Article Abstract:
Past studies have shown that Social Security has deep implications on the decisions of seniors to continue working until the legal retirement age, and that the new proposals to increase the age eligibility requrements for Social Security is bound to have deep financial repercussions to employers. Increasing the eligibility age for Social Security eligibility increases the costs for employers in terms of providing for health insurance benefits, private disability insurance benefits and retiree health benefits.
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Article Abstract:
Employee benefit plan administrators must be careful when presenting oral or written information regarding benefits to employees. Plan sponsors who fail to clarify contract terms often end up paying for benefits beyond the coverage of the plan. To minimize miscommunication, ERISA Section 401 requires written plans with rules on amendments clearly defined. A summary plan description (SPD) must also be included which explains the benefits, rights and options employees have under the plan.
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Article Abstract:
The Health Insurance Portability and Accountability Act of 1996 allows companies to deduct premiums as a business expense. Considerations include tax-qualified policies, subsidized premiums, inflation protection inclusion and employee education. The act does require ceratin criteria to be met before companies and individuals can avail of the tax breaks.
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