The IRS has announced the 2026 cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements...more
5/9/2025
/ Affordable Care Act ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
HDHP ,
Health Insurance ,
Healthcare ,
HRA ,
HSA ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Revenue Procedures ,
Taxation
Many employer-sponsored defined contributions plans, including 401(k) profit sharing plans and money purchase pension plans include a vesting schedule – a period over which a plan participant earns a nonforfeitable right to...more
2/3/2025
/ 401k ,
Benefit Plan Sponsors ,
Breach of Duty ,
Compensation & Benefits ,
Corporate Counsel ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Employment Litigation ,
ERISA Litigation ,
Fiduciary Duty ,
Financial Services Industry ,
Pensions ,
Plan Administrators ,
Profit Sharing ,
Prohibited Transactions ,
Retirement Plan
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2025. Many...more
11/25/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Benefits
The Pension Benefit Guaranty Corporation (PBGC) insures most private sector (i.e., non-governmental) defined benefit pension plans. The Plan Administrator of each pension plan covered under ERISA is required to annually file...more
Employers that sponsor a self-insured health plans must submit their Patient-Centered Outcomes Research Institute (PCORI) fees to the Internal Revenue Service by July 31, 2024. Plan sponsors need to calculate their PCORI fee...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2024. Many...more
2/12/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Tax Planning
Our August 24, 2023 blog post “Retirement Plans: Will January 1, 2024 Effective Date for Age 50 Catch-Up Contribution Changes Be Delayed?,” discussed the new catch-up contribution rule and options for keeping retirement...more
Employers who sponsor retirement plans for their employees face annual reporting requirements that may involve significant expenses. One of these is the requirement that a plan be audited annually by an independent qualified...more
New Deadline is August 31, 2023 -
Connecticut has established a state-run employee retirement savings program ("MyCTSavings") that launched in 2022 and is administered by the Office of the State Comptroller. The individual...more
Most employers allow employees covered by the employer-sponsored group health and welfare plans to pay their share of the cost through pre-tax payroll deductions. In order to do this the employer must maintain a written...more
11/22/2022
/ Cafeteria Plans ,
Compensation & Benefits ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Deadlines ,
Employee Benefits ,
Flexible Spending Accounts ,
Health and Welfare Plans ,
Infectious Diseases ,
IRS ,
Relief Measures ,
Tax Liability ,
Tax Planning
Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more
IRS Notice 2022-33, released August 3, 2022, extends deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect certain provisions of the legislation generally referred to as the SECURE...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more
4/14/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Highly Compensated Employees ,
IRS ,
New Guidance ,
Regulatory Standards ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Income
As mentioned in our prior COBRA update, the American Rescue Plan Act (ARPA) provides for government-subsidized COBRA premium payments. The subsidy is available to COBRA qualified beneficiaries who become eligible for COBRA...more
Welcome to Manufacturing Updates, Pullman & Comley’s new quarterly publication that summarizes important legal developments for manufacturers. Manufacturing Updates brings together insights from attorneys across our many...more
6/1/2021
/ Acquisition Agreements ,
American Rescue Plan Act of 2021 ,
COBRA ,
Federal Contractors ,
Land Use Restrictions ,
Manufacturers ,
OEM ,
Premium Subsidies ,
Remediation ,
Remote Working ,
Selling a Business ,
Suppliers ,
Supply Chain ,
Terms and Conditions ,
Trade Secrets
The American Rescue Plan Act (ARPA), signed into law last month, requires employers to provide subsidized COBRA coverage to employees who qualify for and elect COBRA continuation coverage due to either a reduction in hours or...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2021. A few...more
As highlighted in our recent Tax Alert, in Notice 2020-51 (the Notice) the Internal Revenue Service (IRS) provides an extension of the 60-day rollover period to August 31, 2020 for individuals who have already taken a...more
7/22/2020
/ 401k ,
403(b) Plans ,
CARES Act ,
Deadlines ,
Employee Benefits ,
IRA Rollovers ,
IRS ,
Relief Measures ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan
Key provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020 that affect retirement plans include the following...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020, creates favorable tax treatment for “Coronavirus-Related Distributions” from “eligible retirement plans.”...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020, in response to the current coronavirus pandemic (the “Pandemic”) contains several provisions that impact the operation of...more
Over the past several years, many employers have adopted a safe harbor contribution feature for their 401(k) retirement plan. Employers anticipating or experiencing financial stress triggered by the COVID-19 related business...more
The United States Department of Labor has issued “COVID-19 or other Public Health Emergencies and the Family and Medical Leave Act Questions and Answers” (the “DOL COVID-19 FAQ”). The DOL COVID-19 FAQ provides the following...more
3/16/2020
/ Americans with Disabilities Act (ADA) ,
China ,
Coronavirus/COVID-19 ,
Crisis Management ,
Department of Labor (DOL) ,
Emergency Management Plans ,
Employer Liability Issues ,
Family and Medical Leave Act (FMLA) ,
Federal Labor Laws ,
Fitness for Duty Exams ,
Health and Safety ,
Infectious Diseases ,
Public Health ,
Risk Management ,
Workplace Safety
Employers and health plans that want to provide some relief for participants during the spread of the novel coronavirus (SARS-CoV-2, which causes the disease COVID-19) may waive deductibles for COVID-19 testing without...more
3/16/2020
/ China ,
Clinical Laboratory Testing ,
Coronavirus/COVID-19 ,
Crisis Management ,
Deductibles ,
Emergency Management Plans ,
Emergency Response ,
Employee Benefits ,
Employer Group Health Plans ,
HDHP ,
Health Insurance ,
Health Savings Accounts ,
Infectious Diseases ,
IRS ,
Medical Benefits ,
Medical Examinations ,
New Guidance ,
Public Health
New legislation impacting retirement plans and their participants was signed into law by President Trump on December 20, 2019. The Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) is one of the...more
2/3/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Beneficiary Designations ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Individual Retirement Account (IRA) ,
New Legislation ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Planning ,
Tax Rates