By: Lyndsey Barnett and Michaela Taylor*
Next up on our updates on SECURE 2.0 is Section 111 which addresses rising student loan debt. According to an article published by the Education Data Initiative last October, student loan debt totals $1.745 trillion. While SECURE 2.0 contains many new changes impacting benefit plans, this provision may ...
At the end of last year, Congress passed, and President Biden signed, the new appropriations bill which contained the SECURE 2.0 Act. The legislation provides numerous changes that impact retirement plans and is an expansion of the earlier SECURE Act law. The previous SECURE Act changed the age at which retirees had to take required minimum ...
As previously discussed in this blog, the waiver for no-cost telehealth services provided to HSA participants enacted as part of the CARES Act in 2020 was set to expire. As part of the recently passed omnibus spending bill, the waivers will be extended until December 31, 2024. Originally, the waivers were set to expire 60 days after the end of the ...
By: Lyndsey Barnett and Michaela Taylor*
On December 23, the Departments of Labor, Health and Human Services, and the Treasury (the “Departments”), issued a new FAQ granting flexibility for plans and issuers ahead of the December 27th Prescription Drug Data Collection (RxDC) reporting deadline.
Recognizing the significant ...
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 ...