Earlier today the Internal Revenue Service issued Notice 2019-59 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2020. The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has…
The IRS has issued final regulations regarding hardship distributions from 401(k) and 403(b) plans. While the final regulations differ little from the proposed regulations (as described in our November 15, 2018 Employee Benefits ALERT), there are changes worth noting.
Employee Representation of…
On March 27, 2019 the IRS announced that taxpayers can no longer request an employer identification number (“EIN”) unless the “responsible party” named on the application has a Social Security number (“SSN”) or Individual Taxpayer Identification Number (“ITIN”). This change goes into effect on May…
A trifecta federal agency approach to expansion efforts related to health reimbursement arrangements (“HRAs”) occurred on October 29, 2018. The Departments of Treasury, Health and Human Services, and Labor (collectively, the “Departments”) jointly announced proposed HRA regulations, effective for…
The Internal Revenue Service issued Notice 2018-83 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2019. The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has increased $500,…
The IRS initially issued proposed regulations on Friday, November 9, 2018 and published such regulations in the Federal Register on November 14, 2018 providing guidance related to modifications necessary to administer hardship distributions based on the statutory changes made by the Bipartisan…
The Department of Labor (“DOL”) is buckling down on compliance with the Mental Health Parity and Addiction Equity Act of 2008 (“MHPAEA”). On April 23, 2018, the DOL released a plethora of updated information that provides employers, who sponsor health plans, even more insight as to how to ensure…
The $50 reduction in the family coverage limit for health savings account (“HSA”) contributions just announced last March is no longer effective. The good news is that taxpayers can save more for medical expenses in 2018 (up to $6,900), while the challenge for employers and/or service providers…
The Tax Cuts and Jobs Act of 2018 (the “Act”) was signed into law by President Trump on December 22, 2017. It is heralded as making the most significant changes in corporate taxation in the US in more than 30 years. The Act makes changes to C corporations, S corporations and other pass-through…
As reported in our previous Employee Benefits ALERT, the Tax Cuts and Jobs Act provided several changes affecting qualified retirement plans. On February 9, 2018, Congress passed, and President Trump signed into law, the “Bipartisan Budget Act of 2018” (the “Act”). The Act contains some provisions…
The Tax Cuts and Jobs Act signed by President Trump on December 22, 2017 included a requirement that modifications of cost-of-living adjustments be made to certain statutory limits based on the Chained Consumer Price Index for All Urban consumers (“C-CPI-U”). The Internal Revenue Service (“IRS”)…
The Department of Labor (DOL) expanded the claims procedures for disability benefits in final regulations issued on December 19, 2016 with a delayed effective date of April 1, 2018 (“Final Regulations”). The Final Regulations expand the current claims procedures applicable to disability claims…
