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Benefits & Insurance

Multiple Employer 401(k) Plans save small to medium-sized companies money

By Benefits & Insurance, Employee Retention, News

MarathonHR offers a Multiple Employer Plan (MEP) 401(k) for small and medium-sized businesses looking to save money on their retirement plans. A Multiple Employer Plan allows two or more unrelated companies to collaborate to offer their employees a 401(k) retirement plan. Recently, MarathonHR has changed the Multiple Employer 401(k) Plan provider to bring better value to all our customers.  As a reminder, all MarathonHR clients are eligible to participate in our Multiple Employer Plan together….

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Thinking of Starting a New Business? MarathonHR Can Help in More Ways than One

By Benefits & Insurance, Payroll, Policies and Procedures, Productivity

As entrepreneurialism is trending, it’s an exciting time for small to medium sized businesses (SMBs). Due to the present economic climate, many professionals are leaving large companies to start their own. Whether it’s a new client opening their first business or an existing client opening their second or third, we’re seeing a resurgence of startups in just the last few months. But with the thrill of opening one’s own doors also comes a whole host…

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Understanding Reporting Requirements for Employers Under the ACA

By Affordable Care Act, Benefits & Insurance

As established by the ACA in 2015, certain employers are required to report to the IRS whether they offered health coverage to their employees and information about the coverage provided. Employers report this on the 1094/1095 series of forms and must also furnish the information to their employees by January 31, 2021. Under the employer shared responsibility provisions of section 4980H, the information reported is used to determine if an employer is potentially liable for…

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S-Corps Should Remember to Report Company-Paid Health Insurance on Their W2s

By Benefits & Insurance, S-Corps

Here at year-end, company personnel responsible for record-keeping should prepare for W-2 and other tax form reporting by collecting their corporate health insurance information. S-Corporations (S-Corps) must segregate payments made to employees, and their spouses and dependents (which are not wages and are therefore not subject to withholding), from payments made on behalf of officers, owners or employees who own more than 2% of the company’s stock. For the latter individuals, the amount paid on…

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Paid Time Off – a Benefit to Both Employers and Employees

By Benefits & Insurance, Best Practices, Employee Retention, Vacation Policies

Ahhh…vacation. We all love it and look forward to it. It’s not only a fun and welcome change of pace; research has found that vacations are actually really good for our health! Stress reduction, heart disease prevention, improved productivity, and better sleep are just some of the health benefits that vacation can provide. But have you ever wondered why employers would actually pay someone to take a vacation? The concept of paid vacation was started…

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Reporting of Company-Paid Health Insurance—and an S-Corp Reminder

By Benefits & Insurance, Best Practices, Payroll, Recordkeeping

As the year draws to a close, company personnel charged with record-keeping should collect their corporate health insurance information in preparation for W-2 and other tax form reporting. For S-Corporations (S-Corps), this information should be segregated by payments made to employees, and their spouses and dependents (which are not wages and are therefore not subject to withholding), and payments made on behalf of officers, owners or employees who own more than two percent of the…

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Year-End “Punch List” Items – Are You on Track?

By Benefits & Insurance, Best Practices, Employment Law, Payroll, Policies and Procedures, Record-keeping

The end of any year is always challenging, between juggling personnel holiday vacation schedules, preparing year-end paperwork, and making adjustments for the upcoming year. From Affordable Care Act compliance and reporting to adjusting compensation strategies, there is no shortage of things to do. In case you are overloaded or running behind this year, here’s a handy list of items to review and determine if you have outstanding work for any of them. To simplify things,…

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If You Don’t Provide Group Insurance to All Workers, Read This!

By Affordable Care Act, Benefits & Insurance

Have you reminded your self-insured employees to sign up for a 2019 Marketplace plan, yet? This year, the enrollment period is shorter than in previous years—it runs through Saturday, December 15, 2018. (Workers in hurricane-affected areas may have until December 31, 2018.) After that, workers cannot get 2019 coverage unless they qualify for a Special Enrollment Period. On the plus side for the uninsured, the individual mandate, which requires those not enrolled in an approved plan…

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Year-End Reporting of Company-Paid Health Insurance—and an S-Corp Reminder

By Benefits & Insurance, Payroll, Record-keeping

As the year draws to a close, company personnel charged with record-keeping should collect their corporate health insurance information in preparation for W-2 and other tax form reporting. (MarathonHR clients should send this information to us as soon as possible.) For S-Corporations (S-Corps), this information should be segregated by payments made to employees, and their spouses and dependents (which are not wages and are therefore not subject to withholding), and payments made on behalf of…

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Employer Planning Strategies for the 2018 Healthcare Laws

By Affordable Care Act, Benefits & Insurance, Employee Retention

With the ACA very much alive as we head towards the start of 2018, many employers may be adjusting their health insurance strategies. Applicable large employers—those with 50 or more FTEs—full time equivalent employees; a blended combination of full-time (30 hours per week) and part-time personnel—must provide “affordable” health insurance or face stiff penalties that are increasing again in 2018. For employers of fewer than 50 FTEs—small and midsized businesses (SMBs)—the mandate does not apply….

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