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…
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…
