EMPLOYEE BENEFITS BASICS From 401(k) Plans to PPACA. Mindi M. Johnson January 26, 2015

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1 EMPLOYEE BENEFITS BASICS From 401(k) Plans to PPACA Mindi M. Johnson

2 INTRODUCTION! What does Employee Benefits mean?! Why are employee benefits important for small businesses? Slide 3

3 AGENDA! Why Offer Employee Benefits?! What Benefits Should You Offer?! To Whom May You Offer Benefits?! What Legal Requirements Must Be Followed?! How Do You Get Started? Slide 4

4 WHY OFFER EMPLOYEE BENEFITS? PROS AWract and retain employees Tax Advantages Employee Need Legal Mandates CONS Cost Administra[on Lack of Interest Legal Requirements Slide 5

5 WHAT BENEFITS SHOULD YOU OFFER?! Human Resources Fringe Benefits Vaca[on, Flex Schedule! Re[rement Benefits 401(k), IRA, SEP, SIMPLE! Welfare Benefits Health (Group, Individual, HRA, Cafeteria Plan), Life, Disability Slide 6

6 401(k)! Employer with 1+ employees! Generally must offer to all employees at least 21 who worked 1,000 hours in prior year! Employee and Employer contribu[ons! $18,000 Employee contribu[on limit in 2015! Withdrawals permiwed a9er an event occurs, subject to taxes! Employee contribu[ons immediately vested! Annual filings and tes[ng Slide 7

7 IRA! Employer with 1+ employees! May be made available to all employees! Employee contribu[ons through payroll deduc[on! $5,500 Employee contribu[on limit in 2015! Withdrawals permiwed any[me, subject to taxes! Contribu[ons immediately vested! No annual filings Slide 8

8 SEP! Employer with 1+ employees! Must be offered to all employees who are at least 21, employed for 3 of the last 5 years and meet compensa[on requirements! Employer contribu[ons only! Employer contribu[ons may not exceed 25% of compensa[on, but no more than $53,000 for 2015! Withdrawals permiwed any[me, subject to taxes! Contribu[ons immediately vested! Ini[al filing, but no annual filings Slide 9

9 SIMPLE! Employers with 100 or fewer employees that do not maintain another re[rement plan! Must be offered to all employees who have earned at least $5,000 in prior 2 years, and are expected to earn at least $5,000 in current year! Employer and employee contribu[ons! Employee contribu[on limit of $12,500 in 2015; employer contribu[on must be match or 2% of compensa[on! Withdrawals permiwed any[me, subject to taxes! Contribu[ons immediately vested! Ini[al filing, but no annual filings Slide 10

10 HEALTH BENEFITS! Group! Individual! Health Reimbursement Arrangement (HRA)! Cafeteria Plan (Sec[on 125 Plan) Slide 11

11 Group Health! Large and Small Groups (20 employees)! Coverage requirements (essen[al health benefits)! Fully insured or self- funded Slide 12

12 Individual Health! Health Insurance Marketplace! Qualified Health Plans! Beware of employer reimbursement of premiums Slide 13

13 HRA! Reimbursement Plan- premiums and medical expenses! Flexibility in design! Usually, must be integrated with group health plan Slide 14

14 Cafeteria Plan! Allows for pre- tax deferrals for certain benefits! Variety of benefits may be offered Employee insurance contribu[ons Health Flexible Spending Account Dependent Care Assistance Plan Adop[on Assistance! Generally, Use it or lose it Slide 15

15 TO WHOM?! Common Law Employee(s)?! Full- Time Status?! Owners? Slide 16

16 WHAT LEGAL REQUIREMENTS MUST BE FOLLOWED?! Sources of Law: Code ERISA PPACA COBRA HIPAA Slide 17

17 CODE! Tax qualifica[on! Restatement submissions! Nondiscrimina[on! Fiduciary du[es Slide 18

18 ERISA! Repor[ng! Disclosure! Fiduciary Du[es! Nondiscrimina[on Slide 19

19 PPACA! Individual Mandate! Employer Mandate! Group Health/Insurance Mandates! No[ces! Repor[ng Slide 20

20 COBRA & HIPAA! Health Coverage! Con[nua[on! Privacy/Security Slide 21

21 HOW DO YOU GET STARTED?! What benefits will be offered?! Who will pay or contribute?! Who should assist with set- up/administra[on? Slide 22

22 Disclaimer This presenta[on highlights specific areas of law. This communica[on is not legal advice. The reader should consult an aworney to determine how the informa[on applies to any specific situa[on. The date of this presenta[on. The law is subject to change a9er that date. Slide 23

23 QUESTIONS? MINDI M. JOHNSON 1700 East Beltline, N.E. Suite 200 Grand Rapids, MI T: F: Slide 24

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