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Monday, 12 November 2018 08:35

Fall River is growing!

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We are very excited to announce our incredible growth in the past few years, and the addition of two new professionals to our amazing team!

A Health Reimbursement Arrangement (HRA) is an employer-established account that allows them to reimburse a portion of the member’s out-of-pocket costs, usually while meeting the deductible on their health plan. Under the current regulations established by the Affordable Care Act (ACA) in 2010, HRAs are only allowed in conjunction with an employer group health plan. On October 29th, 2018, proposed regulations were announced by the Treasury Department, Health and Human Services, and the Department of Labor, that could change this limitation. 

With unemployment at historic lows and student debt at historic highs, it’s no wonder that employers are considering fresh types of benefits plans to attract talent. Some companies are offering student loan repayment benefits linked to their 401(k) plans, a practice which recently received a green light from the IRS in a private letter ruling. Though the ruling is not comprehensive and applies only to one company’s practice (pharmaceutical firm Abbott Laboratories), the decision provides guidance on how the IRS might rule in other cases. 

When the Obama administration issued guidance defining discrimination under the ACA to include denying certain benefits to transgender individuals, many employers began including new protocols for approving and covering certain benefits.

Those requirements appear to be shifting in the face of recent court cases as well as an expected new rule from Health and Human Services (HHS). While nothing is final yet, we’ve received a few questions from clients and wanted to address the status of this evolving issue. 

Fall River clients have complimentary access to HR360, a comprehensive online Human Resources portal designed to help you comply with employment and benefit laws in all 50 states. With HR360, you’ll find easy, step-by-step guidance on a broad range of laws and policies. Even non-clients can check it out at no cost! Learn how HR360 can make your life easier!

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