Year-End Health and Welfare Benefits Review
By Chrystine M. Heier, CEBS, LIA
Co-Founder and Principal, Sullivan Benefits |
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As 2009 comes to a close, it's a good time to review ongoing compliance requirements and to make sure your plan documents, employee communications and administrative practices address recent legal developments. We hope you find the following compliance items, action items and plan limits useful in closing out your 2009 benefit year.
IMPUTED INCOME
Group Term Life Insurance: The first $50,000 of Group Term Life Insurance is excludable from gross income pursuant to IRC Section 79. Amounts in excess of $50,000 must be taxed as imputed income, using IRS Table 1 rates below and adding the value of the coverage to an employee's W-2.
Domestic Partners: Imputed income must be reported for employees covering domestic partners. The imputed income amount is the fair market value of the coverage paid by an employer on behalf of the domestic partner; many employers establish the fair market value as being equal to the cost of employee only coverage. READ MORE. |
Corporate Wellness - Getting Started
Corporate Wellness Director, Sullivan Benefits
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Corporations may utilize a wide range of corporate wellness programs from onsite gyms to simple corporate wellness newsletters. While some corporations have started very expansive corporate wellness programs, others have attained savings or increased productivity with just a few simple initiatives that promote healthier lifestyles. Essentially, corporate wellness programs encourage employees to take measures to prevent the onset or worsening of a disease or illness and to adopt lifestyles that are healthier. Getting started is what matters the most. Having a plan, along with an idea or two about corporate wellness programs, can serve as a starting point for creating a more expansive program at a future time. READ MORE. |
Needham Heights Office:
72 River Park · Needham Heights, MA 02494-2631
Phone: 781.449.8323 · Fax: 781.449.5419
Worcester Office:
One Chestnut Place · Worcester, MA 01608-2804
Phone: 508.471.9017 · Fax: 508.797.3689 |
