News & Analysis as of

Employee Contributions

The Impact of the Federal Budget Deal on Retirement Plans

by Poyner Spruill LLP on

On February 9, 2018, Congress passed the amended Bipartisan Budget Act of 2018. This Act contained provisions impacting retirement plans. Sponsors should decide whether to adjust their plan documents and policies in response...more

IRS Guidance Requires Immediate Changes to Employer Group Health Plans with Health Savings Accounts

by Benesch on

On March 5, 2018, the Internal Revenue Service (IRS) issued guidance that lowers the 2018 Health Savings Account (HSA) contribution limit for family coverage. Last year the IRS set the 2018 HSA contribution limit at $3,450...more

State Male Contraceptive Laws May Create HSA Problems for Employers

States such as Illinois, Maryland, and Oregon that have enacted laws requiring health insurers to cover certain male contraception on a first-dollar basis may be creating traps for unwary employers that sponsor...more

IRS Reduces 2018 HSA Contribution Limit

On March 5, 2018, the IRS announced a reduction in the amount that an individual with family coverage under a high deductible health plan (“HDHP”) can contribute to a health savings account (“HSA”) for 2018. The lowering of...more

IRS Reduces 2018 Health Savings Account Limit for Family Coverage

On March 5, 2018, the IRS released Revenue Procedure 2018-18, which, among other things, adjusts downward the 2018 total contribution limit to health savings accounts (HSAs) for individuals enrolled in family coverage. In...more

IRS Recalculates 2018 Benefit Limits

Late last year, Congress enacted the Tax Cuts and Jobs Bill into law. As we discussed in prior posts, one of the changes affecting health and welfare plans is a change to the way the Internal Revenue Service calculates cost...more

Is Payday The New Groundhog Day? What Bill Murray Can Teach Employers About New Pay Apps

by Fisher Phillips on

Most are familiar with Bill Murray’s classic comedy, “Groundhog Day,” in which egotistical weatherman Phil Connors repeatedly re-lives the date of February 2, 1993. At first, Connors relishes replicating the same events each...more

Massachusetts Employers: Prepare for Supplemental Unemployment Tax Assessments

by Burns & Levinson LLP on

Massachusetts employers will soon see the impact of House Bill 3822, signed last year by Governor Charlie Baker. In an effort to offset the significant shift from commercial to publicly subsidized health care coverage, in...more

Pensions – auto-enrolment contributions edge upwards

by Dentons on

We are now seven weeks from the first hike in the "minimum" requirements for auto-enrolment compliance (6 April 2018). In practical terms, for employers currently applying those statutory minimums this means that your...more

Hardship Provisions Will Change

by Ary Rosenbaum on

As part of the budget agreement signed By President trump on February 9, some additional provisions have been added including changes to the hardship provisions for retirement plans....more

PA Issues Report on Paid Family Leave

As you may recall, we previously wrote about the Pennsylvania Department of Labor & Industry (“L&I”) receiving a grant from the U.S. Department of Labor to research options for paid family leave models in the Commonwealth....more

Plan Sponsors and Service Providers Must be Aware of Changes Made to Rules Pertaining to Puerto Rico Qualified Retirement Plans

by Littler on

Recent changes to Puerto Rico’s tax treatment of certain retirement plans have taken effect. Act No. 106 of August 23, 2017 (“Act 106”) amended Section 1081.01 of the Puerto Rico Internal Revenue Code as amended, (the “PR...more

2018 Benefits Limits

by Clark Hill PLC on

Please see full 2018 Benefit Limits Chart below for more information....more

Tax Reform And Accumulated Leave (Aka “Special Pay”) Plans

by Carlton Fields on

Provisions in the current proposed Senate tax reform bill would likely reduce the effectiveness of retirement plan arrangements that regularly receive contributions of unused leave for former employees, commonly known as...more

Five Exercises for Toning Up a Law Firm’s Large Middle Section

by Hayse LLC on

Law firms look around and see that the attorney pyramid structure is crumbling or gone. In its place is an indistinct shape that often includes an oversized group of experienced lawyers not worthy, at least yet, of ownership....more

2018 Qualified Plan Cost of Living Increases, 2018 Social Security Taxable Wage Base - Updated for New Taxable Wage Base

by Ruder Ware on

The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. A few of the limits shown below remain unchanged from last year, but others have increased....more

2018 Benefit Limits

Retirement Plan Limits - The IRS updated very few of the retirement plan limits effective for the plan year that begins on or after January 1, 2018. Social Security Tax and Wage Base - For calendar year 2018, the...more

IRS Announces Year 2018 Retirement Plan Limits

by Blank Rome LLP on

The Internal Revenue Service (“IRS”) announced today, October 19, 2017, the following dollar limits applicable to tax-qualified plans for 2018: - The limit on the maximum amount of elective contributions that a person may...more

The Trump threat to 401(k) and the reality of it

by Ary Rosenbaum on

When Donald Trump was elected President last November, there were quite a few people who promised gloom and doom as if it was the end of our republic. Despite the tweets and the drama, that really hasn’t panned out yet. Many...more

IRS Issues Hurricane Harvey Relief

by Snell & Wilmer on

In Announcement 2017-11, the IRS relaxed standards for hardship distributions and loans from qualified retirement plans for those affected by Hurricane Harvey. This relief applies to employees or former employees and their...more

IRS and DOL Provide Relief for Plan Sponsors and Participants Affected by Hurricane Harvey

by Seyfarth Shaw LLP on

The Internal Revenue Service (IRS) and Department of Labor (DOL) issued temporary relief on deadlines and procedural requirements applicable to employee benefit plans for employers impacted by Hurricane Harvey. ...more

New York State Issues Guidance on Tax Treatment of Paid Family Leave Contributions and Benefits

by Littler on

The New York State Department of Taxation and Finance (DOTF) issued much-needed guidance regarding the tax treatment of deductions from employee wages used to finance paid family leave premiums, and the tax treatment of paid...more

New York State Paid Family Leave - Tax Guidance Issued

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The New York State Department of Taxation and Finance recently issued guidance on the tax treatment of New York State Paid Family Leave employee contributions and the PFL benefit. The guidance directs that...more

New Guidance On Taxation Of Contributions And Benefits Under New York State’s Paid Family Leave Program

by Jackson Lewis P.C. on

The New York State Department of Taxation and Finance (the “Department”) recently provided guidance regarding the taxation of contributions made under, and benefits paid under, New York State’s new paid family leave program...more

The easiest mistake most 401(k) plan sponsors make

by Ary Rosenbaum on

The road to hell is paved with good intentions and that’s how I feel when it comes sometimes to what a 401(k) plan sponsor does. Yet, there is an error that too many 401(k) plan sponsors do that the Department of Labor (DOL)...more

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