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Join us at any of the upcoming, free Acrisure compliance webinars!

January 2021 Gulfshore Insurance Employee Benefits Compliance Webinar Feb 2021 Gulfshore Insurance Employee Benefits Compliance WebinarMarch 2021 Gulfshore Insurance Employee Benefits Compliance Webinar April 2021 Gulfshore Insurance Employee Benefits Compliance Webinar

 

 

 

 

 

 

 

 

 

 

 

Click here to download the calendar of upcoming webinars

If you have any questions or need assistance, please reach out to your Gulfshore Insurance Account Manager.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Undertanding COVID 19 VaccineFrom the onset of the COVID-19 pandemic, Cigna has focused on delivering peace of mind and made health care easier for the people and businesses they serve.

With headlines indicating that some vaccines are seemingly nearing the final stages of testing, they recognize that many clients will begin looking for guidance to help support and respond to their employees. Some of the areas that are top of mind include:

  • Availability of vaccine
  • How those in your workforce fit into the phased vaccine rollout
  • Vaccine costs for you and your employees
  • Understanding what you can do now to prepare

 

With the support and expertise of Cigna’s clinical team, they created a Understanding COVID-19 Vaccines FAQ to provide some grounding in what we know today. The FAQ also includes links to valuable resources and tips at the Centers for Disease Control & Prevention (CDC), U.S. Food & Drug Administration (FDA), and other sources.

Click here to download the Understanding COVID-19 Vaccines FAQ

We will continue to share information as it becomes available and keep you informed.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

In October 2020, the IRS announced key updates to 401(k) contribution limits for 2021, including changes to catch-up contributions and employer contributions. Here’s what HR needs to know about this announcement.

Recap: Employee and Employer Contribution Limits for 2021

Released on Oct. 26, 2020, the IRS announced cost-of-living adjustments for contribution limitations for retirement accounts. Several changes were made overall, however, employee elective deferral limits remain unchanged.

In 2021, employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan may only contribute $19,500 to these accounts. However, the IRS announced that a $1,000 increase in maximum contributions from all sources, which include employee and employer contributions. In other words, the employer contribution cap increased by $1,000, setting the maximum defined contribution limit at $58,000.

Meanwhile, the catch-up contribution limit for employees 50 and older—and who participate in these plans—also remains unchanged at $6,500.

Other Major Retirement Savings Changes for 2021

The IRS also announced income range increases for determining eligibility to make deductible contributions to the following account types:

  • Individual Retirement Arrangements (IRAs)
  • Roth IRAs
  • Saver’s Credit claims

New phase-out ranges were introduced for 2021 IRA contribution deductions, as well as income limits for the Saver’s Credit. This information can be found in full detail by reviewing IRS Notice 2020-79.

What Else Should Employers Know?

This latest update from the IRS is one of several key changes to 401(k) and retirement plans made in 2020. With proper planning, the adjustments can help employees with long-term savings.

In July, the IRS eased limits on early retirement withdrawal eligibility thanks to the CARES Act, which helped provide much-needed relief to Americans during the COVID-19 pandemic. Additionally, in September, the IRS issued new SECURE Act guidance for 401(k) withdrawals.

Combined with the minor update to maximum defined contribution limits, these updates should be communicated to employees in a clear manner. Also, as a matter of best practice, consider reaching out to your 401(k) plan sponsors and/or vendors for additional guidance moving forward.

Click here to download the legal update

Ryan Laude is a Client Advisor at Gulfshore Insurance specializing in employee benefits. Ryan works with a wide range of businesses to create the best funding options that fit their needs. Comments and questions are welcome at rlaude@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Join us at any of the upcoming, free Acrisure compliance webinars!

October V2

November V2

December V2

 

Click here to download the calendar of upcoming webinars

If you have any questions or need assistance, please reach out to your Gulfshore Insurance Account Manager.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Employee Benefits New FMLA Forms Issued by the DOLThe Family and Medical Leave Act (FMLA) provides certain employees with up to 12 weeks of unpaid, job-protected leave per year and that their group health benefits be maintained during the leave. This law applies to all public agencies, public and private elementary and secondary schools, and companies with 50 or more employees. Covered employees may take leave under FMLA for the following reasons:

  • The birth and care of a newborn child
  • The placement of a child with the employee for adoption or foster care
  • To care for an immediate family member with a serious health condition, including a spouse, child, or parent
  • If an employee has a serious health condition and is unable to perform the essential functions of their job
  • Any qualifying exigency relating to a spouse, child, or parent who is a military member and on covered active duty or called to covered active duty status

 

What Changes Were Made to New FMLA Forms?
New FMLA forms were released in July 2020 by the Department of Labor (DOL). The new forms make it easier for employers, employees, leave administrators, and healthcare providers to gather and deliver data. DOL’s Wage and Hour Division (WHD), which made the announcement and oversees FMLA enforcement, indicates that the updates will result in the following improvements:

  • Reduce the time users spend providing information
  • Improve communications between leave applicants and administrations
  • Reduce the likelihood of violations

 

In-Depth: How Do the Updated FMLA Forms Work?
In a recent article, legal publication The National Law Review points out while the forms are optional, they “include information that must be communicated to the employee.” The updated forms include:

  • Form WH-381 (Notice of Eligibility & Rights and Responsibilities): This form alerts employees about eligibility requirements under the FMLA, and should be delivered to workers upon requesting FMLA leave. The new version of this form makes it easier for employees to indicate why they’re requesting leave and when they plan to return.
  • Form WH-382 (Designation Notice): This form is delivered to employees to alert them if a requested leave has been designated as covered under FMLA. It also includes the approved amount of FMLA leave. According to SHRM, the latest update outlines steps employees should take if they filled out an insufficient request.
  • Forms WH-380-E and WH-380-F (Certification of Health Care Provider for Employee’s Serious Health Condition): Each of these forms should be used when an employer requests an employee to submit verification of their medical reason for leave. The first form is reserved for employees with serious health conditions and the second applies to employees’ family members with serious health conditions. Now, these forms require providers to include a “best estimate” of future treatment.
  • Forms WH-384, WH-385, and WH-385-V (Certifications for Military Family Leave): Form WH-384 applies to eligible employees whose spouse, child, or parent is an active duty member of the military or has been notified of an impending call or order to active duty. Form WH-385 applies to eligible employees who need to care for a covered servicemember with a serious illness or injury. Finally, Form WH-385-V applies to eligible employees seeking to take FMLA leave to care for a covered veteran with a serious illness or injury.

 

We will continue to share information as it becomes available and keep you informed.

Ryan Laude is a Client Advisor at Gulfshore Insurance specializing in employee benefits. Ryan works with a wide range of businesses to create the best funding options that fit their needs. Comments and questions are welcome at rlaude@gulfshoreinsurance.com

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.