On behalf of the K&C ESOPs, Benefits & Compensation team, welcome to summer! In an interesting turn of events, major legislation that we typically see toward the end of the year landed on the Fourth of July in the form of the...more
On May 1, 2025, the IRS released Rev Proc 2025-19 which updated for 2026 the limits applicable to certain health and welfare plans, including the following key limits...more
On Nov. 1, 2024, the IRS published its annual cost of living adjustments for various retirement plan limits. These increases are more modest than recent years, a reflection that inflation is slowing....more
On April 28, 2023, the Internal Revenue Service’s (IRS) Office of Chief Counsel released guidance reiterating claims substantiation rules for health flexible spending arrangements (health FSAs) under Internal Revenue Code...more
The IRS’s Office of Chief Counsel recently released Chief Counsel Advice Memorandum Number 202317020, which reiterates the longstanding substantiation requirements that apply to claims for payment or reimbursement of expenses...more
On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified...more
The Consolidated Appropriations Act, 2021, Public Law 116-260 (CAA) set forth new compensation disclosure requirements that apply to service providers who provide “brokerage services” or “consulting” to group health plans...more
The American Rescue Plan Act (the Act) included certain temporary COBRA subsidy provisions that allow “Assistance Eligible Individuals” (AEIs) to receive COBRA subsidies from April 1, 2021 to September 30, 2021 (the...more
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”) which is another coronavirus stimulus package aimed at speeding up the United States’ recovery from the economic and health...more
The COVID-19 National Emergency hasn’t ended yet, so how do plan sponsors account for certain employee benefit plan time periods lingering since early 2020 due to the Outbreak Period prescribed by the Departments of Treasury...more
The American Rescue Plan Act of 2021 (ARPA) is the latest federal COVID-19 relief bill, which the President signed into law March 11, 2021. ARPA includes new COBRA continuation coverage election, notice, and subsidy...more
Seyfarth Synopsis: The IRS has announced the adjustments to key limits for certain health and welfare benefit programs, including HDHP deductibles, HSA and FSA contributions, and other fringe benefit options for 2021....more
For calendar year 2021, the Health FSA contribution limit and the parking and transit limits remain the same. Other limits increase only slightly....more
In response to the COVID-19 crisis, many employers have been faced with the difficult task of taking short-term measures to preserve long-term viability. Measures taken include layoffs, furloughs, reduced work schedules, and...more
The IRS recently issued Notice 2020-29, allowing §125 cafeteria plans and high-deductible health plan (HDHP) changes during the remainder of 2020....more
On May 12, the IRS released Notices 2020-29 and 2020-33, which collectively provide various forms of relief under the existing IRC Section 125/129 rules in light of the COVID-19 pandemic. ...more
As employers prepare their workforces for issues related to COVID-19, they should also take steps to ensure that their benefit plans are prepared. The impact of the virus will put a financial and logistical strain on many...more
Today, the IRS released the annual adjustments for health FSAs, transportation plans and employer adoption assistance benefits. The following chart indicates these new limits, along with other health plan limits applicable...more
The Internal Revenue Service and Social Security Administration have announced the various retirement plan benefit and employment tax limits for 2019. Certain limitations will not change for 2019 because they are not subject...more
We can provide valuable, preventive advice that enhances your bottom line in a wide range of situations. ...more
Periodically, the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation adjust for cost-of-living increases certain limitations that impact employee benefit plans. These...more
With the rise in health insurance costs and changing work demographics, employers nationwide are considering innovative benefit designs that are intended to not only contain costs but also provide employees greater...more