Takeaways
- Employers may post a notice on their website instead of automatically furnishing Forms 1095-B and 1095-C to all full-time employees. The first due date for such a notice is March 3 for 2024 forms, and the notice must remain
Benefits Law Advisor
Insights on benefits counseling and litigation issues impacting employers nationwide
Benefits Law Advisor, published by Jackson Lewis P.C., focuses on employee benefits law and related regulatory updates. The blog covers topics such as retirement plan limits and adjustments, tax-advantaged savings accounts for children, employer reporting obligations for employee compensation, and recent IRS guidance affecting benefits administration. It also addresses compliance with new legislation impacting employee benefits, tax deductions related to tips and overtime pay, and practical considerations for plan sponsors and employers. The content is aimed at helping employers navigate evolving benefits laws, tax rules, and regulatory requirements affecting workplace benefit programs.
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Missing Participants – New State Unclaimed Property Fund Option for Small Balances
Takeaways
- On January 14, 2025, the DOL issued Field Assistance Bulletin (FAB) 2025-01, providing sponsors and administrators of ongoing defined contribution plans with a new option for missing participant balances of $1,000 or less: transfer to the state unclaimed
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Employers Administering PFML Programs Receive Essential Guidance from the IRS
In a significant development for employers managing Paid Family and Medical Leave (PFML) programs, the IRS has issued new guidance clarifying the federal income and employment tax treatment of contributions and benefits under state-funded PFML programs. This guidance, detailed in…
Exciting Update: Self-Correction for Delinquent Contributions Now Possible Under the DOL’s VFCP
Takeaways
- Plan sponsors of defined contribution plans may now self-correct the delinquent remittance of participant contributions and loan repayments when those amounts are deposited to the plan within 180 days of the pay date and the missed earnings amount is
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Health and Welfare Plans: Recent Topics in Year-End Compliance
As we bid farewell to 2024 and look ahead to the new year, we reflect on the many evolving compliance obligations that health and welfare plan sponsors tackle each year. Although this list is by no means exhaustive, it highlights…
Affordable Care Act Reporting Changes: Good News for Plan Sponsors
In a win for plan sponsors, the recently enacted Employer Reporting Improvement Act and the Paperwork Burden Reduction Act (the Acts), among other things, introduce several significant changes to the reporting and enforcement rules of the Affordable Care Act (ACA). …
Potential Shifts in Employee Benefits: A Guide for Employers Under Trump
As we prepare for another change in Administration in the White House, it is crucial for employers and plan sponsors to stay informed and prepared. While much of what lies ahead is speculative, understanding these possible changes can help employers…
IRS Interim Guidance Under Secure 2.0 On “Inadvertent Benefit Overpayments”
Among the provisions of SECURE 2.0 (effective December 29, 2022) welcomed by plan sponsors were the additions to the Internal Revenue Code that allow qualified plans to refrain from trying to recoup an “inadvertent benefit overpayment” (referred to here as…
2025 Cost of Living Adjustments for Retirement Plans
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2025 (see IRS Notice 2024-80). Most notably, the limitation on annual salary deferrals into…
Health Plan Coverage Mandate for Over-the-Counter Contraception Proposed by Biden Administration
With just a couple of weeks before election day, the Biden Administration announced on October 21, 2024, that it was issuing proposed rules designed, in part, to require health plans to cover over-the-counter contraception without cost sharing, including birth control,…