by admin | Aug 17, 2022 | Blog
NueSynergy is proud to provide a free mobile app that allows access to all benefit account holder’s information anywhere at any time. Our app’s goal is to make the user experience easy while providing innovative features for a participant to make important health care decisions. Here are eight ways NueSynergy’s mobile app can be of service to you.
- Helps with filing a claim and submitting documentation
- View plan communications
- Tracks up-to-date balance transactions, claims status, plan details and contributions
- Provides prescription storing and cost savings opportunities
- Offers transparency tools to evaluate providers and shop for procedures
- Uses a geotracking feature to find nearby providers
- Secure account communications for iPhone and Android devices
- Allows you to enter and submit claim information by taking a photo of receipt and upload or attach receipt to a card transaction
by admin | Aug 17, 2022 | Blog
A Dependent Care FSA, or DCA, is a flexible spending account that allows employees to contribute to a portion of their paycheck, pre-tax, to pay for qualified dependent care expenses. Here is a list of five facts regarding this account.
Fact #1: Any participant of this account can enjoy a 30% average tax savings on the total amount they contribute to a DCA.
Fact #2: Contributing money to this account starts by first making an annual election during open enrollment. From there, your employer will deduct the election amount from your paycheck before taxes are assessed in equal amounts throughout the year.
Fact #3: You can contribute up to the IRS limit of $5,000 annually on income tax returns if filing single or married jointly. If married and contributing to an account separately, you can contribute up to $2,500 each, or $5,000 total.
Fact #4: Eligible expenses for a DCA must be for the purpose of allowing you to work or look for work. Services may be provided at a child or adult care center, nursery, preschool, after-school, summer day camp, or a nanny in your home.
Fact #5: There are two methods to use funds in a DCA. One option is paying directly from your account through a benefits debit card (only if your care provider accepts credit cards). The second option is paying out-of-pocket and then file a reimbursement claim with your expense documentation.
by admin | Aug 16, 2022 | Blog
The IRS has extended the deadlines for adopting retirement plan amendments to reflect certain provisions of the SECURE Act and the CARES Act. As background, under the SECURE Act, the plan amendment deadline for most plans is the last day of the first plan year beginning on or after January 1, 2022 (2024 for governmental and applicable collectively bargained plans). Similarly, the plan amendment deadline under the CARES Act is the end of the first plan year beginning on or after January 1, 2022.
For most plans, the notice extends the deadline to adopt applicable amendments until December 31, 2025. Later deadlines apply for governmental plans, but not collectively bargained plans. The notice revises previous guidance for certain required and discretionary SECURE Act amendments and for SECURE Act changes affecting safe harbor 401(k) plans. The extended deadlines also apply to amendments by defined contribution plans (including 401(k) plans) reflecting the waiver of required minimum distributions for 2020 under the CARES Act. Timely adopted amendments will not cause a plan to fail to satisfy the anti-cutback rules or ERISA so long as, in the interim, the plan operates as if a retroactive amendment were already in effect.
EBIA Comment: This notice does not extend the deadline for adopting retroactive amendments reflecting the CARES Act’s optional coronavirus-related distribution and loan relief—that deadline remains the last day of the first plan year beginning in 2022 (2024 for governmental plans). Keep in mind that, unlike the original deadline, which was determined with reference to the plan year, the extended deadline for most plans is a specific date, so non-calendar year plans receive less time than the general three-year extension. (Governmental plan deadlines are generally based on legislative sessions.)
Source: Thomson Reuters
by admin | Jul 28, 2022 | Blog
A Commuter Benefits FSA is a reimbursement plan governed by the IRS that grants employees to contribute a set amount of gross income to a designated account(s) before taxes. The two types of Commuter Benefit accounts are transportation and parking. Here are questions to consider regarding this plan.
What expenses are eligible for reimbursement from a Commuter Benefit FSA?
Transportation Accounts: Any out-of-pocket expenses for passes, farecards or vanpooling for transportation to and from a plan holder’s residence.
Parking accounts: Any out-of-pocket expenses for parking at or close to an employer’s business. In addition, parking expenses at or near a location from which a plan holder commutes by way of mass transit or commuter vehicle.
What is the maximum amount a participant can contribute to a Commuter Benefits FSA?
Both the Transportation and Parking accounts have a maximum monthly contribution of $280 for 2022. This amount varies every year.
by admin | Jul 27, 2022 | Blog
In connection with the move to all-electronic filing of Form 5300 as of July 1, 2022, the IRS has updated related forms and instructions. Form 5300 is no longer available through the IRS forms and publications database; instead, filers are directed to the pay.gov website, where a search for “5300” will lead to a page that includes an option to preview the form. Updates to the form’s instructions include details about electronic filing such as limitations on uploaded attachments and a note that Form 8717 is not needed for submissions through the website. The updated Form 8717 instructions specify that this form should no longer be used for Form 5300 (or Form 5310, for which electronic filing has been required since August 1, 2021) unless an additional payment for an insufficient user fee is needed. The IRS’s About Form 5300 page has also been updated to reflect the electronic filing requirement.
EBIA Comment: Electronic filing of Form 5300 is now mandatory for all determination letter applications, as the brief transition period during which paper submissions were still accepted has ended.
Source: Thomson Reuters
