In May, Georgia Governor Brian Kemp signed Senate Bill 65 establishing Georgia Access – a state-based exchange (SBE) for individual health insurance. The legislation allows Georgia to exit the federal marketplace exchange and gives the Georgia Office of Insurance and Safety Fire Commissioner (OCI) authority over operating an SBE for Georgia. Current Status of Georgia Access Originally, Georgia Access was slated to roll out for Open Enrollment 2024. As part of the standard process for…
The Internal Revenue Service (IRS) has announced a record increase in contribution limits for 401(k) and other tax-deferred retirement plans for 2023. Starting next year, retirement plan participants are allowed to contribute up to $22,500 to qualified plans such as 401(k)s, 403(b)s, most 457 plans or the Thrift Savings Plan for federal employees. The increase amounts to $2,000 more (roughly 10%) than the current $20,500 federal contribution limit for 2022. Contribution limits are indexed to…
As we near the end of 2022, now is a good time to start planning your business calendar for 2023. Like many companies, you will need to decide which federal holidays, if any, to recognize as part of your overall business decisions. What are the official federal holidays? The United States has established by law 12 permanent federal holidays. The first four federal holidays were created in 1870, when Congress granted paid time off to…
Every September, Americans look forward to a long weekend and a day off from work for our beloved “end of summer” holiday: Labor Day. This day was created to celebrate the American worker and the trade and labor groups that support them. Observance of the Labor Day holiday evolved over a period of years, but most historians agree that the true start of Labor Day ties back to a parade and picnic that took place…
The recent U.S. Senate passage of the Inflation Reduction Act extended subsidies for insurance coverage under the Affordable Care Act (ACA) by another three years. In other words, the ACA is here to stay. How the ACA affects small businesses The ACA established the Small Business Health Options Program (SHOP) for small employers (generally those with 1–50 employees) who want to provide health and dental coverage to their employees. Under SHOP, employers can decide between…
Unlimited Paid Time Off (PTO) may sound too good to be true, but it’s one of the latest tactics that employers are using to attract new employees. With unlimited PTO, employees may take off as much time as they wish – for vacation or anything else – as long as they can get their work done and company business isn’t disrupted. The policy can be great for recruiting. A new survey of 2,000 workers by…
Georgia businesses breathed a sigh of relief as the state joined others in ending extended federal pandemic unemployment benefits on June 27, 2021. At least 26 states are either planning to end or have already ended the weekly $300 federal unemployment benefit before its September expiration date. As of June 24, almost 93,000 Georgians received extended benefits through the PEUC program. It is too early to say whether reducing unemployment benefits has improved current staffing…
As part of President Biden’s announcement on April 21 that he expected to meet his goal of 200 million shots administered in the first 100 days of his administration, he put a call out to employers encouraging them “to do everything they can to help their employees – and their communities – get vaccinated.” He went on to advocate that “providing paid time off for vaccinations is an investment in the safety, productivity and health…
With the approval of the American Rescue Plan Act on March 11 came a not unanticipated expansion and extension of the EPSL benefits initially offered under provisions of the FCCRA in April 2020 and outlined in a prior post last summer. As you may recall, employers with fewer than 500 employees were required to provide COVID-19-related paid emergency family medical leave (EFMLEA) and emergency paid sick leave (EPSL) in exchange for a corresponding tax credit….
With another round of school closures prominent in local media, employees who are not able to work from home may be turning to their employers to inquire about their eligibility for paid leave. As we mentioned in an earlier article, requirements outlined in the Emergency Family Medical Leave Expansion Act (EFMLEA) expired December 31 with FCCRA but for employers who voluntarily offer benefits through March 31, there is still a tax deduction available. Why you…
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