Employers that sponsor a self-insured health plans must submit their Patient-Centered Outcomes Research Institute (PCORI) fees to the Internal Revenue Service by July 31, 2024. Plan sponsors need to calculate their PCORI fee...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2024. Many...more
2/12/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Tax Planning
Our August 24, 2023 blog post “Retirement Plans: Will January 1, 2024 Effective Date for Age 50 Catch-Up Contribution Changes Be Delayed?,” discussed the new catch-up contribution rule and options for keeping retirement...more
Employers who sponsor retirement plans for their employees face annual reporting requirements that may involve significant expenses. One of these is the requirement that a plan be audited annually by an independent qualified...more
New Deadline is August 31, 2023 -
Connecticut has established a state-run employee retirement savings program ("MyCTSavings") that launched in 2022 and is administered by the Office of the State Comptroller. The individual...more
Most employers allow employees covered by the employer-sponsored group health and welfare plans to pay their share of the cost through pre-tax payroll deductions. In order to do this the employer must maintain a written...more
11/22/2022
/ Cafeteria Plans ,
Compensation & Benefits ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Deadlines ,
Employee Benefits ,
Flexible Spending Accounts ,
Health and Welfare Plans ,
Infectious Diseases ,
IRS ,
Relief Measures ,
Tax Liability ,
Tax Planning
Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more
IRS Notice 2022-33, released August 3, 2022, extends deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect certain provisions of the legislation generally referred to as the SECURE...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more
4/14/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Highly Compensated Employees ,
IRS ,
New Guidance ,
Regulatory Standards ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Income
As mentioned in our prior COBRA update, the American Rescue Plan Act (ARPA) provides for government-subsidized COBRA premium payments. The subsidy is available to COBRA qualified beneficiaries who become eligible for COBRA...more
Welcome to Manufacturing Updates, Pullman & Comley’s new quarterly publication that summarizes important legal developments for manufacturers. Manufacturing Updates brings together insights from attorneys across our many...more
6/1/2021
/ Acquisition Agreements ,
American Rescue Plan Act of 2021 ,
COBRA ,
Federal Contractors ,
Land Use Restrictions ,
Manufacturers ,
OEM ,
Premium Subsidies ,
Remediation ,
Remote Working ,
Selling a Business ,
Suppliers ,
Supply Chain ,
Terms and Conditions ,
Trade Secrets
The American Rescue Plan Act (ARPA), signed into law last month, requires employers to provide subsidized COBRA coverage to employees who qualify for and elect COBRA continuation coverage due to either a reduction in hours or...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2021. A few...more
As highlighted in our recent Tax Alert, in Notice 2020-51 (the Notice) the Internal Revenue Service (IRS) provides an extension of the 60-day rollover period to August 31, 2020 for individuals who have already taken a...more
7/22/2020
/ 401k ,
403(b) Plans ,
CARES Act ,
Deadlines ,
Employee Benefits ,
IRA Rollovers ,
IRS ,
Relief Measures ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan
Key provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020 that affect retirement plans include the following...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020, creates favorable tax treatment for “Coronavirus-Related Distributions” from “eligible retirement plans.”...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020, in response to the current coronavirus pandemic (the “Pandemic”) contains several provisions that impact the operation of...more
Over the past several years, many employers have adopted a safe harbor contribution feature for their 401(k) retirement plan. Employers anticipating or experiencing financial stress triggered by the COVID-19 related business...more
The United States Department of Labor has issued “COVID-19 or other Public Health Emergencies and the Family and Medical Leave Act Questions and Answers” (the “DOL COVID-19 FAQ”). The DOL COVID-19 FAQ provides the following...more
3/16/2020
/ Americans with Disabilities Act (ADA) ,
China ,
Coronavirus/COVID-19 ,
Crisis Management ,
Department of Labor (DOL) ,
Emergency Management Plans ,
Employer Liability Issues ,
Family and Medical Leave Act (FMLA) ,
Federal Labor Laws ,
Fitness for Duty Exams ,
Health and Safety ,
Infectious Diseases ,
Public Health ,
Risk Management ,
Workplace Safety
Employers and health plans that want to provide some relief for participants during the spread of the novel coronavirus (SARS-CoV-2, which causes the disease COVID-19) may waive deductibles for COVID-19 testing without...more
3/16/2020
/ China ,
Clinical Laboratory Testing ,
Coronavirus/COVID-19 ,
Crisis Management ,
Deductibles ,
Emergency Management Plans ,
Emergency Response ,
Employee Benefits ,
Employer Group Health Plans ,
HDHP ,
Health Insurance ,
Health Savings Accounts ,
Infectious Diseases ,
IRS ,
Medical Benefits ,
Medical Examinations ,
New Guidance ,
Public Health
New legislation impacting retirement plans and their participants was signed into law by President Trump on December 20, 2019. The Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) is one of the...more
2/3/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Beneficiary Designations ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Individual Retirement Account (IRA) ,
New Legislation ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Planning ,
Tax Rates
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2020. Many...more
12/19/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
FICA Taxes ,
Highly Compensated Employees ,
IRS ,
Popular ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Social Security ,
Tax Planning
- Create a Plan Document...
- Do not rely solely on special acts, ordinances, or collective bargaining agreements...
- Reflect collectively bargained provisions...
- Update contemporaneously to reflect changes in...more
12/4/2019
/ Best Practices ,
Claim Procedures ,
Collective Bargaining Agreements (CBA) ,
Compensation & Benefits ,
Employee Benefits ,
Municipalities ,
Pensions ,
Plan Documents ,
Public Employees ,
Public Employers ,
Retirement Plan ,
State and Local Government
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2019. ...more
11/29/2018
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
FICA Taxes ,
Highly Compensated Employees ,
IRS ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Social Security
The SEC has announced it will hold a public meeting on Wednesday, April 18 at 3:30 p.m. to discuss possible standards for broker-dealers and investment advisers when dealing with retail investors (e.g., small retirement...more