Nearly once a week, I receive a frantic call or email from a current or potential client who has received a proposed or final assessment from the IRS related to Affordable Care Act (“ACA”) reporting. So-called “Applicable...more
When a participant terminates employment without being fully vested in their qualified retirement plan account, the non-vested portion of the account is a “forfeiture.” While forfeitures are a common element of most...more
In light of the U.S. Supreme Court ruling in Dobbs v. Jackson Women’s Health Organization overruling the constitutionally protected right to an abortion, many employers have announced various travel benefits that may cover...more
On June 24, 2022, in Dobbs v. Jackson Women’s Health Organization, the U.S. Supreme Court ruled that the U.S. Constitution does not protect the right to obtain an abortion. While reactions to the opinion vary widely,...more
We are just past the “official” start of summer, which means it is time for sponsors of retirement plans and many health and welfare plans to think about preparing and submitting Form 5500. In this post on the All Things HR...more
A qualified retirement plan paying more in distributions than a participant is entitled to occurs frequently. Common reasons for overpayments include miscalculation of benefits due to systemic error, the plan sponsor being...more
Employers know that wages are generally subject to the Federal Insurance Contributions Act (“FICA”), and that both employers and employees are liable for a portion of FICA on those wages. In most circumstances, the employee...more
Employers that are laying off or furloughing employees during the COVID-19 crisis may be creating the possibility for excise taxes under the Affordable Care Act (“ACA”). Knowing the method by which employers determine...more
In a recent Chief Counsel General Advice Memorandum (“Memo”), the IRS provides a helpful reminder that basic recordkeeping and organization techniques can avoid significant tax liability for employers and employees in the...more
The IRS recently issued its “Required Amendment List,” which contains the annual list of amendments that must be adopted by certain individually-designed retirement plans. This year, the List includes the requirements imposed...more
With immigration enforcement in the news, some employers may be wondering what responsibilities they have related to their retirement plans, if an employer discovers that an employee lacks documentation to demonstrate they...more
With immigration enforcement in the news, some employers may be wondering what responsibilities they have related to their retirement plans, if an employer discovers that an employee lacks documentation authorizing the...more
It is well known by employers that nonqualified deferred compensation (“NQDC”) plans that are established to provide unfunded deferred compensation benefits to a select group of management or highly compensated employees...more
The summary plan description (“SPD”) and disclosure regulations provided by the Department of Labor (“DOL”) are spread across six regulatory sections. They are voluminous....more
One common response we hear from employers when asked to provide a copy of their health or other welfare plan summary plan description (“SPD”), is whether providing a bundle of insurance certificates and/or summaries of...more
Most employers are familiar with the requirement to prepare and distribute a summary plan description (“SPD”). Many employers, however, assume that Department of Labor (“DOL”) disclosure requirements are consistent with the...more
Most employers that sponsor retirement, health, or other welfare plans are familiar with the requirement to provide a summary plan description (“SPD”) to their employees. With that being said, we frequently run into a number...more
In its latest case addressing retiree health benefits, the Sixth Circuit Court of Appeals has held that a collective bargaining agreement’s general durational clause controls when retiree healthcare benefits end. Zino v....more
Some sponsors of 403(b) plans may not be aware that a “universal availability” rule applies requiring the plan to permit all employees of the sponsoring employer to make salary deferrals to the plan, with certain exceptions. ...more
The IRS announced cost of living adjustments affecting dollar limitations for employer plans for tax year 2019. The IRS issued technical guidance detailing these items in Notice 2018-83, in addition to previous guidance in...more
The IRS has updated its “safe harbor explanations” for eligible rollover distributions to reflect recent statutory changes and IRS guidance. Employers should review this latest guidance and update their explanations...more
Many recent college graduates find it difficult to make contributions to their employer’s 401(k) plan as they have significant student loan repayments which take precedence in their budget. By failing to make 401(k)...more
March and April will be critical months for employers who sponsor ERISA-governed employee benefit plans that provide benefits subject to the disability claim procedures. Any claims filed after April 1, 2018 will be subject to...more
On December 22, 2017, President Trump signed H.R. 1 (formerly, the “Tax Cuts and Jobs Act” (the “Act”)) into law. While the Act was primarily focused on business tax cuts and individual tax reform, the Act includes several...more
1/2/2018
/ Compensation & Benefits ,
Corporate Taxes ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Fringe Benefits ,
Income Taxes ,
Qualified Retirement Plans ,
Section 162(m) ,
Tax Deductions ,
Tax Deferral ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Year-End Tax Planning
On November 24, 2017, the Department of Labor (“DOL”) Employee Benefits Security Administration (“EBSA”) formally delayed the applicability date of previously issued final regulations imposing new claims procedures to...more