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 ...
We wrote a blog post last year on the proposed FAQs addressing the Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA), specifically as it applies to self-funded group health plans that excluded Applied Behavior Analysis (ABA) therapy from plan benefit coverage. Last week, the Department of Labor (DOL), Health and Human Services ...
In April 2019, the Department of Health and Human Services (HHS) issued final regulations that were set to become effective January 1, 2020. HHS had expressed concern that the availability of a coupon may cause physicians and patients to choose an expensive brand name drug when a less expensive and equally effective generic or other alternative ...
Beginning in 2017, the IRS began accepting determination letter applications from an individually designed plan only for initial plan qualification and for qualification upon plan termination. Prior to 2017, these plans could submit an application once every five years to request the IRS’ blessing that its provisions were satisfactory ...
In 2013, the IRS established a program for issuing opinion letters for 403(b) pre-approved plans and began accepting applications for opinion letters. This program allows eligible employers that amend or restate their plans to retroactively correct defects in form of written 403(b) plans going back to the first day of the remedial amendment ...
As employers head into open enrollment season for health insurance there are numerous legal notices that must be provided to eligible employees. One of those annual notices was recently revised and a new model notice was provided by the Department of Labor’s Employee Benefit Security Administration.
The model Medicaid/CHIP notice was revised ...
Large employers must not only offer coverage to avoid the shared responsibility employer mandate penalties, but the cost of coverage must also be affordable. If you are a large employer required to provide health plan coverage to avoid the shared responsibility penalties, it is prudent to reevaluate your contribution structure each year ...
Most employers that sponsor a group health plan subject to COBRA are aware that employees and any covered dependents must be offered COBRA continuation coverage when an employee or dependent loses coverage under the plan. What many employers do not expect is that employees terminated for gross misconduct do not have a right to COBRA coverage ...