Alliance Benefits is committed to bringing you important updates from around the benefits world as it pertains to our Alliance family. Two recent items in the news are good examples of policy and legislation that could positively impact our plans and our community.
For those participating in the Alliance Health Plan, you may be interested to know that the IRS recently raised contribution limits for Health Savings Accounts (HSAs) for 2020. The total annual contribution limit for self-only coverage will be going up from $3,500 to $3,550 and the limit for those covered by plans that include dependents will raise from $7,000 up to $7,100. The “catch up” contribution for those 50 years of age and older will remain at $1,000 per year. HSAs continue to be an important vehicle allowing our members the ability to use tax sheltered money to pay for qualifying medical expenses. Cost of living adjustments like these are also a welcomed enhancement to this strategy.
The retirement plan world also received welcome news in the past few weeks as the US House of Representatives recently passed the “Setting Every Community Up for Retirement Enhancement” Act, also referred to as the SECURE Act (Washington loves its acronyms!). The SECURE Act contains many provisions designed to help Americans in their quest to properly prepare for retirement, including the expansion of many auto-enrollment features in retirement plans and increasing the Required Minimum Distribution (RMD) age to 71. While the Senate has focused more on the “Retirement Enhancement and Savings” Act (RESA), both legislative bodies seem committed to positive retirement plan reform. Alliance Benefits will continue to monitor the progress in both the House and the Senate and update our members as needed.
Curtis joined as Director for Alliance Benefits in September of 2017. He is responsible for the overall administration and direction of all aspects of Alliance Benefits, including the health and retirement plans for Alliance workers in the United States and internationally. His desire is to serve our districts and churches in helping to care for our pastors and staff.