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.
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The Great Resignation: Ideas for Improving Retention
The “Great Resignation” reached a peak in November 2021 as the United States Bureau of Labor Statistics (BLS) reported that a record-breaking 4.5 million workers voluntarily resigned from their employment. This represented an increase of almost 9% from October 2021…
OSHA’s “vaccine or test” mandate stayed (again)
Earlier this afternoon, the U.S. Supreme Court issued a stay blocking the Occupational Health and Safety Administration (“OSHA”) from enforcing its “vaccine or test” mandate previously imposed on businesses with 100 or more employees. This case will return to the…
Health Plan Reimbursement of Over-the-Counter COVID-19 Tests
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…
Form I-9 Remote Review Extended to April 30, 2022
On December 15, 2021, U.S. Immigration and Customs Enforcement announced a 120-day extension of the flexibilities in rules related to Form I-9 compliance that was initially granted on March 20, 2020. The temporary policy allowing employers to inspect Form I-9…
Stay lifted on OSHA mandates for large employers
01.13.22 UPDATE: The U.S. Supreme Court issued a stay blocking Biden administration’s vaccine and testing mandate for large employers, while allowing a separate vaccination mandate for employees of healthcare facilities that receive Medicare and Medicaid funding. Read more here.…
Ransomware Attack on Kronos, Popular Payroll Service
Ultimate Kronos Group, a human resources management business, announced that it has suffered a ransomware attack that has hindered its clients’ ability to process payroll, manage time sheets, and operate their businesses. Scheduling software created for healthcare organizations, financial institutions,…
Prepare for the 2022 ACA Reporting Deadlines
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.…
Increase in Plan Limits for 2022
The IRS, in Notice 2021-61 has announced increased 401(k) plan limits for 2022. Here is what you need to know:
- 401(k) Deferral Limit is increased to $20,500 from $19,500. Note this increase applies to 403(b) plans as well.
- The Compensation
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President Biden Lifts Country-Specific Travel Bans and Adopts a Global Vaccine-based Policy
On Monday, November 8, 2021, President Biden issued a proclamation entitled, “Advancing the Safe Resumption of Global Travel” (the “Proclamation”). The Proclamation revokes prior presidential proclamations that suspended and restricted the entry of noncitizen nonimmigrants from China, Iran, the Schengen…