Friday, November 15, 2013

IRS Modifies "Use-it or Lose-it" Rule for Flexible Spending Arrangements (FSAs)

The Internal Revenue Service (IRS) released a notice on October 31 which modifies the “use-it or lose-it” rule for health flexible spending accounts (health FSAs) to allow a $500 annual carryover of unused contributions. This carryover provision serves as an alternative to the existing “grace period” rule.
Effective immediately, employers may amend their health FSAs to allow an annual carryover of up to $500. Employers wishing to adopt the carryover provision for the 2013 plan year must amend their cafeteria plans by the end of the 2014 plan year.
Employers may also amend their Section 125 plan to allow off-cycle changes in health plan enrollment elections for plans that do not follow a calendar year.
If you have any questions about the modifications to the “use-it or lose-it” rule for FSAs, or the transition relief for 2013-2014 plans, please contact your Senn Dunn Employee Benefits Account Manager.

Manufacturing Update



November 15, 2013

Furniture Market Follow Up

The October 2013 High Point Market recently concluded and the overall mood was very positive with reports from many we talked to of great success in orders taken.  Optimism is a word that for many years was not part of the discussion around our market and so it is exciting to hear of positive outlooks for the industry future.  The year started with the concern over the Governor's first draft of the NC State Government budget showing an allocation to the market of approximately 50% less funds from the previous budget.  ultimately the final draft included $1.85 million in state funds directed to the High Point Market.  What was the result of this $1.85 million "investment" in market?  Doug Clark of the Greensboro News & Record recently published "The Mighty Market" article summarizing the economic impact to the region.  The link to this article is here:

The Mighty Market - News & Record November 10, 2013

Some highlights from the article:
High Point Market by the Numbers
  • 12 Days
  • 2 Markets
  • 150,000+ Attendees
  • 37,616 Jobs created
  • $197.9 Million tax revenue to NC
  • $25.5 Million tax revenue to High Point
  • $5.4 Billion (with a "b") overall regional impact
Thanks for visiting our blog!  Have a great day and make it here!

Karl

If you would like to discuss this or any other manufacturing related topic, please contact us as indicated in the signature line below:

Karl Sherrill, CIC, MBA Business Insurance Consultant
Senn Dunn Insurance
P.O. Box 5969, High Point, NC  27262
1400 Eastchester Drive, High Point, NC  27265
www.senndunn.comksherrill@senndunn.com
Direct: 336.899.2404Mobile: 336.430.5588
Fax: 336.841-5319
Toll Free: 800.849.1616

Also, we hope you will consider connecting with us via LinkedIn and twitter, those links are here:

http://www.linkedin.com/in/karlsherrill
https://twitter.com/karlsherrill





Thursday, November 14, 2013

Senn Dunn Consultant Becomes Health Care Reform Certified

Senn Dunn Insurance is pleased to announce that Barrett Plasman, Employee Benefits Consultant, earned his certification through The National Association of Health Underwriters’ (NAHU) new professional development course on the Patient Protection and Affordable Care Act ( PPACA). This continuing education course for agents has been approved in all 50 states, and he will receive education credits from the North Carolina Department of Insurance.
 
 
Congratulations Barrett!
 
 

Thursday, November 7, 2013

Senn Dunn Announces New Associates for October!

Please give a big welcome to our new associates for the month of October!

Casey Koehler
Employee Benefits Client Service Associate
Greenboro office

 
Sue Winfrey
Employee Benefits Service Associate
High Point Office

 
Brenda Bazen
Employee Benefits Administrative Associate
Greensboro Office

 
Whitney Rose
Health & Wellness Coordinator
Raleigh Office

 
Angela Wright
Employee Benefits Marketing Associate
Raleigh Office

 
Kelsey Long
Employee Benefits Administrative Associate
Raleigh Office

 
Deborah Sinclair
Employee Benefits Account Manager
Raleigh Office

 

Wednesday, November 6, 2013

Senn Dunn Insurance Webinar: When do Various ACA Requirements go into Effect?

Senn Dunn invites you to join us for a webinar or November 20 OR November 21

3 - 4:30 p.m. Eastern
2 - 3:30 p.m. Central
Noon - 1:30 p.m. Pacific
 

Reserve your seat EARLY to ensure you receive advance webinar materials.

Register for the Nov. 20 webinar

Register for the Nov. 21 webinar


Please be sure to list the name of the firm that invited you when completing your webinar registration. Late registrants will not receive advance webinar materials.

2014 is almost here! Even with the delay in the employer shared responsibility rules, a number of important ACA provisions that affect employer sponsored plans still take effect in 2014. There is tremendous confusion about exactly when different provisions of the law are effective. This webinar will sort out what employers have to think about for Jan. 1, for their first plan year in 2014, and beyond.

Presented by:

Bob Radecki, President, Benefit Comply, LLC and
Regan Blomme, J.D., MBA, Senior Consultant, Benefit Comply, LLC

After registering, you will receive a confirmation email containing information about joining the webinar. Be sure to sign into the webinar early.

Senn Dunn Welcomes New Human Resource Director

Senn Dunn Insurance is pleased to welcome Wanda C. Ladd as Director of Human Resources for the state-wide agency. Wanda brings over eighteen years of experience in the human resource field and has specific expertise in creating a direct alignment between an agency’s talent management and
strategic objectives. Prior to joining Senn Dunn, she was a strategic human resource professional in the consulting, manufacturing, and financial services industries.  Read More...
 
 
 
Welcome Wanda!