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The cost of employer-provided group-term life insurance on the life of an employee's spouse or dependent, paid by the employer, is not taxable to the employee if the face amount of the coverage does not exceed $2,000. This coverage is excluded as a de minimis fringe benefit. Some cases may allow more. [5]
The plan may pay benefits to employees, their dependents, or their designated beneficiaries, or to disabled, laid-off, or retired former employees. [1] [2] The organization must also meet the following additional requirements: It must be a voluntary association of employees;. [2]
To be eligible for benefits, most workers need to earn a kind of credit in the Social Security system. You earn these credits by working and paying your Social Security taxes, which are taken out ...
In October 2003, the Board agreed to expand full membership to like-minded, community-affiliated health plans that served a majority of members from public insurance programs and shared the same outlook as the existing AHCAHP plans. The name change to the Association for Community Affiliated Plans (ACAP) reflected the new mission and membership.
The Uniformed Services Benefit Association (USBA) is a nonprofit organization headquartered in Overland Park, Kansas, [1] providing affordable group life insurance plans and other financial services specifically designed for active duty and retired military members and their families, as well as honorably discharged veterans, National Guard and Reserve members, and federal civilian employees.
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Local plans are 78.2% funded in 2022, compared to 77.8% for statewide plans. However, the historical funding trends of municipally-managed plans are similar, if not identical to statewide plans. Locally-managed public pension plans account for approximately 12% of all unfunded liabilities of non-federal retirement systems.
Employers that sponsor self-funded insurance plans often contract with a third-party administrator (TPA), which is an entity that provides ministerial services on behalf of the health plan and the plan sponsor. Traditionally, TPAs do not make discretionary claims determinations; if a determination requires interpretation of the governing plan ...