COLA

News & Analysis as of

Illinois Supreme Court Holds Public Pension Cutbacks Unconstitutional

The national debate on public pension plans shifted to the State of Illinois this month. On the heels of the Oregon Supreme Court’s decision in Moro v. State of Oregon (see K&L Gates Client Alert: Changing the Rules in the...more

Changing the Rules in the Middle of the Game: Oregon Supreme Court Allows Prospective Modifications to Public Pension Benefits

The national debate on public pension plans is beginning to resonate in the court system. On April 30, 2015, the Oregon Supreme Court ruled on the constitutionality of two legislative amendments that modified certain benefits...more

Illinois Supreme Court Rules Pension Reform Unconstitutional

On Friday, the Illinois Supreme Court ruled that pension reform legislation passed in 2013, commonly referred to as Senate Bill 1, violates the pension protection clause of the Illinois Constitution. The Court upheld a...more

Court of Appeal Strikes Down 2011 S.F. Charter Requirement that SFERS Be "Fully Funded" Before Vested Supplemental COLAs May be...

In a March 27, 2015 opinion, the First District Court of Appeal unanimously declared a voter-approved amendment to the Charter of the City and County of San Francisco (City) to be unconstitutional as applied to current City...more

Colorado's Minimum Wage Increased January 1

The Colorado minimum wage increased by 23 cents to $8.23 per hour on January 1, 2015. Tipped employees are entitled to receive at least $5.21 per hour. These increases to Colorado’s minimum wage rates reflect the annual...more

Ohio's Minimum Wage Boosted 15 Cents On January 1

Minimum wage workers in Ohio will see their hourly pay increase by 15 cents in 2015. Effective January 1st, the Ohio minimum wage rate increased from $7.95 to $8.10 per hour. The minimum wage rate for tipped employees is...more

Social Security Benefits to Inch Up 1.7 Percent in 2015

The nation's elderly and disabled Social Security recipients will receive a 1.7 percent increase in payments in 2015. This is expected to raise the average monthly payment for the typical retired worker by $22. The increase...more

Monthly Benefits Update - October 2014

IRS Announces 2015 Dollar Limits for Health FSAs and Transportation Benefits - The Internal Revenue Service (IRS) announced the 2015 dollar limits applicable to contributions to health flexible spending accounts...more

IRS Issues 2015 Limits for Qualified Retirement Plans, Health FSAs, and Transportation Fringe Benefits

You know it’s Fall when the leaves turn color, jack-o-lanterns wink in the twilight, the World Series plays on … and the IRS announces new indexed annual limits for employee benefit plans. Sticking to tradition, the IRS...more

Many Employee Retirement Plan Dollar Limits Adjusted For 2015

The Internal Revenue Code provides for various dollar limitations on benefits, contributions, and compensation for tax-qualified employee benefit plans. Recently, the Internal Revenue Service announced cost of living...more

IRS Announces Cost of Living Adjustment (COLA) Limits for 2015 Applicable to Retirement Plans

The Internal Revenue Service has announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans for 2015. Several of the limits that currently apply to the 2014 plan year will change for...more

2015 Tax Changes for Retirement Plans

On October 23, 2014 the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations...more

Retirement Plan Limitations for 2015

Date: November 3, 2014 The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for retirement plan contributions and benefits for 2015. Highlights include the following...more

Employee Benefits Developments - October 2014

The Internal Revenue Service and Social Security Administration have announced the cost of living adjusted dollar limits applicable to benefit plans. A listing of key limits is set out...more

IRS Announces Employee Benefit Plan Limits for 2015

Recently the Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the...more

IRS Announces Cost-of-Living Adjustments for Employee Benefit Plans

The Internal Revenue Service has announced cost-of-living increases applicable to annual limits for employee benefit plans, including pensions, 401(k), 403(b), 457(b), and welfare plans for 2015. Employers should make sure...more

IRS Announces 2015 COLA Increases for Dollar Limitations on Benefits and Contributions

On October 23, 2014 the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2015. The increase in the cost-of-living index met the statutory thresholds that...more

IRS Announces 2015 Cost-of-Living Increases in Dollar Limits for Retirement Plans

On October 23, 2014, the IRS announced the 2015 cost-of-living increases applicable to the dollar limits for retirement plans. The annual limit for elective deferrals to 401(k) and 403(b) plans will increase from $17,500 to...more

2015 Retirement Plan Contribution Limits - Revised

On October 23, 2014, the Internal Revenue Service announced the 2015 cost-of-living adjustments to the contribution limits and other amounts applicable to various retirement plans. Those amounts are set forth below. Please...more

IRS Announces 2015 Dollar Limits for Employee Benefit Plans

The IRS has announced the new dollar limits for contributions and benefits in retirement and certain deferred compensation plans for 2015. The new limits are the result of the application of statutory cost-of-living...more

IRS Announces 2015 Benefit Plan Limits

The Internal Revenue Service has released the 2015 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans....more

IRS Announces 2015 Cost-of-Living Increases to Benefit Plan Limits

On October 23, 2014, the Internal Revenue Service announced cost of living adjustments affecting the limitations applicable to pension and other retirement plans, in IR 2014-99. Some of the limitations remain unchanged...more

2015 COLAs for Employee Benefit Plans

The Internal Revenue Service has announced the 2015 cost of living adjustments to various limits on employee benefit plans. The adjusted amounts generally apply for plan years beginning in 2015. Some of the adjusted amounts,...more

Court's Tentative Decision on San Jose's Pension Reform Measure Appears to Favor City

However, the Vested Rights Doctrine Proves Fatal to Core Pension Reform Measures - A tentative decision on the legal challenges to the City of San Jose’s pension reform measure, Measure B, was released late last month....more

Many Employee Retirement Plan Dollar Limits Adjusted For 2014

The Internal Revenue Code provides for various dollar limitations on benefits, contributions, and compensation for tax-qualified employee benefit plans. Recently, the Internal Revenue Service announced cost of living...more

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