Chris Allesee
Earlier this week, the American Bar Association released the transcript of its annual joint committee on employee benefits meeting with the IRS, and (no surprise), there were a few questions related to the Affordable Care Act. The meeting dates back to May, so the transcript does not break new ground, but it does include a good ...
Earlier this week, the American Bar Association released the transcript of its annual joint committee on employee benefits meeting with the IRS, and (no surprise), there were a few questions related to the Affordable Care Act. The meeting dates back to May, so the transcript does not break new ground, but it does include a good ...
Lyndsey R. Barnett
New Internal Revenue Code Sections 6055 and 6056 require that large employers (those with 50 or more full-time equivalent employees) and employers that sponsor self-funded group health plans file new IRS Forms 1094 and 1095 beginning in January 2016. A Form 1095 gets sent to all full-time employees regardless of whether ...
New Internal Revenue Code Sections 6055 and 6056 require that large employers (those with 50 or more full-time equivalent employees) and employers that sponsor self-funded group health plans file new IRS Forms 1094 and 1095 beginning in January 2016. A Form 1095 gets sent to all full-time employees regardless of whether ...
Chris Allesee
In a recent blog post, we talked about the value of knowing whether certain types of benefit programs are subject to ERISA’s Form 5500 filing requirements, including life insurance, accident, or disability coverage. It turned out to be auspicious timing, as the IRS Employee Plans Compliance Unit announced a new project
In a recent blog post, we talked about the value of knowing whether certain types of benefit programs are subject to ERISA’s Form 5500 filing requirements, including life insurance, accident, or disability coverage. It turned out to be auspicious timing, as the IRS Employee Plans Compliance Unit announced a new project
Jamie Scott
When the Pension Benefit Guaranty Corporation (PBGC) was created under ERISA in 1974, it charged every defined benefit plan a flat rate premium of $1 per plan participant. The premium was little more than a nuisance in 1974, but for 2015, the flat rate premium is $57 per participant and there is an additional variable rate premium of $24 ...
When the Pension Benefit Guaranty Corporation (PBGC) was created under ERISA in 1974, it charged every defined benefit plan a flat rate premium of $1 per plan participant. The premium was little more than a nuisance in 1974, but for 2015, the flat rate premium is $57 per participant and there is an additional variable rate premium of $24 ...
Chris Allesee
This morning, I ran across an article that reports a recent rise in the number of employers offering voluntary benefit programs to their employees. Generally, voluntary benefit programs are “hands-off” insurance benefits requiring minimal administrative work, and usually include disability, life, accident, or ...
This morning, I ran across an article that reports a recent rise in the number of employers offering voluntary benefit programs to their employees. Generally, voluntary benefit programs are “hands-off” insurance benefits requiring minimal administrative work, and usually include disability, life, accident, or ...
Lyndsey Barnett
In the final regulations issued on the shared responsibility penalties (often referred to as the pay or play penalties), the Departments provided relief for 2015 to employers with between 50-99 full-time equivalent employees. If an employer qualifies for this relief and certifies its eligibility for the relief, it will not ...
In the final regulations issued on the shared responsibility penalties (often referred to as the pay or play penalties), the Departments provided relief for 2015 to employers with between 50-99 full-time equivalent employees. If an employer qualifies for this relief and certifies its eligibility for the relief, it will not ...
Chris Allesee
I was reviewing a service agreement for a client, I couldn’t help but recall one of the “slap-the-forehead” violations I would see more often than you would expect as a former Department of Labor investigator. In administrative committee meeting minutes, I would read a detailed multi-meeting explanation of extensive ...
Chris Allesee
Tucked away as a revenue offset in a piece of recent legislation passed late last month, Congress approved increases to the penalties assessed to employers that fail to file, untimely file, or file incomplete or inaccurate informational returns to the IRS or corresponding payee statements to employees (e.g., the W-2, Forms 1099 ...
Tucked away as a revenue offset in a piece of recent legislation passed late last month, Congress approved increases to the penalties assessed to employers that fail to file, untimely file, or file incomplete or inaccurate informational returns to the IRS or corresponding payee statements to employees (e.g., the W-2, Forms 1099 ...
Chris Allesee
On Wednesday, the DOL’s Wage and Hour Division issued an Administrator’s Interpretation that has made some noise in the employment law community. The DOL has long taken issue with the misclassification of employees as independent contractors under the Fair Labor Standards Act (“FLSA”), and in this Interpretation ...
On Wednesday, the DOL’s Wage and Hour Division issued an Administrator’s Interpretation that has made some noise in the employment law community. The DOL has long taken issue with the misclassification of employees as independent contractors under the Fair Labor Standards Act (“FLSA”), and in this Interpretation ...
Chris Allesee
Only a year ago, the IRS issued a series of private letter rulings approving the use of a plan amendment in a defined benefit plan that established a temporary window for participants that were already receiving an annuity to take a lump-sum election instead. The election windows seemed to be a win-win proposition – plans de-risk ...
Only a year ago, the IRS issued a series of private letter rulings approving the use of a plan amendment in a defined benefit plan that established a temporary window for participants that were already receiving an annuity to take a lump-sum election instead. The election windows seemed to be a win-win proposition – plans de-risk ...