News & Analysis as of

Employee Benefits Benefit Plan Sponsors Safe Harbors

Bricker Graydon LLP

Is My Health Plan Affordable Enough?

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As employers increasingly struggle with rising health plan costs, the IRS has provided some good news. Recently, the IRS announced that the Affordable Care Act (ACA) affordability threshold will increase to 9.96% of household...more

Bricker Graydon LLP

Considering Auto-Portability for your Retirement Plan?

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We have noticed an increasing number of employers reaching out with questions about whether they should have their defined contribution plan join the auto-portability network. ...more

Williams Mullen

Annual Employee Benefits Compliance Checklists - Plan Administrators

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Plan administrators should review the following actions to be taken before the end of 2024 and focus on what to expect for 2025. The following checklist addresses plan amendments, notices, and other considerations for...more

Alston & Bird

Do You Need to Send an Annual Notice to Plan Participants?

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If so, you may need to do so by December 1, 2024. Our Employee Benefits & Executive Compensation Group reviews the multiple year-end notices that defined contribution plans must issue to participants....more

Kaufman & Canoles

ESOPs, Benefits & Compensation Q3 2024 Client Update

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Fall greetings from the Kaufman & Canoles ESOPs, Benefits & Compensation team. We hope you’re enjoying the cooler weather, changing leaves, and—of course—the continual pace of change in employee benefits. Please find below a...more

Bricker Graydon LLP

You May be Able to Increase Health Plan Premiums and Stay Affordable in 2025

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For the first time in four years, the IRS adjusted the affordability percentage used for the shared responsibility penalties. The IRS recently announced that the affordability percentage for 2025 will be 9.02%....more

Seyfarth Shaw LLP

Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans

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Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by...more

Miller Canfield

IRS Issues Grab Bag Notice Addressing Various SECURE 2.0 Provisions

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The IRS recently issued Notice 2024-02— dubbed the “Grab Bag Notice”— which addresses multiple provisions in SECURE 2.0. The guidance is 81 pages long, comes in the form of frequently asked questions and answers, and speaks...more

Bricker Graydon LLP

403(b) Plans - Not Your Average Salary Deferral Plan

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Congress continues to pass laws that move 403(b) plans ever closer to 401(k) plans, but 403(b) plans remain distinct. Understanding these differences allows you to maintain a compliant plan that best serves the needs of your...more

Kaufman & Canoles

ESOPs & Employee Benefits - SECURE 2.0 Provisions Taking Effect in 2024

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As many surely recall, the SECURE 2.0 Act of 2022 included nearly 100 provisions affecting retirement plans. While a number of the new rules became effective immediately, another portion is scheduled to take effect in 2024....more

Maynard Nexsen

Understanding the Voluntary Plan Safe Harbor Rules

Maynard Nexsen on

As many employer plan sponsors are aware, the Employee Retirement Income Security Act (“ERISA”) generally applies to “employee welfare benefit plans”, which are any plans, funds or programs established or maintained by an...more

Bricker Graydon LLP

The Who, the When and the “Oh, No” of 401(k) Plan Notices

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It’s that time of year again when calendar year 401(k) plans must send annual retirement plan notices. As you work with your service providers to make sure all notices are sent, now may be a good time to reacquaint yourself...more

McDermott Will & Schulte

New MHPAEA Guidance Regarding NQTLs: Network Access and Composition

Recently proposed regulations attempt to ensure that health plans allow access to mental health or substance use disorder (MH/SUD) benefits as easily as medical or surgical (M/S) benefits. The proposed regulations, issued by...more

Harris Beach Murtha PLLC

SECURE 2.0 Act of 2022 - What it Means for 403(b) Plans

The SECURE 2.0 Act of 2022 (“SECURE 2.0”), enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023 (Public Law No. 117-328), builds upon many changes made earlier by the Setting Every...more

Laner Muchin, Ltd.

SECURE 2.0 Makes Several Key Changes for Employer Sponsored Retirement Plans

Laner Muchin, Ltd. on

On December 29, 2022, as part of the Consolidated Appropriations Act of 2023, President Biden signed into law the SECURE 2.0 Act of 2022 (“SECURE 2.0”). SECURE 2.0 makes many significant changes to the employer sponsored...more

Harris Beach Murtha PLLC

SECURE 2.0 Act of 2022 - What it Means for Retirement Plan Distribution Rules

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) was enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023, the U.S. federal government’s spending bill for fiscal year 2023. SECURE 2.0 builds upon...more

Venable LLP

SECURE 2.0 Has Arrived - Here's What You Need to Know

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On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023. This legislation includes the highly anticipated SECURE 2.0 Act, which expands and supplements the original SECURE Act of 2019....more

Fisher Phillips

10 Most Significant Employee Benefits Law Changes in 2023’s Federal Spending Bill

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Besides ensuring the federal government remains fully funded, President Biden’s signature Thursday on the Continuing Appropriations Act, 2023 (CAA 23) contains several provisions that will directly impact health and...more

Alston & Bird

Do You Need to Send an Annual Notice to Plan Participants?

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Our Employee Benefits & Executive Compensation Group reviews the multiple year-end notices that defined contribution plans must issue to participants....more

Faegre Drinker Biddle & Reath LLP

Navigating Open Enrollment Notice Requirements

Fall open enrollment is upon us, and plan sponsors and administrators are preparing to provide their employees with the required notices related to their health and welfare plans. Notice and disclosure obligations for health...more

Woodruff Sawyer

Congress Passes Another Temporary Telehealth Safe Harbor

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On March 15, 2022, the President signed the Consolidated Appropriations Act, 2022 (H.R. 2471) into law (“CAA 2022”). The CAA 2022 is largely a spending bill but also includes, among other things, a much-anticipated new...more

Snell & Wilmer

Group Health Plans Must Provide Free Over-the-Counter COVID-19 Tests Effective January 15, 2022 – Six Takeaways

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On January 10, 2022 the Departments of Labor, Health and Human Services, and Treasury (collectively the “Departments”) issued Affordable Care Act FAQs Part 51 which addresses, in relevant part, payment for over-the-counter...more

Alston & Bird

Do You Need to Send an Annual Notice to Plan Participants?

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Our Employee Benefits & Executive Compensation Group reviews the multiple year-end notices that defined contribution plans must issue to participants....more

Faegre Drinker Biddle & Reath LLP

Day of the Dead…lines: Updating Your Plan’s Safe Harbor Notice

As the end of year approaches, now is the time for safe harbor 401(k) plan sponsors to prepare their annual safe harbor notices. 401(k) Plans that satisfy nondiscrimination testing via the employer contribution safe...more

Faegre Drinker Biddle & Reath LLP

Forced Rollovers of Small Retirement Account Balances: What to Do with Missing Participants

When a participant experiences a distribution event (e.g., terminating service with the employer), and when the participant does not affirmatively elect to take the distribution, a plan document may require that an account...more

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