Changes have been made to the penalties that may be assessed against employers since our last article on Form 5500 filings. As a reminder, Form 5500 is the information return that must be filed by most employee benefit plans subject to ERISA (unless an exception applies), and failure to file this annual return for a plan can result in assessment of ...
This continues our series of posts regarding the SECURE Act of 2019. As discussed in our previous articles, Cadillac Tax Sent to the Junkyard… and 72 is the New 70 ½ for RMD’s…, the SECURE Act has made numerous changes to taxes, health plans, and, now, even retirement plans.
Effective for plan years beginning after December 31, 2020, the SECURE ...
Along with the impact that the SECURE Act has on retirement plans, the Act will also affect health and welfare plans. The SECURE Act modified parts of current legislation put into place by the Affordable Care Act (ACA). Welcome changes made by the Act are the repeal of the medical device tax, a 2.3% excise tax on certain devices such as pacemakers, and ...
School administrators and health care professionals may have difficulty navigating the HIPAA privacy rules and the requirements of the Family Educational Rights and Privacy Act (“FERPA”) when dealing with the health information of students. In 2008, the U.S. Department of Education (“DOE”) and the U.S. Department of Health and ...
As you have likely seen by now, over the weekend President Trump signed the Setting Every Community Up for Retirement Security Act (the “SECURE Act”) into legislation. This is the largest piece of legislation impacting retirement plans since the PPA was enacted in 2006. We will be addressing the impact of this legislation on your plan over a ...
The IRS again announced that it is extending the deadline for large employers (generally those with 50 or more full-time equivalent employees in the previous year) and self-insured group health plans to distribute their Forms 1095-C to employees and plan participants. The normal deadline to distribute Forms 1095-C is January 31st. This IRS ...
Now that the cost of living adjustments have been issued for 2020, it is time for plan sponsors to finalize and issue their annual notices to participants. The 401(k) safe harbor, qualified default investment alternative (“QDIA”), and automatic enrollment notices must all be sent to plan participants between 30-90 days before the beginning ...
The IRS released its annual update for the cost-of-living adjustments for 2020. Consistent with the changes made last year, elective deferral limits for 401(k), 403(b), and 457 plans increased $500 from $19,000 to $19,500, the annual compensation limit increased $5,000 from $280,000 to $285,000, the defined contribution plan limit ...
By Alex Mattingly and Kitso Malthape
In November of 2018, we wrote a blog post about the IRS’ proposed regulations regarding changes to the hardship distribution rules. On September 19, 2019, the IRS and Treasury Department issued the final regulations for hardship distributions rules. The final regulations are substantially similar to ...
October 14th is the last day employers who sponsor group health plans can timely provide the Medicare Part D Notice to plan participants. This Notice is provided to inform participants whether or not your plan’s prescription drug coverage is expected to cover, on average, as much as the standard Medicare Part D plan. The notice must be distributed ...