Current HBS Legislative Updates
San Jose, California Current HBS Legislative Updates
- FSA $2,500 Limit Applies to 2012 Fiscal Plan Year Plans - Although most Internal Revenue Code (IRC) Section 125 plans (Cafeteria Plans) are calendar year plans, there are some plans that are fiscal years plans (e.g. February 1 – January 31). To the delight of tax lawyers everywhere, the IRC contains traps for the unwary! In this instance, plan sponsors with fiscal plan years (all plan years other than calendar years) whose Cafeteria Plans include Health Care Spending Accounts (HCSA), must institute the $2,500 pre-tax contribution account maximum beginning with the first day of the 2012 fiscal year.
- A New Maternity Mandate for California - As the cornerstone of four new laws, the California legislature intends to assure health care coverage for pregnancy, childbirth, and related conditions. These new laws expand protection under California insurance policies and health care plans in a significant way.
- W-2 Health Care Reporting Requirements: Once and For All – For Now - What is the Form W-2 Reporting provision all about? Essentially, this provision is about transparency and education, requiring employers to report the total value of an individual employee's health benefits on their Form W-2. As a result, employees will better understand the true benefit they receive through their employers, and at the same time gain awareness of the true cost to obtain health coverage.
- Healthy San Francisco: Ordinance Now Modified, But Is It Over? - The Board of Supervisors for the City and County of San Francisco, seeing an apparent loophole in its attempts to provide health care expense assistance to employees of employers in San Francisco, have debated throughout the last few months on how to assure employees get a real benefit out of employer contributions.
- 2012 California Legislative Update - As 2012 approaches, Health Care Reform remains center stage. However, California employers also must pay attention to changes in state and local laws/regulations. These are just some of the new legislation and state mandates that will be taking effect in 2012.
