The “Tax Cuts and Jobs Act” signed by President Trump on December 22, 2017, thankfully did not turn retirement plans into a new source of tax revenue, but that does not mean the employee benefits world went completely unnoticed. Below are some of the key employee benefits changes, which were…
The Internal Revenue Service (IRS) issued a late December gift to employers (and other coverage providers) by extending a rapidly approaching due date to furnish health care coverage information to employees (or other affected individuals). Notice 2018-06 (Notice) pushes the deadline for employers…
If you are a small employer currently planning for open enrollment and faced with ever-rising healthcare costs, you should read this article for an alternative solution. Likewise, if you are an employer that used to provide a health reimbursement arrangement (“HRA”) as a method to help your…
The Internal Revenue Service (“IRS”) issued a May 12, 2017 memorandum from the Office of Chief Counsel (CCA 201719025) that reminds us all of the old saying “If it seems too good to be true then it probably is.” The cost of benefits for employers and employees is not getting any cheaper as many of…
The U.S. Department of Labor (DOL) is looking for more input about possible changes to the Fiduciary Rule and even possible further delay of some of its applicability. On June 29, 2017, the DOL released a Request for Information regarding the Fiduciary Rule and prohibited transaction exemptions,…
Late Monday, May 22, 2017, Secretary of Labor Alexander Acosta issued an opinion editorial in the Wall Street Journal explaining that although public comments and more in-depth analysis will continue with respect to the overall fiduciary duty rule, he saw no legal reason to further delay the…
Just a day after CKE Restaurants CEO Andy Puzder, amid allegations of conflicts of interest and possible discontent among employees, withdrew his nomination to serve as Secretary of Labor, President Trump has tabbed R. Alexander Acosta to head the Department of Labor (DOL).
Mr. Acosta has…
Since our February 3, 2017 Alert, explaining that the President directed the Department of Labor (DOL) to take a closer look at that Fiduciary Rule, the White House has published the Presidential Memorandum and the specific directives to the DOL.
The Presidential Memorandum instructs the DOL "to…
In April 2016, the U.S. Department of Labor (DOL) published its final rule—widely referred to as the “fiduciary rule”—amending the regulatory definition of “fiduciary investment advice” in 29 CFR 2510.3-21, replacing a five-part test that long has governed whether a person is deemed to render…
By way of Notice 2016-4, issued on December 28, 2015, the IRS has extended the deadlines for the information reporting for 2015 related to mandates of the Patient Protection and Affordable Care Act, as amended ("ACA"), that affect employers sponsoring group health plans. The applicable ACA…
As recently announced by the Internal Revenue Service, most of the annual dollar limitations relating to pension and other retirement plans will not be changing for 2016. In addition, the Social Security Administration has determined that the 2016 contribution and benefit base will remain at…
