This chart sets forth some of the annually adjusted dollar limits that impact employee benefits, as published by the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation....more
On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax...more
This chart sets forth some of the annually adjusted dollar limits that impact employee benefits, as published by the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty...more
Annually, the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation adjust for cost-of-living increases certain limitations that impact employee benefit plans. These...more
On Monday, Sept. 13, House Ways and Means Committee Chair Richard Neal (D-MA) introduced the final portion of the committee’s budget reconciliation recommendations. This alert provides a comprehensive summary and analysis of...more
Ahead of its April 11, 2021 deadline, the U.S. Department of Labor (“DOL”) has issued some guidance and model notices related to the temporary 100% subsidy for COBRA health care continuation coverage (including under state...more
4/8/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
IRS ,
Notice Requirements ,
Popular ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
As described in greater detail below, Notice 2020-68 includes guidance for implementing the mandatory participation of long-term part-time nonunion employees in 401(k) plans for plan years beginning Jan. 1, 2021....more
Two significant changes affecting required minimum distributions under Section 401(a)(9) of the Internal Revenue Code have been made in the most recent two years...more
The HHS, DOL and IRS have released additional guidance in the form of frequently asked questions (FAQs) regarding health coverage issues related to the 2019 novel coronavirus (“COVID-19”),1 including under the Families First...more
Employers facing significant economic disruption as a result of COVID-19 can save money for their operational cash flow by reducing or eliminating employer contributions to their 401(k) plans. However, ceasing employer...more
The Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (the “CARES Act”) became law on March 27, 2020. For information about the CARES Act, please see our summary. Among other things, Section 2202 of the...more
With the 2019 novel coronavirus (“COVID-19”) national health emergency continuing, employers are continuing to try to find ways to help their employees. In response to requests from employers, the Internal Revenue Service...more
New employee benefits guidance temporarily extends certain time frames and deadlines for participant actions and relieves some plan administration compliance obligations during the COVID-19 National Emergency (the “COVID-19...more
The Internal Revenue Service (IRS) recently provided guidance, in the form of frequently asked questions (FAQs) related to the refundable payroll tax credits for the paid family and sick leave required to be provided by...more
With the news about the spread of the 2019 novel coronavirus (“COVID-19”) in the U.S. and the world rapidly evolving, group health plan sponsors need to address how the plan will provide virus-related benefits. ...more
3/13/2020
/ Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Emergency Management Plans ,
Emergency Response ,
Employee Benefits ,
Employer Group Health Plans ,
HCPCS ,
HDHP ,
Health Care Providers ,
Health Insurance ,
Health Savings Accounts ,
Infectious Diseases ,
IRS ,
Medical Benefits ,
Medical Examinations ,
Medicare ,
New Guidance ,
Public Health
This chart sets forth some of the annually adjusted dollar limits that impact employee benefits, as published by the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation.
...more
11/12/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Corporate Counsel ,
Employee Benefits ,
Employer Contributions ,
IRS ,
PBGC ,
Retirement Plan ,
Social Security Administration (SSA)
The IRS has announced a limited expansion of its determination letter program. Beginning Sept. 1, 2019, the IRS will accept determination letter (“DL”) applications for individually designed merged plans....more
5/9/2019
/ Determination Letter ,
Employee Benefits ,
Hybrid Plan ,
IRS ,
Mergers ,
Public Comment ,
Required Amendments (RAs) ,
Retirement ,
Retirement Plan ,
Revenue Procedures ,
U.S. Treasury ,
Voluntary Correction Program
In guidance issued on April 19, 2019, the IRS expands the situations in which retirement plan sponsors can self-correct compliance failures without first having to seek IRS approval or paying a fee. Employers should be aware...more
4/29/2019
/ 403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
EPCRS ,
Filing Deadlines ,
Filing Requirements ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Revenue Procedures ,
Tax Audits ,
Tax Penalties ,
U.S. Treasury ,
Voluntary Correction Program
Annually, the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation adjust for cost-of-living increases certain limitations that impact employee benefit plans. These...more
On Sept. 18, 2018, the IRS issued modified safe harbor explanations of eligible rollover distributions.1 In addition to making some clarifying changes, the modifications reflect laws enacted and guidance issued since Dec. 8,...more
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), limits a publicly held corporation’s ability to take a corporate income tax deduction for compensation in excess of $1 million paid to “covered...more
As a resource, the Employee Benefits and Executive Compensation practice at Brownstein Hyatt Farber Schreck prepares a chart identifying the annual adjustments to the dollar limitations that impact employee benefits.
...more
The IRS has announced significant changes to its qualified plan determination letter program. These changes, which become effective January 1, 2017, impact individually-designed plans.
Favorable determination letters...more