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NEWS

Industry Updates

FSA Contribution Limits

Announcement February 6, 2012

HR Concepts has reviewed the new IRS rules and regulations as they pertain to the upcoming limitations for salary reduction contributions to Flexible Spending Accounts starting January 1, 2013. Health FSA plans that allow contributions in excess of $2,500 must ensure that total contributions occuring in 2013 do not exceed the $2,500 limit. As a result, we are recommending each of our clients implement no more than the $2500 limitation on all plans starting on or after February 1, 2012.

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Transit Accounts: Compliance Update

News Update February 6, 2012

Acceptable Transit Authorities: On January
1, 2012, IRS Revenue Ruling 2006-57 took effect. This ruling, which has been delayed several times, adds additional restrictions to the usage of Transportation Benefit Debit Cards. Beginning on January 1, 2012 any Transportation Benefit Debit Cards with HR Concepts are restricted for use at merchant terminals which only sell transit fare media. Details of the IRS rulings related to the use of commuter benefit debit cards in association to the IRS Section 132(f)

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UPDATES

Forms / Policies / General

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IRS Benefit Limits for 2012

News Update November 1, 2011

On October 20, 2011 the IRS posted changes related to various benefits for employees affecting everything from pension plans, 401k's, medical saving accounts, health savings accounts, and commuter benefit plans.
HR Concepts would like to assure our partners and clients that we will be updating our employee education documents, forms, and procedures to comply with these new changes in the coming weeks. In particular we are preparing updated educational materials for enrollment meetings in order to clarify the limits to pre tax benefits administered by HR Concepts.

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Peter H Jennings, Founder - President

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THE HRC DIFFERENCE

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OUR MISSION

“Our mission is to be dedicated to providing an administration solution that addresses the overwhelming changes in the benefits market today, with a focus on member satisfaction, ease of use, and an advanced technology platform, at the most cost effective price.”

Peter H. Jennings, Founder-President
Human Resource Concepts, LLC

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