Posts in tag

internal revenue


Not submitting employee deferrals or submitting them late are surefire ways to get the attention of the DOL. In my many years of experience auditing employee benefit plans, I have never encountered a plan sponsor who seeks the attention of the Department of Labor (“DOL”). Common operational issues in the administration of employee benefit plans …

[co-author: Mary Kennedy] The Internal Revenue Service (IRS) recently released 2022 cost of living adjustments applicable to dollar limits for health and welfare plans and employer-sponsored retirement plans. The evolution of the 2022 cost-of-living adjustments for employer-sponsored health insurance and provident schemes is summarized in the table below: Health and Wellness Plan Limits (Rev. proc. …

Related practices and jurisdictions Thursday 11 November 2021 The Internal Revenue Service has announced cost-of-living adjustments that affect the limitations of pension plans and qualified health plans. The increases come into effect on January 1, 2022. Employee contribution limits (optional carry-overs) for the 401 (k), 403 (b) and most 457 plans will increase, but the …

Employers, insurers and benefit plan vendors are all impacted by new guidance issued by the Department of Labor (DOL) and the Internal Revenue Service (IRS) aimed at mitigating the disruptive effect of COVID-19. The guidance was issued on April 28, 2020. In a related step, the DOL also issued new Model COBRA notices on May …

The Internal Revenue Code (the Code) and the Employee Retirement Income Security Act (ERISA) set forth numerous disclosure, notice and election requirements for employee benefit plans. These communications can involve thousands of pages per year, per participant, and be very expensive if they must be printed on paper and mailed. Few participants really want all …

Overpayment Correction Options Previously, pension plan sponsors had no choice but to ask overpayment recipients to repay any excess annuity amounts received. As of July 16, 2021, sponsors of defined benefit plans have two additional correction methods available to correct operational deficiencies resulting from overpayments: 1. Method of correcting funding exceptions. Defined benefit plans subject …

In accordance with emergency powers granted in the wake of the COVID-19 pandemic, the IRS and DOL have extended a number of deadlines related to benefit plans and granted further relief to members and sponsors. of diets. The Jones Walker of May 22, 2020, Employee Benefits Client Alert, provided a summary of the guidelines. On …

On February 26, 2021, the Employee Benefits Security Administration (EBSA) of the Department of Labor issued Notice 2021-01 (the “Notice”). The notice was issued jointly with the Department of the Treasury, the Internal Revenue Service and the Department of Health and Human Services (the “Departments”). Entitled “Advice on Maintaining Relief for Employee Benefit Plans and …

Employers face uncertainty over the expiration of COVID-19 relief that the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) published in a joint directive on May 4, 2020. The joint directives require that employee benefit plans take or suspend certain deadlines during the “epidemic period,” which the directives define as the period …

Thursday 25 February 2021 Employers face uncertainty over the expiration of COVID-19 relief that the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) published in a joint directive on May 4, 2020. The joint guidelines require that employee benefit plans take or suspend certain deadlines during the “epidemic period,” which the guidelines …

Senator Mitt Romney’s family allowance proposal is garnering support from a variety of sources. Earlier this month, the junior Utah Senator, a Republican, unveiled a plan to send families a monthly check of $ 350 for preschoolers and $ 250 for school-aged children. As the Deseret News reported, his proposed Family Security Act would consolidate …

Thursday, February 18, 2021 A series of recent laws and IRS guidelines promise to make 2021 an active year for any employer looking to offer their employees a competitive range of benefits. My list of the “Top 5” employee benefits that an employer should introduce or improve in 2021, to improve retention and / or …

A series of recent laws and IRS guidelines promise to make 2021 an active year for any employer looking to offer their employees a competitive range of benefits. My list of the “Top 5” benefits that an employer should introduce or improve in 2021, to improve retention and / or recruitment, is presented below: Repayment …

Democrats are set to unveil a plan to issue monthly payments to families with children. Families would get a maximum of $ 3,600 per child under 6 and $ 3,000 per child 6 to 17 years old. GOP Sen. Mitt Romney released his own monthly cash benefit proposal last week. Top Democrats will release details …

Monday, December 28, 2020 The 2021 Consolidated Finance Law (CAA), which was enacted on December 27, 2020, includes provisions to increase the transparency of employee health benefit plans in four key areas. Removal of gag clauses on price and quality information Section 201 of the CAA amends the Employees Retirement Income Security Act (ERISA), the …

On April 29, 2020, the Benefits Security Administration (EBSA), Department of Labor (DOL), Internal Revenue Service, and Department of Treasury (the Agencies) issued a Final Rule (Rule) regarding the extension of time limits under ERISA. and the Internal Revenue Code (Code). The rule applies to group health insurance, disability and provident schemes, pension schemes and …

The Internal Revenue Service has published Notice 2020-23, which automatically postpones certain deadlines affecting employee benefit plans. More specifically, any deadline that would normally fall from April 1, 2020 until July 14, 2020, is now automatically extended until July 15, 2020. The highlights are as follows: Plan loan repayments. When plan members borrow from their …

The CARES Act (Coronavirus Aid, Relief, and Economic Security) has a dramatic impact on employee benefit plans, providing relief to eligible plan members and plan sponsors and expanded benefits to health plan members collectives. Relief for members of eligible pension plans With regard to qualified pension plans, the CARES law: Provides for a special ‘coronavirus-related …

Related practices and jurisdictions Thursday, January 30, 2020 For 2020, legislation enacted in December 2019 significantly increases the penalties imposed by the Internal Revenue Code (the Code) for the late filing of certain notices and reports on employee benefit plans. Additionally, a final rule issued by the Department of Labor (DOL) makes inflation adjustments to …

Each year, a number of employee benefit plans are audited by the Internal Revenue Service (IRS) and the Department of Labor (DOL) to verify their compliance with the laws and regulations over which these agencies have enforcement authority. Agencies particularly focus on compliance issues that present the greatest potential risk to the greatest number of …