Benefits Blast
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March 15, 2024
|3 min read
February 29, 2024
|8 min read
As discussed in prior blog posts, on June 9, 2023, the Securities and Exchange Commission (the SEC) approved listing standards promulgated by the New York Stock Exchange (NYSE) and Nasdaq Stock Market (Nasdaq) regarding the recovery of erroneously awarded incentive-based compensation, referred to as “clawbacks.”
February 13, 2024
|6 min read
Recent Developments Highlight the Need for Fiduciary Attention to Health Plan Fees
New transparency requirements under the Affordable Care Act and the Consolidated Appropriations Act have ushered in a new era of fee and pricing transparency with respect to the Employee Retirement Income Security Act (ERISA) group health plans.
February 12, 2024
|1 min read
In January, the 2024 federal poverty level (FPL) was announced as $15,060.
February 12, 2024
|1 min read
Just Out: Executive Travel on the Corporate Jet First Half 2024 Imputed Income Rates
Due to increased physical and cybersecurity concerns, executives are increasingly provided travel on the company aircraft for both business and personal purposes. However, any non-business travel invokes Form W-2 income inclusion using the Standard Industry Fare Level (SIFL) rates published by the Department of Transportation twice per year, effective for a six-month period.
February 8, 2024
|2 min read
Department of Labor Increases Civil Penalties for Non-Compliance
Effective January 15, 2024, the United States Department of Labor increased its ERISA health and welfare civil penalties for non-compliance
January 25, 2024
|4 min read
Benefits Bulletin – DOL Final Independent Contractor Rules and Benefit Plans
On January 10, 2024, the Department of Labor (DOL) published a final rule (the Final Rule) regarding independent contractors under the Fair Labor Standards Act (FLSA). The Final Rule, which is effective March 11, 2024, replaces the 2021 rule and applies a “six-factor” test that does not give a predetermined weight to any of the economic reality factors, but rather looks at the individual’s activity as a whole in determining whether they are an independent contractor.
December 28, 2023
|6 min read
Benefits Bulletin – IRS Issues Guidance on Implementing SECURE 2.0
November 3, 2023
|3 min read
On October 31, 2023, the United States Department of Labor’s Employee Benefits Security Administration (the Department) released its most recent proposed amendment to the guidance addressing when a person would be considered a fiduciary under Title I and Title II of the Employee Retirement Income Security Act of 1974 (ERISA) if it provides investment advice or makes an investment recommendation to a retirement investor.
November 2, 2023
|2 min read
Retirement and Health & Welfare Plan Contribution and Benefit Limits Announced for 2024
The IRS recently released Notice 2023-75 to announce cost-of-living adjustments to the indexed dollar limits applicable to retirement plans. Increases are more moderate than in recent years, with the limit on catch-up contributions remaining the same from 2023 to 2024.
October 23, 2023
|1 min read
Winston & Strawn LLP: Benefits Bulletin – IRS Increases PCORI Fees Payable in 2024
August 29, 2023
|2 min read
Catch-Up Contributions Under Secure 2.0: Effective Date Relief
On August 25, 2023, the IRS issued Notice 2023-62, which effectively delays for two years the requirement that certain catch-up contributions in 401(k), 403(b), or governmental 457(b) plans be made as Roth contributions.
August 16, 2023
|12 min read
On June 9, 2023, the Securities and Exchange Commission (the SEC) approved the New York Stock Exchange (NYSE) and Nasdaq Stock Market (Nasdaq) listing standards related to recovery of erroneously awarded compensation, referred to as “clawbacks,” as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). New Section 303A.14 of the NYSE Listed Company Manual and Nasdaq Rule 5608 implement the requirements of Rule 10D-1 adopted by the SEC in November 2022 pursuant to Section 10D of the Securities Exchange Act of 1934, as amended (the Exchange Act), added by the Dodd-Frank Act in 2010.
August 4, 2023
|8 min read
Departments Release Proposed Mental Health Parity Regulations: Key Changes for Employers
On July 25, 2023, the Departments of Labor, Treasury, and Health and Human Services (the Departments) released a Proposed Rule under the Mental Health Parity and Addiction Equity Act (MHPAEA).
June 15, 2023
|2 min read
WA Cares Fund: Mandatory Deductions Will Begin July 1, 2023
In 2019, the state of Washington created the WA Cares Fund to provide affordable long-term care coverage for employees in Washington state. Following legislation that delayed the effective date by one year and added voluntary exemptions for certain individuals, Washington state employers must now begin deducting premiums from employee wages beginning July 1, 2023.
May 19, 2023
|1 min read
Benefits Bulletin: Health & Welfare Plans – May 2023
The IRS recently released Rev. Proc 2023-23 listing the 2024 indexed amounts for health savings accounts (HSAs), high deductible health plans (HDHPs), and excepted-benefit health reimbursement arrangements (HRAs).
April 3, 2023
|2 min read
Employee Benefit Plan Health and Welfare Updates
As March 2023 comes to a close, a lot has happened with respect to health and welfare employee benefit plans. Below is a quick summary highlighting some of the changes.
February 17, 2023
|6 min read
IRAs, Investment Advice, and the Department of Labor—Important Takeaways
On February 13, 2023, a Florida federal district court (the Court) partially invalidated the U.S. Department of Labor’s Employee Benefit Security Administration’s (the Department’s) interpretation of its rule that described when a financial adviser who helps participants roll over some or all of their 401(k) assets into an individual retirement account (IRA) or an annuity is providing investment advice and acting as a fiduciary under the Employee Retirement Income Security Act of 1974, amended (ERISA).
February 2, 2023
|5 min read
COVID-19 Federal Emergency Declarations Ending in May 2023: The Impact on Private Health Plans
On January 30, 2023, the White House announced its intent to extend both the COVID‑19 National Emergency and the COVID‑19 Public Health Emergency declarations to May 11, 2023, and to end both emergency declarations on that date. The Public Health Emergency was initially declared by the Department of Health and Human Services as of January 27, 2020. The Secretary of Health and Human Services has authority to renew the Public Health Emergency in increments of 90 days.
January 27, 2023
|12 min read
Employee Considerations in Corporate Restructurings
The global economy is beset by challenges that will continue to affect companies throughout 2023. Growth has slowed, high inflation is widespread, and increasing interest rates are likely to worsen financial vulnerabilities. Companies reckoning with this difficult business environment are seeking to reduce costs, including through layoffs, such as those implemented throughout the financial and technology industries.