Can a traditional IRS be rolled into a Roth IRA? Yes, but a Roth IRA cannot be rolled into a traditional IRA. A SIMPLE IRA can be rolled into a SEP-IRA, but a SEP-IRA cannot be rolled into a SIMPLE-IRA. AHHHH! With all of the various types of plans and retirement accounts available today, the rollover rules are hard to keep ...
As a cautionary tale for any plan that is denying a participant’s claim for benefits, we present the 6th Circuit’s opinion in Moyer v. Metropolitan Life Insurance Company. In Moyer, the 6th Circuit agreed with MetLife that the statute of limitations to seek judicial review for a denied claim can be limited by the ...
If your plan is designed to satisfy the 401(k)/401(m) safe harbor contribution rules, either through an ...
We previously wrote about the deadline for plan sponsors of self-insured health plans to obtain a health plan identifier (HPID). For large self-insured health plans (receipts over $5 million), the deadline to obtain the HPID was November 5, 2014. On the eve of the deadline, the Centers for Medicare and Medicaid Services ...
In order to avoid the pay or play penalties, employers must provide a plan that provides “minimum value.” A minimum value plan does not have to cover all essential health benefits, but must have an actuarial value of at least 60%. HHS issued a calculator that plan sponsors can use to determine if their plan provides minimum ...
Lyndsey Barnett
Many plan sponsors that I have spoken to would argue that there is no good news when it comes to having to pay the transitional reinsurance fees for their group health plans. As you likely already know, these fees for 2014 are $63 per covered life in your group health plan. However, the IRS did confirm one bit of good news last week. In ...
Each fall, many of the same things happen. The leaves fall. I drink too many pumpkin spice lattes. The Bengals start to disappoint. And, the IRS announces the retirement plan limits for the following calendar year. Right on cue, as I was sipping a pumpkin spice latte yesterday, the IRS announced the 2015 limits. A majority of these ...
If so, you should review the most recent ACA FAQ issued by the DOL. For those not familiar, reference-based pricing is a structure where the plan pays only a fixed dollar amount (or “reference price”) for a particular procedure. For example, a plan with a reference-based pricing structure may pay $20,000 for a knee ...
Tom Breitenbach
Acknowledging our entrance into the 21st Century, the DOL recently announced proposed rules that would mandate electronic filing of the required statements to notify the DOL of the establishment of a new “top hat” plan. Under the current procedures put in place 40 years ago, the DOL estimates that it receives about 2,000 ...
The deadline for large health plans (receipts over $5 million) to obtain the new health plan identifier (HPID) is November 5, 2014. For insured health plans, the insurance carrier is responsible to obtain HPID, but for self-insured plans, that responsibility falls on the plan sponsor. But, until now employers have had a difficult ...