The Internal Revenue Service has released cost of living increase numbers for many retirement and welfare plan limits for plan years commencing in 2025. Elective deferrals to 401(k) and 403(b) plans increased from $23,000 to...more
Updated 401(k) and 403(b) Requirements for Long-Term Part-Time Employees. Starting in 2025, 401(k) and 403(b) retirement plans must offer the plan’s salary deferral feature to long-term part-time employees who are at least...more
Forfeiture funds in 401(k) plans represent a unique asset pool with specific regulatory requirements and practical applications. Forfeiture funds arise when participants terminate employment with the company before becoming...more
On September 23, 2024, the Departments of Labor, Treasury, and Health and Human Services (together, “Departments”) issued a final rule (“Final Rule”) under the Mental Health Parity and Addiction Equity Act (“MHPAEA”). The...more
11/26/2024
/ Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Final Rules ,
Health Insurance ,
Healthcare ,
Mental Health ,
Mental Health Parity Rule ,
MHPAEA ,
NQTLs ,
U.S. Treasury
In recent months, several changes to healthcare rules regulations focusing on reproductive health care have been introduced. These include (1) privacy protections for reproductive health data under HIPAA, (2) expanding access...more
11/26/2024
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Equal Protection ,
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Healthcare ,
Healthcare Reform ,
HIPAA Privacy Rule ,
Human Rights ,
Life Sciences ,
Over The Counter Drugs (OTC) ,
Patient Access ,
Patient Privacy Rights ,
PHI ,
Pregnancy ,
Proposed Rules ,
Reproductive Healthcare Issues ,
Trump Administration ,
Women's Rights
As we approach the end of 2024, companies that existed prior to January 1, 2024, should already have on their radar the Corporate Transparency Act (“CTA”) beneficial ownership (“BOI”) reporting requirements or determine...more
11/26/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Compensation & Benefits ,
Corporate Transparency Act ,
Employee Benefits ,
ESOP ,
Financial Crimes ,
FinCEN ,
National Security ,
Regulatory Requirements ,
Reporting Requirements
In May 2024, the Department of Health and Human Services issued a final rule amending HIPAA’s Privacy Rule to address reproductive health care privacy. The final rule was prompted by the Supreme Court’s 2022 ruling in Dobbs...more
Pursuant to provisions of the Affordable Care Act (ACA), most employer-sponsored health plans must cover 100% of the cost of preventive care services without regard to deductible and other out-of-pocket costs, such as...more
In April 2024, the U.S. Department of Labor (DOL) released final rules that are intended to protect retirement savings from disloyal or dishonest recommendations from investment advisors. The new rules treat an investment...more
On April 26, 2024, the Department of Health and Human Services (HHS) issued a final rule under Section 1557 of the Affordable Care Act (ACA), which broadly protects against discrimination in health programs or activities that...more
On April 16, 2024, the IRS released Notice 2024-35, extending the previously provided temporary relief from certain required minimum distribution (RMD) requirements for beneficiaries under qualified defined contribution plans...more
In recent guidance published by the Internal Revenue Service (IRS) on April 16, 2024, the IRS has taken the position that work-life referral plans provided by employers are excludable from employee compensation and not...more
This newsletter provides updates employers should be aware of heading into 2024, including an outline of the updated 2024 retirement and welfare plan limits, instructions related to the “gag order” attestation requirements...more
11/16/2023
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403(b) Plans ,
Benefit Plan Sponsors ,
Centers for Medicare & Medicaid Services (CMS) ,
Data Privacy ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employees ,
Fiduciary ,
Fiduciary Rule ,
Gag Clauses ,
Health and Welfare Plans ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Health Plan Sponsors ,
Investment Adviser ,
Popular ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0) requires that catch-up contributions for individuals whose wages exceed $145,000 are subject to mandatory Roth tax treatment effective as of January 1, 2024. Due to the...more
The Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0) was enacted in December 2022 as part of the year-end omnibus spending bill. Even though several provisions were effective in 2023, the...more
8/23/2023
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Benefit Plan Sponsors ,
Employee Benefits ,
Employee Retention ,
Individual Retirement Account (IRA) ,
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SECURE Act