On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the new IRS guidance regarding certain exceptions to the 10% early distribution tax under IRC 72(t). He will share background on emergency...more
The Commissioner of Internal Revenue announced the 2024 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more
11/3/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Contribution Limits ,
Employee Benefits ,
Health Savings Accounts ,
Individual Retirement Account (IRA) ,
IRS ,
Retirement Plan ,
Social Security Administration (SSA) ,
Threshold Requirements
The Internal Revenue Service (IRS) decreased the Affordable Care Act (ACA) affordability percentage for 2024 to 8.39%. This percentage is used to assess whether an applicable large employer’s (ALE) lowest-premium health plan...more
9/28/2023
/ Affordable Care Act ,
Compliance ,
Employee Contributions ,
Employer Contributions ,
Employer Group Health Plans ,
Employer Mandates ,
Federal Poverty Line ,
Health Insurance ,
IRS ,
Large Employer ,
Safe Harbors
The Internal Revenue Service (“IRS”) provided welcome relief for administrators of plans offering catch-up contributions. Notice 2023-62, issued on August 25, essentially delays the effective date of a provision under the...more
8/31/2023
/ Benefit Plan Sponsors ,
Employee Benefits ,
Employee Contributions ,
Individual Retirement Account (IRA) ,
IRS ,
Plan Administrators ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Time Extensions ,
U.S. Treasury
This Alert is a quick reminder for retirement plan sponsors to be aware of two deadlines at the end of this month.
Restated Adoption Agreements for Pre-Approved Plans -
Employers using pre-approved plan documents for...more
Employers using pre-approved plan documents for their defined contribution retirement plans, such as 401(k) plans, should carefully review restated adoption agreements and basic plan documents that may be issued by their...more
On the latest episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the recently issued Department of Labor guidance on continued COVID-19 relief for certain employee benefit plan notice and election...more
3/11/2021
/ Benefit Plan Sponsors ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Relief Measures ,
Time Extensions
Last year, the Internal Revenue Service (IRS) and the Department of Labor (DOL) jointly offered extensions and other relief to employee benefit plan administrators who might be struggling to meet various filing, notice,...more
3/2/2021
/ Benefit Plan Sponsors ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employer Group Health Plans ,
Filing Deadlines ,
Internal Revenue Code (IRC) ,
IRS ,
Relief Measures ,
Retirement Plan ,
Time Extensions
On the latest episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by David Burton, partner with Williams Mullen’s Labor, Employment and Immigration Section, to discuss some very important changes to...more
On the latest episode of Williams Mullen's Benefits Companion, host Brydon explains the Department of Labor’s Disaster Relief Notice that extends certain filing and notification timeframes applicable to employee benefit plans...more
7/15/2020
/ Benefit Plan Sponsors ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Filing Deadlines ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Health Plan Sponsors ,
Internal Revenue Code (IRC) ,
IRS ,
Notification Requirements ,
Relief Measures ,
Time Extensions
The Internal Revenue Service (IRS) and the Department of Labor (DOL) jointly offered extensions and other relief to employee benefit plan administrators that may be struggling to meet various filing, notice, disclosure and...more
On the latest episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses new opportunities that the IRS and COVID-19 legislative relief have created for health flexible spending and cafeteria plans....more
In response to the COVID-19 crisis, Congress and the IRS have provided more flexibility and expanded opportunities for employees to utilize health flexible spending arrangements and to adjust cafeteria plan...more
On March 20, the Treasury Department, the Internal Revenue Service (IRS), and the Department of Labor (DOL) announced a plan for implementing the new COVID-19 leave requirements and payment of tax credits for small and...more
Brydon DeWitt discusses captive insurance arrangement strategies with CPA Scott Bailey, Jr., a partner at Carr, Riggs & Ingram....more
On this episode of Williams Mullen's Benefits Companion, Brydon DeWitt reviews the final health reimbursement regulations that go into effect on January 1, 2020....more
9/18/2019
/ Affordable Care Act ,
Employee Benefits ,
Employer Group Health Plans ,
Employer Liability Issues ,
Final Rules ,
HRA ,
IRS ,
Large Employer ,
Medical Reimbursement ,
Premiums ,
Small Employers
On this episode of Williams Mullen's Benefits Companion, Brydon DeWitt and Claire Pollock explore recent IRS guidance on how employers may correct common Health Savings Account Contribution errors. ...more
[co-author: Claire Pollock, Paralegal]
In this episode of Williams Mullen's Benefits Companion, Brydon DeWitt and Claire Pollock discuss proposed health reimbursement arrangement regulations that may provide welcome relief...more
4/26/2019
/ Affordable Care Act ,
Employee Benefits ,
Employer Group Health Plans ,
Employer Liability Issues ,
Health Insurance ,
Health Insurance Exchanges ,
HRA ,
IRS ,
Medical Expenses ,
Medical Reimbursement ,
Premiums ,
Proposed Regulation ,
Small Employers
The Internal Revenue Service recently updated the rollover notice provided to retirement plan participants who receive distributions. The Internal Revenue Code requires administrators of qualified retirement plans to provide...more
The Commissioner of Internal Revenue announced the 2019 dollar limitations for benefits and contributions that apply to retirement plans. Most limits have increased while a few remained the same. ...more
The Commissioner of Internal Revenue announced the 2018 dollar limitations for benefits and contributions that apply to retirement plans. Some limits have increased while others remained the same....more
The Commissioner of Internal Revenue announced the 2017 dollar limitations for benefits and contributions that apply to retirement and cafeteria plans. Some limits have increased while others remained the same. The Social...more
The Internal Revenue Service has offered some reprieve to individuals who receive a distribution from a retirement plan or an individual retirement arrangement (IRA) and inadvertently miss the 60-day time limit for rolling...more
Affordable Care Act (ACA) reforms have become effective incrementally over the last six years. In 2016, most of the ACA changes are applicable. Employers that sponsor group health plans should ensure that they are in...more
New federal guidance makes health flexible spending arrangement (FSA) participation more attractive to employees. IRS Notice 2013-17 provides a new exception to the FSA “use it or lose it rule.”...more