News/Blog

The IRS has released Notice 2024-80, containing cost-of-living adjustments for 2025 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). Key Changes for 2025 The employee contribution limit for 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. Other key limits include the following: The employee…

Open enrollment is a critical time for employees. It’s when employees make important decisions about their health care, retirement and other benefits that will affect them for the rest of the year. However, confusion about benefits is a widespread issue among employees of all generations; in fact, a recent survey by Business Solver found that…

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and Transportation fringe benefit plans. The IRS typically…

Health care costs are projected to increase substantially in 2025. Estimates show a similar growth in spending to 2024, marking multiple years of compounding costs. Specifically, health care costs in the United States are likely to increase by 7%-8% in 2025, according to the following data from multiple surveys: Large employers predicted their health care…

On Oct. 17, 2024, the IRS issued Notice 2024-75 (the Notice) to expand the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) without a deductible (or with a deductible below the minimum deductible) to include: Over-the-counter (OTC) oral contraceptives, including OTC birth control pills and emergency contraceptives,…

Open enrollment is a crucial period for both employers and employees. It’s when employees can make important decisions about their benefits and an opportunity for employers to engage with their workforce effectively. As organizations continue to adapt to evolving workforce needs and changing regulations in 2025, open enrollment communication becomes more critical than ever. This…

Open enrollment provides a fantastic opportunity for organizations to combat turnover—by proving they have gone above and beyond to support their employees with top-tier benefits offerings. Statistics reaffirm that open enrollment is the right time to demonstrate support for employees and educate them about their benefits. Employees are interested in flexible benefit offerings, such as…

Employers have been trying to address many of the same benefits challenges for the last few years, such as rising health care costs and competitive compensation. Some employers have responded to these challenges by attempting to meet employee demands, but by and large, most employers still struggle to find adequate solutions. These challenges are likely…

In the competitive and rapidly evolving field of engineering, businesses face unique challenges in maintaining profitability and achieving long-term success. As we navigate 2024, three key areas demand the attention of engineering company leaders: technological advancements and innovation, talent acquisition and retention, and sustainable business practices. Central to addressing these challenges is the strategic management…

The federal Family and Medical Leave Act (FMLA) requires employers covered by the law to provide eligible employees unpaid, job-protected leave for qualifying reasons. Covered Employers The following employers are covered by the FMLA: Public agencies, including federal, state and local governments; Local educational agencies, including public and private elementary and secondary schools and public…