The Harrison Group’s mission is to provide exceptional products and services that are flexible and responsive which enable our clients to offer their employees the best possible employee benefit plans.
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November 2013
Issue No. 5
New FSA “Use-it-or-Lose-it” Provision Announced
rolling over in dough; piggy bank upside down near money
Last week, the Department of Treasury issued a press release and informational fact sheet announcing a major policy change relating to flexible spending accounts (FSAs) that has many positive implications for all FSA participants. The Department of Treasury has modified its FSA “use-it-or-lose-it” provision to allow a limited rollover of FSA funds. <<Read more>>
HRA / FSA Update
On Sept. 13, 2013 the Internal Revenue Service and U.S. Department of Labor issued Notice 2013-54 and Technical Release 2013-3, respectively, which “clarify” some of the rules as they relate to Health Reimbursement Arrangements (HRA) and pre-tax contributions for certain benefits.
Please <<click here>> to read the release highlights, which aren’t meant to be a thorough analysis, but rather a way to answer some of the questions that The Harrison Group has received since September.
By the Numbers: New IRS Cost of Living Adjustments for 2014
Healthcare FSA Annual Limit
$2,500
Dependent Daycare FSA Annual Limit
$5,000
Mass Transit Spending Account Monthly Limit (unless parity with the Parking Account is extended)
$130
Parking Spending Account
$250
Health Savings Account
Annual Contribution Limit (Single)
$3,300
Annual Contribution Limit (Family)
$6,550
Minimum Annual Deductible Amount (to qualify as an HSA eligible plan)
Plans with Single Coverage
$1,250
Plans with Family Coverage
$2,500
The HG is Moving to a New Home!
Rich Miller, left, president of
The Harrison Group, with Pete Tyrrell,
review office blueprints.
Thanks to a steady increase in new clients over the past several years, combined with the addition of many new associates, The Harrison Group has outgrown its existing office space. We are pleased to report, that after 10 years at our existing location, we’ll be moving to a larger space on Nov. 29, 2013.
We chose this date since many of you will be closed for the holiday. Our new address will be:
THE HARRISON GROUP, INC.
Suite 201
3 Raymond Drive
Havertown, PA 19083
Our other contact information, phone and fax numbers, and email addresses will remain the same.
During the next few weeks, we will be sending our clients updated information, such as claim forms, to give to employees. We will also be sending updated re-enrollment information, assuming that insurance plans renew on Jan. 1, 2014.
In addition, since we will still be located in Havertown, our mail carriers will take steps to make sure that all of our mail will be forwarded to our new office, until all of our clients are able to update with our new address.
As always, thank you for your continued support.
31 South Eagle Road, Suite 205, Havertown, PA 19083
New FSA “Use-it-or-Lose-it” Provision Announced
