Introduction: A Game-Changer for Healthcare Financial Planning The 2025 federal budget reconciliation bill, recently passed by the House, introduces the most significant expansions to Health Savings Accounts (HSAs) since their creation in 2003. These changes could provide more incentives [...]
Key TakeawaysNew age-based catch-up contribution limits for workers 60-63Updated thresholds for retirement accounts and HSAsInflation-adjusted welfare and retirement benefit limitsChanges implemented under SECURE 2.0 ActUnderstanding the 2025 IRS Benefit UpdatesThe Internal Revenue Service (IRS) has released its annual update [...]
Beginning January 1, 2025, Connecticut’s paid sick leave law—which currently covers employers with 50 or more employees in the state and only applies to service workers—will be significantly expanded to cover almost all employees and employers. Below are some [...]
The following changes to Colorado employment law apply to employers of all sizes. APPLICANT AGE-RELATED INQUIRIES PROHIBITED Beginning July 1, 2024, employers will be prohibited from asking for an applicant’s age, birth date, or school attendance or graduation dates [...]
As 2024 unfolds, Congress faces a narrowing timeframe to enact significant health initiatives. The fiscal year's spending bills offer a crucial opportunity for legislation. The process faces two key deadlines: the first when four annual appropriations bills expire on [...]
The IRS has released its annual guidance on inflation adjustments for retirement provisions in 2024. The key updates include: For 401(k) and similar defined contribution plans, the contribution limit for participating employees will rise to $23,000 from $22,500. The [...]
On August 30, the White House proposed a rule through the Department of Labor to extend overtime pay eligibility to an additional 3 million workers. This move echoes an attempt by the Obama administration eight years prior to modify [...]
The automotive industry encompasses a diverse workforce that requires a specialized approach to employee benefits. NARFA, with its longstanding history and expertise, stands as an invaluable ally for businesses navigating the complexities of employee benefits. The Challenge of Diverse [...]
The IRS has announced a two-year delay of the SECURE 2.0 Act's Roth catch-up requirement, which was set to take effect on January 1, 2024. This means that higher-income employees who are currently eligible to make catch-up contributions to [...]
Trade associations play a pivotal role in strengthening industry sectors by uniting companies around common goals and interests. For businesses in the automotive, roads, and fuel sectors, NARFA stands as an example of how a trade association can be [...]
