The Bipartisan Budget Act of 2018 (Act) was approved by Congress and signed into law by the President on February 9, 2018. Included in the Act are certain provisions impacting retirement plans that were initially considered...more
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (H.R. 1), or the "Act," a comprehensive tax reform package representing an overhaul of federal taxation arguably ona level not seen in more than...more
1/30/2018
/ Business Taxes ,
Compensation & Benefits ,
Corporate Taxes ,
Employee Benefits ,
Excise Tax ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration
Health Care Organizations Saw an 89% Increase in Ransomware in 2017 -
Our experience last year is consistent with the conclusion of a new report issued by Cryptonite in its 2017 Health Care Cyber Research Report—that the...more
1/16/2018
/ Customs and Border Protection ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Drones ,
Financial Industry Regulatory Authority (FINRA) ,
Hackers ,
Health Care Providers ,
HIPAA Audits ,
Initial Coin Offering (ICOs) ,
Malware ,
Mobile Devices ,
OCR ,
Personally Identifiable Information ,
Privacy Concerns ,
Ransomware ,
Transportation Industry
On January 2, 2018, the Internal Revenue Service(IRS) issued Internal Revenue Bulletin 2018-1, containing Internal Revenue Procedure 2018-4, which includes new user fees for submissions under the Voluntary Correction Program...more
Covered entities, including employer sponsored health plans, should brace for audits and enforcement of the Privacy, Security, and Breach Notification rules by the Department of Health & Human Service Office of Civil Rights...more
After much back and forth, the House and Senate both voted to pass the Tax Cuts and Jobs Act (Act), and the President is expected to sign the legislation shortly. The changes made by the Act are arguably the biggest leap...more
12/21/2017
/ Compensation & Benefits ,
Deferred Compensation ,
Excise Tax ,
Executive Compensation ,
Fringe Benefits ,
Incentive Compensation ,
Legislative Agendas ,
Retirement Plan ,
Tax Deductions ,
Tax Exempt Entities ,
Tax Rates ,
Tax Reform ,
Trump Administration
On December 7, 2017, the Connecticut Department of Revenue Services (DRS) issued additional guidance regarding the new statutory withholding requirements for certain payors of pension and annuity payments set to take effect...more
New legislation, effective January 1, 2018, will require certain payors of pensions and annuities to withhold Connecticut state income tax from distributions made from an employer pension, annuity, profit-sharing plan, stock...more
Energy and Critical Infrastructure Industries Warned of Increased Attacks by FBI and DHS -
The FBI and Department of Homeland Security issued a joint statement on October 20, 2017 warning of an increased danger of a...more
10/27/2017
/ Affordable Care Act ,
Airspace ,
Critical Infrastructure Sectors ,
Cyber Attacks ,
Cyber Crimes ,
Cyberbullying ,
Cybersecurity ,
Data Protection ,
Department of Homeland Security (DHS) ,
Drones ,
Electricity ,
Electronic Medical Records ,
Energy Sector ,
FBI ,
Federal Aviation Administration (FAA) ,
FERC ,
Hackers ,
Health Care Providers ,
Health Insurance ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HIPAA Breach ,
Information Technology ,
Internet ,
Medical Records ,
Nonprofits ,
OCR ,
Open Enrollment ,
Personally Identifiable Information ,
PHI ,
Popular ,
Power Grid ,
TCPA ,
Technology Sector ,
Utilities Sector
With open enrollment in full swing for many employers, now is a good time to review employee benefit communications. Plan sponsors of health plans are generally responsible for properly administering all of the health plan...more
10/26/2017
/ Affordable Care Act ,
Americans with Disabilities Act (ADA) ,
Children's Health Insurance Program (CHIP) ,
Data Protection ,
Disclosure Requirements ,
Electronic Medical Records ,
GINA ,
Health Insurance ,
Health Insurance Exchanges ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Non-Discrimination Rules ,
Open Enrollment ,
PHI ,
Popular ,
Privacy Notice Rule ,
Public Health Insurance Marketplace ,
Wellness Programs
On October 4, 2017, the Puerto Rico Department of Treasury (Hacienda) issued Administrative Determination No. 17-21 (Notice), which clarifies the tax treatment of certain payments made to assist those affected by Hurricane...more
The Department of Health and Human Services (HHS) issued interim final rules on October 6, 2017, expanding exemptions to protect religious beliefs and moral convictions for certain entities and individuals whose health plans...more
Connecticut has joined a growing trend of states and municipalities expanding the protections afforded to pregnant employees and applicants. Connecticut’s new law, effective October 1, 2017, entitled An Act Concerning...more
On September 12, 2017, the Internal Revenue Service (IRS) issued Announcement 2017-13, which provides guidance on the ability of qualified plans to provide plan loans and hardship distributions to people in Florida affected...more
The U.S. Department of Labor (DOL) has filed a proposal with the Office of Management and Budget (OMB) to delay implementation of the following exemptions under the fiduciary rule from January 1, 2018 to July 1, 2019...
...more
8/11/2017
/ Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Investment Management ,
PTE 84-24 ,
Retirement Plan
In the wake of several recent high-profile security breaches, employers are increasingly viewing identity theft protection as an essential employee benefit for employees. According to Willis Towers Watson’s 2016 voluntary...more
On May 22, 2017, Department of Labor (DOL) Secretary Alexander Acosta announced in an op-ed in the Wall Street Journal that the DOL will not issue another delay of the “fiduciary rule,” set to become generally effective on...more
Now more than ever, workplace wellness programs are becoming increasingly popular among employers. A common concern many employers have is how to design a meaningful workplace program intended to improve the health of...more
As ordered by President Trump in a presidential memorandum on February 3, 2017, (Memorandum), the U.S. Department of Labor (DOL) proposed a 60-day delay to its conflict of interest rule (commonly referred to as the “fiduciary...more
4/11/2017
/ Best Interest Contract Exemptions ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Retirement ,
Retirement Plan ,
Trump Administration
On February 3, 2017, President Trump signed a presidential memorandum (Memorandum) ordering the U.S. Department of Labor (DOL) to review its conflict of interest rule defining the term “fiduciary” for retirement investment...more
2/7/2017
/ Best Interest Standard ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Adviser ,
Investment Adviser ,
Regulatory Oversight ,
Retirement ,
Retirement Plan ,
Trump Administration
The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017.
...more
11/4/2016
/ 401k ,
Benefit Plan Sponsors ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Health and Welfare Plans ,
Internal Revenue Code (IRC) ,
IRS ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement ,
Retirement Plan
The Internal Revenue Service (IRS) recently issued General Counsel Memorandum 201634021 (Memorandum), clarifying benefit coverage requirements for employees of a disregarded LLC wholly owned by a single member tax-exempt...more
Most employers are generally aware of their fiduciary status as a “plan sponsor” of an ERISA-governed retirement plan (e.g., 401(k) and 403(b) plans). In fact, the employer’s hiring of a service provider is in and of itself a...more
10/4/2016
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Cybersecurity ,
Data Protection ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Popular ,
Retirement ,
Retirement Plan ,
Third-Party
Pursuant to recently amended federal legislation, the Department of Labor (DOL), among several other federal agencies, is increasing its civil monetary penalties to adjust for inflation. Among the penalties to be increased...more
On April 6, 2016, the U.S. Department of Labor (DOL) issued its long-awaited final conflict of interest rule defining the term “fiduciary” for retirement investment advice purposes. The final regulations and accompanying...more