News & Analysis as of

Employee Contributions

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

New York Paid Family Leave Law Regulations Become Effective

Regulations implementing the Paid Family Leave Act became effective on Wednesday, July 19, 2017. No substantive changes were made to the proposed regulations that were published back in May 2017....more

Final Regulations for New York State Paid Family Leave Law Adopted

The New York Workers Compensation Board (the “Board”) has adopted final regulations for implementation of the New York Paid Family Leave Law (“PFLL”).  The final regulations are effectively immediately....more

PFLL Withholding Begins - New York employers may begin deducting from employees’ pay to fund paid family leave

New York’s Paid Family Leave Law (PFLL), the most expansive paid leave law in the nation, goes into effect on January 1, 2018. Leave pursuant to the PFLL will be funded entirely through payroll deductions. To ensure that...more

New York Paid Family Leave Law Contributions Have Started, While Proposed Regulations Are Revised

The Paid Family Leave Act will provide, when fully implemented, employees in the state of New York with up to 12 weeks of job-protected paid family leave to (1) care for a family member (including a child, parent,...more

Update Regarding New York’s Paid Family Leave Law (Effective Jan. 1, 2018)

by BakerHostetler on

As we reported previously to New York recently joined several other states that offer paid family leave benefits for employees. Effective Jan. 1, 2018, the New York Paid Family Leave Law (PFLL) will provide eligible employees...more

Self Insured Groups Save 50% More On Healthcare Coverage with this One - Two Punch: Triage and Customized Quota Share (Rebate)...

by Slim Ventures LLC on

Medium and large employers have found that they can save an average of 30% self insuring the health care of their employees. And while policymakers and pundits lament the need for healthcare reform, self insured groups...more

Costa Rica: IVM Contributions to Increase as of July 1, 2017

by Littler on

On June 6, 2017, the Board of Directors of the Department of Social Security (this agency is also known as “CCSS”, for its acronym in Spanish) increased the pension contributions first by .5% effective July 1, 2017, and by an...more

Employee Contribution Amount Released for New York Paid Family Leave

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The New York State Department of Financial Services has set the amount of the maximum weekly employee contribution at 0.126% of an employee’s average weekly wage or the statewide average weekly wage,...more

Maximum Employee Contribution Rate Announced for New York State Paid Family Leave Law

As we recently reported, the New York Workers Compensation Board has issued revisions to its proposed rules for implementation of the New York Paid Family Leave Law (“PFLL”). Subsequently, on June 1, 2017, the New York State...more

Oregon Launches Retirement Savings Program: Employer Registration Will Be Required

In 2015, Oregon passed legislation creating a state-based retirement savings program that has since been named “OregonSaves.” Implementation of the OregonSaves program was delayed pending the issuance of final rules by the...more

Know when a SEP no longer fits

by Ary Rosenbaum on

Those small employer plans like a SEP or a SIMPLE-IRA are great opportunities for small businesses to save for retirement because of the no administration costs. However, like clothing for kids, there will be a time when...more

Changes to the Canada Pension Plan: a field guide for Ontario employers

by Dentons on

Are you an employer who is uncertain about what you should be doing to prepare for the changes to the Canada Pension Plan (CPP)?  This guide will help you....more

Plan Design And Tax Deductions

by Ary Rosenbaum on

If you’re a retirement plan sponsor, why should you care about plan design? Retirement plan design is one of the most underappreciated facets of the retirement plan business and it really should be appreciated. The reason why...more

April 18, 2017 is the Deadline to Make Contributions to a Health Savings Account for 2016

by Dickinson Wright on

If you were eligible in 2016 to make contributions to a Health Savings Account (H.S.A.) and you have not already made the maximum contribution for the year, you have until April 18, 2017 to make your contribution. Unlike...more

Workwise: Don't Skimp on Statutory Minimums: Drafting an Enforceable Termination Clause

by Field Law on

The recent decision of the Court of Appeal for Ontario in Wood v. Fred Deeley Imports Ltd., 2017 ONCA 158 (Wood), once again highlights that employers must be very careful when it comes to drafting termination clauses as a...more

Employee Benefits Developments - February 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of February 2017. March 31, 2020 Deadline for Amending 403(b) Plans - When the Internal Revenue Service...more

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