FSA

News & Analysis as of

IRS Previews Its Administration Of The Cadillac Plan Tax And Seeks Comments On Unresolved Issues

The “Cadillac Tax” of the Affordable Care Act (ACA) is effective for tax years beginning after December 31, 2017. It imposes a 40% excise tax on any “excess benefit” provided to an employee. An excess benefit is the excess,...more

2014 – June, 30 2015 Relief from Employer Excise Tax for Small Employer & S Corporation Payment or Reimbursement of Individual...

Beginning in 2014, a violation of certain healthcare reform rules, such as offering a health plan with annual dollar limits or not providing full preventive care with no employee cost, requires employers to pay an excise tax...more

Not All Health Savings Plans Are Created Equal

Health Savings Accounts (HSAs) have gained in popularity since the implementation of the Affordable Care Act, but many employers are unclear about how they differ from more traditional Flexible Spending Accounts (FSAs). An...more

Reminder: Amendments needed to reflect $2,500 limit on Health FSA contributions by year end

As mentioned in a prior Alert, beginning in 2013 employees’ salary reduction contributions to a health flexible spending account (health FSA) may not exceed $2,500 per plan year. This limit is to be indexed for inflation in...more

The ERISA Litigation Newsletter

Editor's Overview - As it is well known, in Cigna Corp. v. Amara, 131 S. Ct. 1866 (2011), the U.S. Supreme Court identified several forms of appropriate equitable relief that may be available under Section 502(a)(3) of...more

Law Enforcement Bliss: The SEC As Policeman, Judge and Jury

New York’s Southern District Court Judge Jed Rakoff is always worth listening to. He expresses trenchant views about the rule of law elegantly and politely. He is fearlessly independent. Prosecutors in the US, who are...more

Deadline Approaching to Secure Health Plan Identifier (“HPID”)

Certain group health plans are required to obtain a 10-digit Health Plan Identifier ("HPID") from the Center for Medicare and Medicaid Services ("CMS") by November 5, 2014. Currently various users of the health care system...more

IRS Guidance on the Application of the Affordable Care Act’s Market Reform Provisions to HRAs and FSAs

The Internal Revenue Service (IRS) recently published guidance in Notice 2013-54 (the “Notice”) on the application of certain market reform provisions of the Affordable Care Act to Health Reimbursement Accounts (“HRAs”),...more

OCC Issues Bulletin That Discusses the Characteristics of and Supervisory Considerations Concerning Mutual Federal Savings...

On July 22, 2014, the OCC issued a bulletin (OCC Bulletin 2014-35, the “Bulletin”) in which the OCC describes the special characteristics of mutual federal savings associations (“Mutual FSAs,” and, collectively with...more

Education Department OIG Reports On Borrower Complaints Against Collection Agencies

On July 15, the Department of Education’s Office of Inspector General (OIG) published a report on its audit of the Department’s Federal Student Aid (FSA) office, which revealed that the FSA has failed to effectively: (i)...more

Ian Hannam - Much Needed Clarity On Market Abuse?

Last month the Upper Tribunal (the "Tribunal") rejected an appeal by Ian Hannam ("Hannam") against the Financial Services Authority's ("FSA") (predecessor to the Financial Conduct Authority) controversial 2012 decision that...more

Government launches review of FCA and PRA enforcement processes

On 6 May 2014, the Chancellor of the Exchequer announced that HM Treasury would undertake a review of the enforcement decision making processes for the Financial Conduct Authority (the FCA) and Prudential Regulation Authority...more

New FAQs Address Effect of Affordable Care Act on COBRA and Other Matters

In a wide-ranging set of frequently asked questions (FAQs) and other guidance, the U.S. Departments of Labor, Treasury, and Health and Human Services have addressed a number of issues pertaining to the Affordable Care Act...more

FCA Bans Former Derivatives Trader

On February 25, the FCA published the final notice it issued to David Hobbs, a former derivatives trader, banning him from performing any regulatory function. The final notice follows the decision of the Upper Tribunal...more

Same-Gender Marriage Implications for Employee Benefit Plans

In the summer of 2013, the Supreme Court issued a decision in U.S. v. Windsor, striking down a key provision of the Defense of Marriage Act (DOMA) and eliminating the requirement that federal law recognize only marriages...more

IRS Notice 2013-54 Guidance Clarifying Impact of Affordable Care Act on HRAs, Health FSAs, and Employer Payment Plans

Notice 2013-54 (the "Notice") provides guidance clarifying the impact of certain market reform provisions of the Affordable Care Act ("ACA") on health reimbursement arrangements ("HRAs") and other group health plans under...more

Year-End Health and Retirement Plan Guidance Grab Bag

Following Hawaii’s enactment of legislation recognizing same-sex marriage as of and after December 2, 2013 a number of additional pieces of guidance were also issued. Internal Revenue Service’s Frequently Asked Questions...more

IRS Releases Q&A on Elections and Reimbursements in Cafeteria Plans Post-DOMA

On December 16, the IRS released Notice 2014-1, providing additional guidance on administration of employee benefit plans in light of the Supreme Court’s June 26, 2013 decision in United States v. Windsor. Windsor invalidated...more

More Post-Windsor Guidance from the IRS Relating to Benefits for Same-Sex Spouses: Cafeteria Plan Changes, Flexible Spending...

Prior to the U.S. Supreme Court’s Windsor decision that repealed Section 3 of the federal Defense of Marriage Act (DOMA), same-sex spouses were not recognized as spouses for federal tax and benefits purposes. In the immediate...more

Latest Post-Windsor Guidance from IRS Addresses Issues for Cafeteria Plans, Flexible Spending Accounts, and Health Savings...

In its latest addition to guidance concerning the effects of the U.S. Supreme Court's decision in United States v. Windsor, the Internal Revenue Service ("IRS") has issued Notice 2014-1 to address certain issues relating to...more

IRS Answers Some Outstanding Questions For Same Sex Spouses

Since the Supreme Court's decision in United States v. Windsor holding the Defense of Marriage Act ("DOMA") to be unconstitutional, and the related guidance issued thereafter by the Internal Revenue Service certain questions...more

New IRS Guidance on Same-Sex Spouses and Cafeteria Plans

Action by December 31st Required for Safe Harbor - Yesterday, the IRS issued specific guidance on how employers can address issues arising from the change in tax treatment for same-sex spouses under cafeteria plans. ...more

FCA Reform of Consumer Credit Regulation

Introduction - As a response to the 2007/2008 global financial crisis, the financial regulatory system in the UK has experienced a major restructuring to address the failings of the previous system. The regulation of...more

Thematic Review by FCA of Asset Managers in the UK

The Financial Conduct Authority has now completed its thematic review of Anti-Money Laundering and Anti-Bribery and Corruption Systems and Controls: Asset Management and Platform Firms (TR13/9). The review of 22 wealth and...more

Financial Conduct Authority (FCA) Report on Market Cleanliness

As part of its market monitoring activity reported in its Annual Report published on July 10, the FSA analyzed the scale of share price movements in the two days ahead of regulatory takeover announcements and identified...more

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