CBBC Issues 2014 Year-End Wrap-Up
Released as a Health & Benefits Update, Cherry Bekaert Benefits Consulting’s (“CBBC”) 2014 year-end wrap-up discusses recently issued benefits-related legislative and regulatory activities. Such actions include:
- Transportation fringe benefits. The Tax Increase Prevention Act of 2014 retroactively adjusts the monthly qualified transportation benefit for commuter highway vehicle and transit passes that may be exempt from income under IRC Section §132, from $130 to $250.
- No reimbursement for individual insurance premiums. Employers cannot reimburse employees on a pre-tax or post-tax basis for individual insurance purchases, regardless if the coverage was bought through an Affordable Care Act Marketplace.
- Minimum essential coverage and other rules regarding the shared responsibility payment for individuals. Final rules issued in November address how employer contributions to a cafeteria plan are handled for determining the Affordable Care Act coverage affordability.
To view the “Year-End 2014 Wrap-Up“ in its entirety, please visit the CBBC website.