On Labor Day fifty years ago, September 2, 1974, President Ford signed the Employee Retirement Income Security Act of 1974 (ERISA) into law. It is a combination of tax and labor law incorporating trust law like fiduciary...more
The IRS has announced increased annual limits for retirement and other benefit plans for 2024. While the increases for 2024 are smaller than we’ve seen in prior years, they still may have a significant impact on plans and...more
The IRS responded to rising inflation with its recent announcement regarding the limitations applicable to retirement and other benefit plans for 2023. Many limits will have significant increases compared to previous years,...more
The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social...more
The IRS has announced the 2021 dollar limits impacting retirement plans and IRAs. The agency also issued welfare plan limits, as well as ACA penalties. The chart below summarizes these 2021 figures along with the...more
In response to the COVID-19 crisis, many employers have been faced with the difficult task of taking short-term measures to preserve long-term viability. Measures taken include layoffs, furloughs, reduced work schedules, and...more
On May 12, the IRS released Notices 2020-29 and 2020-33, which collectively provide various forms of relief under the existing IRC Section 125/129 rules in light of the COVID-19 pandemic. ...more
On March 23, 2020 we suggested that April 15, 2020 was the safe date for making contributions to traditional and Roth Individual Retirement Accounts (“IRAs”) and Health Savings Accounts (“HSAs”) to have them count for 2019. ...more
Employers are trying to be as generous as possible during the interruption to normal operations caused by COVID-19, including by keeping benefits in place even when salaries are out of the question. Every penny and decision...more
Congress has passed the CARES Act to help combat the impacts of COVID-19. Below is an initial summary of key employee benefits provisions. More details will be coming but we want to make you aware of these provisions and...more
In Notice 2008-59, the IRS provided certain limited exceptions to its previously stated general position that employers may not recoup any portion of the employer’s contribution to an HSA. Specifically, Notice 2008-59...more
The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act for the first time on Thursday. In the weeks leading up to the release of the draft, speculation has swirled as to whether...more
As 2017 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end...more
The IRS recently announced cost-of-living adjustments for 2018 in Notice 2017-64 and related guidance. The key dollar limits for qualified retirement plans and health and welfare plans are noted below....more
In the summer of 2013, the Supreme Court issued a decision in U.S. v. Windsor, striking down a key provision of the Defense of Marriage Act (DOMA) and eliminating the requirement that federal law recognize only marriages...more
The following are the most significant employee benefits-related legal developments that occurred in December of 2013. At the beginning of 2013, after considering feedback from our clients and contacts who work in the...more
The Internal Revenue Service and Social Security Administration have announced cost-of-living adjustments to the dollar limits on contributions made to, and benefits under, tax-favored retirement and benefits plans, and other...more
The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans for 2014. Although many dollar limits currently in...more