2023 Penalty Amounts For Health And Welfare And 401(K) Plans
On January 13, 2023, the U.S. Department of Labor (“DOL”) published its annual announcement of civil monetary penalties for various employee benefits-related violations under ERISA, as […]
Parity Opt Out By Non-Federal Governmental Plans
The Consolidated Appropriations Act of 2023 (CAA 2023) has eliminated the ability of self-insured health plans sponsored by non-federal governmental employers to opt out of […]
ENCORE! SECURE 2.0 PASSES, REPRESENTING AN EVEN LARGER COLLECTION OF 401(K) PLAN REFORMS
In a whirlwind of year-end activity, Congress has at long last succeeded in passing the SECURE 2.0 Act of 2022 (“SECURE 2.0”), a huge package […]
THE CONSOLIDATED APPROPRIATIONS ACT OF 2023 EXTENDS THE ABILITY OF HDHPS TO COVER TELEHEALTH SERVICES
The Consolidated Appropriations Act of 2023, despite its massive size, included very little that has a direct impact on health plans. However, one important feature […]
GOVERNMENT PROVIDES GRACE PERIOD AND OTHER RELIEF FOR SUBMISSION OF PRECRIPTION DRUG AND HEALTH CARE SPENDING DATA
The Departments of Labor, Health and Human Services, and the Treasury (collectively, the Departments) have granted health plans and issuers a grace period to file […]
IRS PERMANENTLY EXTENDS DEADLINE FOR FURNISHING ACA REPORTING FORMS TO EMPLOYEES
The IRS has issued a final regulation permanently extending the time that employers have to furnish statements to certain individuals regarding health coverage that may […]
DOL ISSUES FINAL REGULATIONS ON PRUDENCE AND LOYALTY IN SELECTING 401(K) PLAN INVESTMENTS – ESG FUNDS GET A THUMBS-UP
On November 22, 2022, the U.S. Department of Labor (DOL) released Final Regulations on ERISA’s fiduciary duties of prudence and loyalty as it concerns retirement […]
401(K) CURRENT EVENTS: FOR SECOND CONSECUTIVE YEAR, IRS 2022 REQUIRED AMENDMENTS LIST DOES NOT AFFECT 401(K) PLANS
On November 21, 2022, the IRS released Notice 2022-62, its annual list of required amendments (RA List) for individually designed qualified retirement plans, including 401(k) […]
401(k) CURRENT EVENTS: IRS EXPANDS DETERMINATION LETTER PROCESS FOR CERTAIN INDIVIDUALLY DESIGNED 401(K) PLANS
On November 7, 2022, the IRS released Revenue Procedure (Rev. Proc.) 2022-40 which generally updates the determination letter submission process for qualified retirement plans, including […]