SamuelBaldwin@www.employeebenefitsupdate.com

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Tax-exempt employers whose 403(b) plans have failed to comply with the “once in, always in” eligibility rule in the past should be well on their way to compliance by now.  IRS Notice 2018-95 granted limited relief from this common administrative failure.  The grace period for non-compliance has ended for many, perhaps most, 403(b) plans, but all 403(b) plan sponsors should ensure that they are in compliance this year.  Specifically, this means that all employees that…
Those closely following the timeline for implementation of Massachusetts’s new Paid Family and Medical Leave, are aware that on July 1, 2019, employers were required to begin to make payroll deductions for the paid leave.   Did you see the “were,” in that last sentence.  That is not a typo. Yesterday, Governor Charlie Baker, Senate President Karn Spilka, and House Speaker Robert DeLeo announced an agreement that the taxes which were supposed to kick in on July…
  UPDATE: The Massachusetts Department of Family and Medical Leave announced that along with the start of contributions being delayed from July 1, 2019, to Oct. 1, 2019, the following aspects of the program are also delayed: – the deadline for providing notice to employees is delayed from June 30, 2019, to Sept. 30, 2019; – the deadline for applications for an exemption from the state program is delayed from Sept. 20, 2019, to Dec.…
Identifying an employer’s highly compensated employees is crucial to the administration of qualified retirement plans, as well as 403(b) plans that provide employer contributions.  This post provides an overview of the rules for determining who is a highly compensated employee. The dollar amount used in this post is the 2018 inflation adjusted dollar amount because that is the amount that is used to determine whether an individual is a highly compensated employee for the 2019…
Deferred compensation payments are due to one of your former executives, but the former executive is nowhere to be found. You know that the IRS has strict timing rules for payments subject to Code Section 409A (but maybe not as strict as you think). The end of the tax year is approaching fast. What to do? Missing participants can be a problem for benefit plan sponsors in a variety of contexts. Sponsors of qualified…