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Got Employee Benefit Plans? Keep an Eye on Pending Legislation.

Posted on: August 10th, 2011 | Category: Employment Administration, Government Regulatory & Compliance Issues, Human Resources, Our Blog, Payroll/Benefits, Tax Issues

Just when you think employee benefit plans couldn’t get any more confusing or complicated, new federal legislation gets proposed to prove you wrong. Thanks to a great article written by Gary W. Howell and Michael R. Durnwald of Katten, Muchin, Rosenman, LLP, and posted on LinkedIn, it’s clear that business owners need to keep an eye on pending legislation regarding several popular employee benefit options, including 401(k) plans,  executive and equity compensation and flexible spending accounts (FSAs).

“Some of the proposed legislation repeals recent changes to programs that were enacted just this year,” says Kelly Coblentz, PHR, hireVision’s Director of HR Services.  “Health FSAs, for example, would once again allow employees to be reimbursed for the purchase of over-the-counter medications, which were taken off the program in January 2011.” Other legislation, if and when enacted, may alter plan designs and increase regulations around various benefit options.

Here are some links, also courtesy of the LinkedIn article “Pending Legislation Could Affect Employee Benefit Plans”, to online government information regarding some of the proposed changes heading our way:

401(k) Plans:

Executive and Equity Compensation:

FSAs:

If you are one of many employers scratching your head right now, wondering how these pending laws will affect your business, take comfort in knowing you are not alone, and that you still have time to prepare. hireVision is ready to assist you with this or your other employment administration needs, so contact us today.

Please fill out the form below or call 610.443.0119 to learn more about what our modern HR services can do for you. We’ll get back to you within one business day—most likely less!
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