- Life InsuranceWho is a full-time employee? for agroup-sponsored medical insurance plan. As such, this provision has defined a full-time employee for medical insurance coverage as a common law employee who averages thirty (30) hours of service per week in any given month. Employers who employed fifty or more (50+) full-time employees (or 50+ full-time equivalents) during the preceding calendar year is defined as an “Applicable Large Employer” (or, ALE), subject to the penalties under § 4980H. Be aware that this new full-time definition is for group medical/health plans only; as such, IRS is not mandating employers who sponsor pension, retirement or other welfare benefit plans (i.e., group life insurance, disability income, long-term care, etc.) to use the 30-hour eligibility rule for these type of plans.
- Health InsuranceA Health Reimbursement Account (HRA) is a financial program that coincides with a group health insurance plan that reimburses employees for qualified medical expenses. The Department of the Treasury issued guidance on health reimbursement accounts in a revenue ruling in June 2002.
- Long Term Care
- AnnuitiesFor the first time, EMPLOYERS and School Districts will assume full responsibility for administering and regulating retirement savings plans, commonly known as Tax Sheltered Annuities (TSAs) implemented by the Internal Revenue Service (IRS) and Section 403(b) of the Internal Revenue Code.