As discussed in prior blog posts, the PCORI Fee was resurrected by the IRS in 2019. This past week, the IRS updated the amount of the PCORI Fee for policy years and plan years that end on or after October 1, 2022, and before October 1, 2023. The new amount of the PCORI Fee is $3.00 per covered life. That is a $.21 increase from the prior year.
As a reminder ...
The SECURE Act, which was enacted in 2019, made several changes impacting required minimum distributions that impacts virtually all retirement plans. The most commonly known change was the change in the required beginning date from 70 ½ to age 72. It also changed the distribution on death rules eliminating the option to pay over the ...
Late last week, the IRS released its annual update for the cost-of-living adjustments for retirement plans. As predicted based on the overall rate of inflation, there are widespread increases for 2023. As shown below, almost all IRS limits were affected by this year’s cost-of-living adjustments, including catch-up contributions.
Now that ...
The IRS has released the cost-of-living adjustment for the limit on permitted annual salary reduction contributions to health FSAs. The limit of $2,850 for taxable years beginning in 2022 has been increased to $3,050 for 2023. We are still waiting on most of the 2023 COLA for retirement plans, but expect those to be released in the near future and will ...
The IRS issued Notice 2022-53 last Friday to give qualified plan beneficiaries relief from 2021 and 2022 excise tax penalties due to noncompliance with certain provisions of the required minimum distribution (“RMD”) rules. Determining when a participant or beneficiary is required to make a distribution under IRS guidance, and in ...
Earlier this week, the IRS issued a final rule meant to close the “family glitch” for Affordable Care Act (“ACA”) subsidies on the Federal Healthcare Exchange. This “glitch” prevents family members from receiving ACA subsidies if someone in their household has access to an employer-sponsored health plan that meets the ACA’s ...
Many employers this time of year are finding out that they are going to be receiving a premium increase for their health plans. As someone who sits on our firm’s health care committee, I can attest that sometimes that increase can feel like a gut punch when you receive it. Once employers negotiate it or shop their plan to get that final rate, the next ...
As mentioned in our prior post, numerous benefit plan-related deadlines were extended by the DOL when it declared a National Emergency due to COVID-19 in March, 2020. By law, the National Emergency continues until: (1) emergency is not continued by the president; (2) the president terminates it; or (3) a joint resolution of Congress terminates ...
Lyndsey Barnett and Cassidy Zang*
McDonald’s recently notified a Florida federal court that a class-wide settlement was reached and ready for approval in the COBRA suit brought against them. This settlement is the result of an action filed in December 2020 by a former employee who alleged that the corporation was sending former employees ...
By: Lyndsey Barnett and Michaela Taylor*
The Office for Civil Rights (OCR) at the U.S. Department of Health and Human Services (HHS) has handed down their latest action against a medical center in Oklahoma for violations of HIPAA’s privacy, security, and breach notification rules. The health center will now pay $875,000 in fines to resolve a ...