Governmental employers that employ part-time, seasonal and/or temporary employees may want to consider adopting a FICA Replacement Plan. By implementing a FICA Replacement Plan, an eligible government employer may eliminate...more
Do you remember the scene in the Wizard of Oz when Dorothy, the Scarecrow and Tin Man were walking into the forest chanting “lions and tigers and bears, oh my”? I could not help but mutter “oh my” under my breath when I...more
12/9/2020
/ Annual Reports ,
Delinquency Status ,
Department of Labor (DOL) ,
Employee Benefits ,
Filing Deadlines ,
Filing Requirements ,
IRS ,
Plan Administrators ,
Retirement Plan ,
SECURE Act ,
Tax Penalties
Since its adoption the Employee Retirement Income Securities Act of 1974, as amended (“ERISA”), has required employee benefit plan sponsors to make disclosures regarding plan terms and plan expenses. The most well-known of...more
11/6/2020
/ Actual or Constructive Knowledge ,
Appeals ,
Breach of Duty ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Duty ,
Intel Corp. Investment Policy Committee v. Sulyma ,
Material Disclosures ,
Question of Fact ,
Reaffirmation ,
Retirement Plan ,
Retirement Plan Beneficiaries ,
Reversal ,
Safe Harbors ,
SCOTUS ,
Split of Authority ,
Statute of Limitations ,
Summary Judgment ,
Summary Plan Description
The title’s question is triggered by a Presidential Memorandum issued on August 8, 2020 (the “Memo”) directing the Secretary of the Treasury to defer Social Security taxes for certain employees. ...more
The title’s question is triggered by a Presidential Memorandum issued on August 8, 2020 (the “Memo”) directing the Secretary of the Treasury to defer Social Security taxes for certain employees....more
8/31/2020
/ Coronavirus/COVID-19 ,
Infectious Diseases ,
IRS ,
Payroll Taxes ,
Presidential Memorandum ,
Relief Measures ,
Social Security Taxes ,
Tax Deferral ,
Tax Relief ,
Trump Administration ,
U.S. Treasury
On May 4, 2020, the IRS issued new questions and answers regarding coronavirus-related relief for participants in retirement plans and IRAs (the “FAQs”)....more
On April 28, 2020, the Employee Benefits Security Administration (“EBSA”) issued three documents related to COVID-19 relief: (i) EBSA Disaster Relief Notice 2020-20 (EBSA Notice 2020-01); (ii) the text of a final rule...more
5/6/2020
/ Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Disaster Aid ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Form 5500 ,
Form M-1 ,
IRS ,
Regulatory Requirements ,
Retirement Plan ,
Sales & Distribution Agreements
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
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
The simple and safe answer to the question posed is “April 15, 2020.” Contributions to traditional and Roth Individual Retirement Accounts (“IRAs”) and Health Savings Accounts (“HSAs”) must be made no later than “the time...more
On March 12, 2020, the Center for Medicare & Medicaid Services Center for Consumer Information & Insurance Oversight issued an FAQ regarding coverage for diagnosis and treatment of COVID-19 under the Affordable Care Act. CMS...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
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 2020. Many...more
12/19/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
FICA Taxes ,
Highly Compensated Employees ,
IRS ,
Popular ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Social Security ,
Tax Planning
- Create a Plan Document...
- Do not rely solely on special acts, ordinances, or collective bargaining agreements...
- Reflect collectively bargained provisions...
- Update contemporaneously to reflect changes in...more
12/4/2019
/ Best Practices ,
Claim Procedures ,
Collective Bargaining Agreements (CBA) ,
Compensation & Benefits ,
Employee Benefits ,
Municipalities ,
Pensions ,
Plan Documents ,
Public Employees ,
Public Employers ,
Retirement Plan ,
State and Local Government
The Tax Cuts and Jobs Act of 2017 added several new provisions to the Internal Revenue Code (the “Code”) which impose new excise taxes on tax-exempt entities. One of these new provisions is Code Section 4960, Tax on Excess...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 2018. Many...more
One major area of confusion and annoyance created by the Affordable Care Act (the “ACA”) has finally been put to rest with the enactment of the 21st Century Cures Act on December 13, 2016 (the “Cures Act”). Many small...more
Despite repeated guidance from the IRS that employer payment plans violate insurance reforms under the Affordable Care Act (the “ACA”), many small employers continue this arrangement of reimbursing employees for their cost of...more
7/7/2016
/ Affordable Care Act ,
Bipartisan Agreement ,
Cash-in-Lieu of Benefits ,
Employee Benefits ,
Employer Group Health Plans ,
Employer Liability Issues ,
Excise Tax ,
Legislative Agendas ,
Popular ,
Proposed Legislation ,
Small Business
Who really benefits? You may be surprised!
If you participate in a 401(k) or other retirement plan, have one or more IRA accounts, or life insurance policies, you need to designate beneficiaries to receive the benefits...more
With the Affordable Care Act (“ACA”) nearly fully implemented and agency enforcement now underway, employers must be clear which provisions of the ACA apply to them. Any employer that sponsors a health plan for employees is...more
The IRS has extended the deadlines for furnishing to employees the new Forms 1095 and filing these Forms with the IRS. The Forms are designed to confirm compliance with the employer and individual health insurance mandates...more
The Affordable Care Act (the “ACA”) established limitations on the annual out-of-pocket costs that a health plan may impose on a participant. The U.S. Department of Health and Human Services, Department of Labor and the...more
Some employers – particularly smaller ones – have assisted their employees to obtain health insurance by reimbursing them for the cost of insurance they purchase in the individual market. Does this practice satisfy the...more