The SEC adopted long-awaited final rules that require the recovery of erroneously awarded incentive-based compensation of executive officers, as required by the Dodd-Frank Act. Under Rule 10D-1, each exchange must adopt listing standards that will apply to all listed issuers,
Employee Benefits
Reporting developments affecting employee benefits and executive compensation
The Employee Benefits blog published by Troutman Pepper Locke focuses on legal developments and regulatory updates affecting employee benefit plans and executive compensation. Topics include changes to retirement plan contribution limits, ERISA preemption issues in litigation involving out-of-network providers, fiduciary duties and governance requirements for plan sponsors, and compliance with new state laws impacting employee bonuses and repayment obligations. The blog also covers IRS announcements on cost-of-living adjustments for qualified plans, health savings accounts, and flexible spending accounts. It provides guidance on practical steps employers and plan sponsors should take to adapt to evolving legal requirements and court decisions in the employee benefits arena.
Latest from Employee Benefits - Page 6
IRS Announces 2023 Retirement Plan Limits – Unprecedented Increases to All Limits
The Internal Revenue Service announced the 2023 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2023. All of the dollar limits, including the elective…
IRS Extends Deadlines for Adopting CARES Act Amendments for Retirement Plans
On September 26, 2022, the Internal Revenue Service issued IRS Notice 2022-45, which extends the deadline for amending retirement plans to reflect certain optional and required changes under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and section…
IRS Notice 2022-33 Extends Retirement Plan Amendment Deadlines
On August 3, 2022, the Internal Revenue Service issued IRS Notice 2022-33, which extends the deadline for amending certain plans with the applicable requirements of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan…
IRS Announces New 90-Day Pre-Examination Compliance Pilot Program for Retirement Plans
In its June 3, 2022 Employee Plans Newsletter, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified plan sponsor by letter that its retirement plan…
Additional Guidance Issued on Coverage for OTC COVID-19 Tests
On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury (the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group health plan coverage of over-the-counter at-home COVID-19 tests (OTC Tests) plans, without participant cost-sharing, preauthorization,…
Group Health Plans Must Pay For Over-The-Counter At-Home COVID-19 Tests
Beginning January 15, 2022, and continuing throughout the duration of the public health emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home COVID-19 tests (OTC Tests), including tests not ordered by a health care provider, without…
Infrastructure Investment and Jobs Act Brings an Early End to the Employee Retention Credit
The Infrastructure Investment and Jobs Act (the “IIJA”), which was signed by President Biden on November 15, 2021, retroactively eliminates an employer’s ability to claim the employee retention credit (“ERC”) for eligible wages paid during the fourth quarter of 2021.…
IRS Announces 2022 Retirement Plan Limits – Most Limits Increase
The Internal Revenue Service announced the 2022 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2022. Most of the dollar limits, including the elective…
Locke Lord QuickStudy: New Guidance Issued on What Employers Must Consider Before Charging Higher Group Medical Insurance Premiums for Unvaccinated Employees
In our September 2, 2021 QuickStudy, we outlined the various laws governing wellness plans and described how group health plans might structure a premium surcharge for employees who have not received the COVID-19 vaccine to fit within such existing rules.…