News & Analysis as of

New York City Mayor de Blasio Signs Affordable Transit Act into Law

On October 20, 2014, New York City Mayor Bill de Blasio signed Local Law 53, the Affordable Transit Act. Under this new law, New York City businesses with 20 or more full-time employees will be required to offer a federal...more

Final regulations on qualified longevity annuity contracts

An ongoing focus for the IRS and the DOL has been trying to ensure that individuals have a regular stream of income for the duration of their lives. In connection with this goal, in July of this year, the IRS released final...more

Feed Me! Thanksgiving Turkeys, Free Lunches, and Wage and Hour Law

With the Thanksgiving holiday ahead of us, we have reached the time of year where some employers start handing out Thanksgiving turkeys, holiday hams, and other gifts to employees, while others provide free or discounted...more

On-Premises Fringe Benefits, Part II: Is There Such a Thing as a Free Lunch?

In part one of this two-part series, “On-Premises Fringe Benefits, Part I: Is There Such a Thing as a Free Lunch?,” I discussed the Internal Revenue Code’s provisions on tax-free employer-provided meals in addition to the...more

IRS Allows Cafeteria Plan Election Changes to Coordinate With ACA Exchanges

New IRS guidance adds two more events that allow participants to change their cafeteria plan elections outside of the annual open enrollment period. These events are designed to coordinate with the employer coverage rules and...more

On-Premises Fringe Benefits, Part I: Is There Such a Thing as a Free Lunch?

It is no secret that many Silicon Valley employers serve free gourmet meals to their employees—the Wall Street Journal, Bon Appétit magazine, Time, Forbes, and other media sources have reported on this benefit. In addition,...more

The Employment Law Authority - October/November 2014

In This Issue: - Employee Benefits. Recent IRS letter reminds employers about issues associated with offering “free” parking - State Round-Up. Learn about the latest employment law news in your state -...more

IRS Seeks to Curb Popularity of ‘Skinny’ Health Plans

The Internal Revenue Service, in Notice 2014-69, has concluded that certain unconventional group health plan designs that offer limited or no coverage for in-patient hospitalization services and/or physician services will not...more

It's November – Do You Know Where Your Plan Document Is?

Every year around this time (and hopefully even earlier), many plan sponsors begin the arduous task of preparing determination letter applications for their qualified retirement plans (i.e., their profit-sharing, 401(k),...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

Recent Employee Benefit Developments - October 2014

IRS Expands Cafeteria Plan Status Change Events - On September 18, 2014, the Internal Revenue Service issued Notice 2014-55, which establishes two new change in status events for cafeteria plans. The new change in...more

Impact of Supreme Court’s Recent Actions on Employee Benefits

Did the Supreme Court legalize same-sex marriage? On October 6, 2014, the Supreme Court of the United States denied review of seven petitions challenging federal court of appeal rulings in the Fourth, Seventh, and...more

Raised ceilings: IRS issues new limits for retirements plans

On October 23, 2014, the Internal Revenue Service issued Notice 2014-99, which applies cost of living adjustments (“COLAs”) to various limits applicable to qualified retirement plans and individual retirement accounts for the...more

Employers: How Do Your Retirement Plans Treat Same-Sex Unions?

IRS Issues Long Awaited Guidance on Application of US v. Windsor to Retirement Plans - New IRS guidance means that action is required by employers sponsoring qualified retirement plans if the terms of the plan are...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 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

IRS Permits Puerto Rico-Qualified Plans in U.S. Group Trusts, Extends Deadline for Certain Puerto Rico Spin-Offs

The U.S. Internal Revenue Service (IRS) recently issued Revenue Ruling 2014-24, which expressly permits retirement plans that are tax qualified only in Puerto Rico (Puerto Rico-only plans) to continue to pool assets with...more

New Hybrid Pension Plan Guidance

The IRS recently issued new final and proposed regulations that provide welcome guidance to sponsors of hybrid pension plans. Hybrid pension plans, such as cash balance plans and pension equity plans, are defined benefit...more

IRS Issues Final and Proposed Hybrid Plan Regulations

On September 19, 2014, the Internal Revenue Service ("IRS") released additional final regulations clarifying the rules regarding hybrid defined benefit pension plans. At the same time, the IRS also issued proposed regulations...more

IRS Announces Impending Tighter Enforcement of Employer-Provided Meals, Fringe Benefits

Internal Revenue Code § 119 allows employers to deduct 100% of the value of meals provided to employees when they are for the convenience of the employer, and they are furnished on the business premises of the employer. Meals...more

Monthly Benefits Update - September 2014

IRS Issues Guidance on How to Deal With a Change to an Employee’s Measurement Period Under ACA Employer Mandate - The Internal Revenue Service (IRS) issued Notice 2014-49, which proposes an approach for dealing with...more

Does your Company’s Retirement Plan Need to be Restated?

Between May 1, 2014 and April 30, 2016, all pre-approved defined contribution plans (e.g. most 401(k), profit sharing, money purchase and other qualified plans) must be restated to reflect the provisions of the Pension...more

IRS Reminds Employers Value of “Free” Parking May Be Taxable Fringe Benefit

A recent Information Letter issued by the Internal Revenue Service (IRS) on the taxation of employer-provided parking, although noncontroversial, serves as a useful reminder that “free” parking for employees may result in...more

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