IRS Announces 2020 Adjustments

CDHC Flexible Spending IRS Transit and Parking Section 132

Today, the IRS announced Revenue Procedure 2019-44 which provides the 2020 cost-of-living increases for inflation for certain items. In 2020, the:

  • Annual Healthcare Flexible Spending Account (FSA) contribution limits will increase $50 from the current amount of $2,700 to $2,750

  • Monthly limit for Transit and Parking will increase $5 each from the current amount of $265 to $270

  • Annual maximum reimbursement for a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will increase $100 for individual coverage from the current amount of $5,150 to $5,250, and the maximum reimbursement amount will increase $150 for family coverage from the current amount of $10,450 to $10,600

As a reminder, the IRS announced 2020 health savings account (HSA) contributions limit increases. In 2020, the annual HSA contribution limit for individual coverage will increase $50 from the current $3,500 to $3,550, and the family coverage contribution limit will increase $100 from the current $7,000 to $7,100.

If you have any questions, please contact American Benefits Group for more information. 

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FSA Store = Notice on Fraudulent Email Attempt

FSA store has made us aware that there's been a recent phishing attempt that tried to imitiat their emails. Find out more on their website https://email.fsastore.com/public/viewmessage/html/28402/jacsngk52mpi13qi7e7e8vjio1911/f47dabf70f64974471877ef93778df2a 

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Bob Cummings Reelected as President of NAPBA

Cafeteria Plans CDHC COBRA Compliance and Regulatory Flexible Spending Health Savings HRA HSA

American Benefits Group CEO and Founder Bob Cummings Reelected as President of NAPBA May 28th 2019 - Bob Cummings has been reelected to serve as President of The National Association of Professional Benefits Administrators (NAPBA). A NAPBA Trustee since 2007, Cummings was first elected NAPBA president in 2015, and has been an instrumental force in the emergence of the Consumer Directed HealthCare industry over the last 20 years, orchestrating the growth of NAPBA as the primary compliance standards and best practice organization for third party employee benefits administrators serving the consumer directed healthcare industry.

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New Jersey Commuter Law

Commuter Compliance and Regulatory Parking Transit Transit and Parking Section 132

On Friday, March 1, 2019, New Jersey became the first state to adopt a commuter benefit ordinance with the passage of S.1567. https://www.njleg.state.nj.us/2018/Bills/S2000/1567_R1.PDF

 While some of the details regarding the implementation are still outstanding, there are a few things we do know.

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