more pressure than ever to strengthen their employee benefits packages to stay competitive in the marketplace, find top talent, and retain their best employees. But there’s more to consider than just offering a variety of benefits. When organizations fail to factor in compliance, the...
The beginning of the plan year is the best time to map your benefits compliance strategy. As Dale Carnegie said, “An hour of planning can save you 10 hours of doing.” This tip is definitely true for employee benefits compliance, and businesses are learning that it’s an unavoidable and essential aspect of maintaining a...
The IRS has announced the 2023 contribution limits for flexible spending accounts (FSA), commuter benefits, and more. Here’s a look at what’s changing. Health FSA: $3,050 (Increased from $2,850). This also applies to limited-purpose FSAs. FSA Carryover: $610 (Increased from $570). Commuter (Parking and Transit): $300 per month (Increased from $280). Dependent Care: The annual limits will remain $5,000 for single taxpayers...