On January 9, the Departments released Affordable Care Act (“ACA”) FAQ Part 36 addressing contraceptive services coverage required under Health Care Reform law. This guidance makes no change to the preventive service …
Legal Barriers Removed for Small Employers using HRAs
Effective for years beginning after December 31, 2016, small employers with less than 50 full-time and full-time equivalent employees may offer Health Reimbursement Arrangements (“HRAs”) that will not be considered …
IRS Extends Deadline for Providing Form 1095-C to Employees
Under Notice 2016-70 the IRS extended the deadline for providing the 2016 Forms 1095-B and 1095-C to individuals from January 31, 2017 to March 2, 2017. The extension only affects …
Expect Updated Service Agreements For Retirement Plans As New Fiduciary Rules Become Effective
The U.S Department of Labor’s new fiduciary rules generally become effective as of April 10, 2017. The new rules redefine who is a plan fiduciary. Consequently many recordkeepers and other …
Employers Should Review Retirement Plan Documents for Overtime Changes
Effective December 1, 2016, the DOL will enforce a new rule regarding overtime pay. Unless an employee is specifically exempted, an employee covered by the FLSA must receive overtime pay …
IRS and SSA Announce 2017 Indexed Numbers
The IRS and Social Security Administration have announced cost-of-living increases for retirement and other employee benefit plans for 2017. 2017 2016 Compensation Limit $270,000 $265,000 Highly Compensated Employee …
Universities Facing Lawsuits Over Fiduciary Breaches Under 403(b) Plans
There has been a growing number of class action lawsuits alleging ERISA fiduciary breaches. This trend recently caught up with a number of prominent universities that sponsor 403(b) retirement plans. …
IRS Updates Correction Program For Noncompliant Retirement Plans
The IRS recently updated the correction program that it offers as a remedy for noncompliant retirement plans. The updated program continues to offer incentives to plan sponsors to conduct an …
Proposed Regulations for Treatment of Opt-Out Payments for “Affordability” Calculations
When employers offer employees a cash payment to opt out of medical coverage, how does the potential opt-out payment affect the affordability calculation under the ACA? Including the potential opt-out …
DOL, IRS and PBGC Release Proposed Revisions to the Form 5500
The DOL, IRS and PBGC have released proposed changes to the annual Form 5500 filed for ERISA plans. These revisions have been submitted for public comment and will be effective …