News & Analysis as of

Employee Benefits Safe Harbors

Bricker Graydon LLP

You May be Able to Increase Health Plan Premiums and Stay Affordable in 2025

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For the first time in four years, the IRS adjusted the affordability percentage used for the shared responsibility penalties. The IRS recently announced that the affordability percentage for 2025 will be 9.02%....more

Seyfarth Shaw LLP

Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans

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Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by...more

Carlton Fields

Auto-Portability Providers Racing to Close Retirement Plan Gap

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For decades, both the federal and state governments have been working to tackle the coverage gaps in our retirement system. In the race for retirement readiness, dark horses like state plans with mandatory adoption...more

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

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As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

Miller Canfield

IRS Issues Grab Bag Notice Addressing Various SECURE 2.0 Provisions

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The IRS recently issued Notice 2024-02— dubbed the “Grab Bag Notice”— which addresses multiple provisions in SECURE 2.0. The guidance is 81 pages long, comes in the form of frequently asked questions and answers, and speaks...more

Bricker Graydon LLP

403(b) Plans - Not Your Average Salary Deferral Plan

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Congress continues to pass laws that move 403(b) plans ever closer to 401(k) plans, but 403(b) plans remain distinct. Understanding these differences allows you to maintain a compliant plan that best serves the needs of your...more

Bradley Arant Boult Cummings LLP

New IRS SECURE 2.0 Act Guidance

The Internal Revenue Service (IRS) recently published Notice 2024-2, which provides guidance on several sections of the SECURE 2.0 Act of 2022. This article highlights some of the more significant changes affecting retirement...more

Dickinson Wright

Top Issues in Negotiating Physician Employment Agreements

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Originally published in Healthcare Michigan, Volume 40,  No. 12 - Successful negotiation of physician employment agreements requires a careful balance of the objectives of the prospective employer with those of the...more

Seyfarth Shaw LLP

The IRS’s Grab Bag of SECURE 2.0 Guidance is Here!

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Seyfarth Synopsis: Adding to the holiday joy of employee benefits practitioners nationwide, yesterday the IRS issued guidance on several outstanding questions related to SECURE 2.0. At this time of year, we are especially...more

Seyfarth Shaw LLP

The Long Wait for the Long-Term Part-Time Guidance is Over

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Seyfarth Synopsis: It’s here for your post-Thanksgiving turkey hangover reading pleasure! The Department of Treasury and IRS released on Friday (in the middle of most people’s long holiday weekend) their proposed rules for...more

Kaufman & Canoles

ESOPs & Employee Benefits - SECURE 2.0 Provisions Taking Effect in 2024

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As many surely recall, the SECURE 2.0 Act of 2022 included nearly 100 provisions affecting retirement plans. While a number of the new rules became effective immediately, another portion is scheduled to take effect in 2024....more

Maynard Nexsen

Understanding the Voluntary Plan Safe Harbor Rules

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As many employer plan sponsors are aware, the Employee Retirement Income Security Act (“ERISA”) generally applies to “employee welfare benefit plans”, which are any plans, funds or programs established or maintained by an...more

Bricker Graydon LLP

The Who, the When and the “Oh, No” of 401(k) Plan Notices

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It’s that time of year again when calendar year 401(k) plans must send annual retirement plan notices. As you work with your service providers to make sure all notices are sent, now may be a good time to reacquaint yourself...more

Seyfarth Shaw LLP

Mental Health Request for Public Comment Spoiler Alert – The Departments Need Help

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Seyfarth Synopsis: The Mental Health Parity and Addiction Equity Act (MHPAEA) requires group health plans and insurers to cover treatments for mental health and substance use disorders in a manner that is equitable to the...more

McDermott Will & Emery

New MHPAEA Guidance Regarding NQTLs: Network Access and Composition

McDermott Will & Emery on

Recently proposed regulations attempt to ensure that health plans allow access to mental health or substance use disorder (MH/SUD) benefits as easily as medical or surgical (M/S) benefits. The proposed regulations, issued by...more

Faegre Drinker Biddle & Reath LLP

The SECURE Act 2.0: The Most Impactful Provisions #13 — Starter 401(k) Plans and Safe Harbor 403(b) Plans

Most employees who work for large and mid-sized employers have the opportunity to defer money from their paychecks into a savings-based retirement plan. That is not the case with many small employers, though, where large...more

Laner Muchin, Ltd.

SECURE 2.0 Makes Several Key Changes for Employer Sponsored Retirement Plans

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On December 29, 2022, as part of the Consolidated Appropriations Act of 2023, President Biden signed into law the SECURE 2.0 Act of 2022 (“SECURE 2.0”). SECURE 2.0 makes many significant changes to the employer sponsored...more

Venable LLP

SECURE 2.0 Has Arrived - Here's What You Need to Know

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On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023. This legislation includes the highly anticipated SECURE 2.0 Act, which expands and supplements the original SECURE Act of 2019....more

Fisher Phillips

10 Most Significant Employee Benefits Law Changes in 2023’s Federal Spending Bill

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Besides ensuring the federal government remains fully funded, President Biden’s signature Thursday on the Continuing Appropriations Act, 2023 (CAA 23) contains several provisions that will directly impact health and...more

Houston Harbaugh, P.C.

Late Deposits of 401(k) Contributions: New DOL Procedures to Allow for “Self-Correction”

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Under federal law, amounts withheld from employee paychecks as 401(k) plan contributions are required to be promptly deposited into the trust under the plan. Failure to do so requires correction by the employer and can also...more

Williams Mullen

2022 Annual Employee Benefits Compliance Checklist for Plan Administrators

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Plan administrators should review actions to be taken before the end of 2022 and focus on what to expect for 2023. This checklist addresses plan amendments, notices and other considerations for qualified retirement plans,...more

Alston & Bird

Do You Need to Send an Annual Notice to Plan Participants?

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Our Employee Benefits & Executive Compensation Group reviews the multiple year-end notices that defined contribution plans must issue to participants....more

Faegre Drinker Biddle & Reath LLP

Navigating Open Enrollment Notice Requirements

Fall open enrollment is upon us, and plan sponsors and administrators are preparing to provide their employees with the required notices related to their health and welfare plans. Notice and disclosure obligations for health...more

Fisher Phillips

5 Most Important Steps for Employers Doing Their 2023 ACA Compliance Planning

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Applicable large employers must adhere to many Affordable Care Act (ACA) rules to remain compliant regarding group health plan offerings. We offer the following checklist of the five most helpful reminders you should take...more

Kilpatrick

Secure Act 2.0 – Summary of Key Provisions

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The House and Senate are moving forward on several versions of legislation, which are collectively known as the “Secure Act 2.0” because they would build off of the Secure Act, the last major retirement plan legislation...more

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