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Build a stronger credit union with better payroll, compliance and HR solutions. 

CU Insurance Solutions is excited to partner with ADP to offer credit unions the opportunity to use ADP’s trusted, turnkey solution for payroll, compliance and HR needs at a relationship discount.

ADP’s solutions help credit unions to:

• Manage cash flow with payment solutions like direct deposit and paycards, and mobile solutions that give you the ability to run payroll from anywhere, anytime.
• Minimize compliance challenges by staying on top of changing payroll tax and labor regulations. Manage multiple locations, states and local taxes from one portal.
• Reduce administrative burden and better manage your people with time and attendance, hiring and human resources (HR) solutions, so you can maximize staff productivity and re-focus your energy on building your business.
• Save money with preferred pricing on payroll, HR and payroll tax filing services based on our existing relationship with ADP®.
• Grow your business with access to valuable tools and resources from the leading thinkers in payroll and HR solutions.
• Gain access to industry experts who will support your business’s payroll, compliance and HR needs 24/7/365.

ADP Offers:

• Payroll and Tax Filing
• Human Resources Solutions (HR)
• Employer Tax Credit Assistance
• ADP Payment Solutions
• Employee Handbook Wizard
• Time and Attendance Solutions

With 60+ years as a payroll, compliance and HR leader, ADP has helped thousands of businesses better manage their cash, their people, their risk.

As the result of a provision in H.R. 1 (“Tax Reform”), the IRS now adjusts for inflation using the Chain Weighted CPI method, believed to be a more accurate calculation, keeping in line with cost-of-living. This applies immediately and has impacted family HSA contributions for 2018.

Typically, the IRS releases the following tax year’s HSA contribution limits in early May for the following tax year. However, the previously released maximum family contribution limit to a Health Savings Account (“HSA”) has been REDUCED from $6,900 to $6,850 in 2018. The self-only maximum remains $3,450.

HSA Account holders who signed up to make the family maximum contribution for 2018 should be aware as pre-tax payroll deductions will need to be updated, reflecting this lower limit. Any family contribution to an HSA in 2018 over $6850 could be subject to taxes and penalties.

Flexible Spending Accounts (“FSAs”) and Commuter or Transit Benefits are also subject to this change, though there does not appear to be an impact for 2018. Previously announced limits still apply. There are no changes to the statutory minimum annual deductible, out-of-pocket maximum or the age 55+ “catch up” contribution limit.

Adoption Assistance Programs are impacted beginning in tax year 2018. See pages 396-397 in the IRS Bulletin No. 2018-10 (below) for more details.

More information about any of these changes can be found in IRS Bulletin No. 2018-10. Enjoy!

To see how your specific plan is affected or for further guidance, contact your ERISA attorney, tax expert or benefits broker. When you work with CU Insurance Solutions, our partnership offers guidance every step of the way with on-going support from our expert team.

For the third consecutive year, CU Insurance Solutions is partnering with the Turning 65 Workshop to bring their popular Social Security & Medicare learning program to Maine credit union employees who are closing in on retirement. This fast-paced and engaging 2-hour workshop is designed to build a solid understanding of the basics of these essential retirement programs, as well as practical, ‘need-to-know’ information on key topics, including;

• Social Security Benefits for Spouses, ex-spouses, and Survivors
• Considering Delayed Filing vs Early Filing
• The Social Security Earnings Test
• How Maine State Retirement Affects Social Security
• Original Medicare vs Medicare Advantage
• The Role of Medigap Supplemental Policies
• Creditable Coverage | Delayed Enrollment Penalties
• Medicare Caution Flags: HSAs, COBRA, Income-Adjusted Premiums…

Regional Workshops

Four regional workshops will be held this year: March 21 in Presque Isle, March 22 in Bangor & Augusta, and March 23 in Portland.

Kim Daigle, President of CU Insurance Solutions says, (“We’re very excited to be hosting the Turning 65 Workshop again this year. We’ve had lots of great feedback from those who have attended in the past about how this program really helped them better prepare for Social Security and Medicare. We’re looking forward to seeing even more of our CU Insurance Solutions clients take advantage of this unique benefit this year”)

Look for the details coming soon. Don’t miss this opportunity to give your valued older employees a benefit they’ll truly appreciate, and one that will provide important knowledge and confidence about these essential retirement programs they’ll need during their retirement years.

The Turning 65 Workshop is strictly a learning program. No financial products or services are marketed to attendees.