The IRS, in Revenue Procedure 2022-24, has announced increased minimums and limits related to Health Savings Account (HSAs) for the 2023 calendar year. The increases are higher than those in recent years. Here is what employers and employees need to know:
The U.S. Department of Labor (DOL), Employee Benefits Security Administration, (EBSA), on March 10, 2022 released Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in Cryptocurrencies.
The DOL indicates that it has become aware of firms marketing investments in cryptocurrencies as potential investment options for 401(k) plan participants. The DOL cautions plan fiduciaries to
A unanimous U.S. Supreme Court (8-0, Justice Barrett recused) overturned a decision by the U.S. Court of Appeals for the Seventh Circuit which had dismissed a case brought by plan participants involving the fiduciary obligations of an ERISA plan sponsor in the selection of funds in its 403(b) plans. The case is remanded and will
In 2022, sponsors and administrators of 401(k) plans should be aware of a newly effective lifetime income disclosure statement, as well as written plan amendments that must be adopted by calendar year plans by the end of 2022.
Enacted in 2019, the SECURE Act made a number of important changes to 401(k) plans. A few
Effective January 15, 2022, group health plans and insurers are required to cover the cost of over-the counter (OTC), at home, COVID-19 tests. The U.S. Departments of Labor, Health and Human Services and the Treasury have issued FAQs guidance regarding the requirement for health plans and insurers to provide reimbursement of the cost of OTC
The IRS has now proposed regulations for delivering Affordable Care Act (ACA) 1095-C reporting forms to employees at the start of 2022 and future years. Here are a few insights from the proposed regulations:
30-Day Extension for Furnishing Forms 1095-C. For calendar years beginning after December 31, 2020, the proposed regulations grant an automatic 30-day
The IRS, in Notice 2021-61 has announced increased 401(k) plan limits for 2022. Here is what you need to know:
Premium discounts and surcharges on employee contributions to employer-sponsored health plans based on COVID-19 vaccination status has become a hot topic. On October 4, 2021, the Departments of Labor, Health and Human Services, and Treasury issued FAQs regarding the application of the HIPAA wellness program rules to vaccine-related premium surcharges and discounts.
HIPAA prohibits group
Plan administrators have until September 15, 2021 to distribute notices of the approaching end of the COBRA subsidy period under the American Rescue Plan Act (“Rescue Plan Act”), which by law expires after September 30, 2021.
As we previously discussed in March and April of this year, the Rescue Plan Act requires that Assistance Eligible
The IRS recently issued FAQs regarding the temporary, 100% COBRA subsidy created by the American Rescue Plan Act of 2021 (“Rescue Plan Act”). This subsidy is available to “Assistance Eligible Individuals” for COBRA continuation coverage during the period April 1, 2021 through September 30, 2021. We previously covered developments relating to the COBRA subsidy in