ERISA & Employee Benefits

IRS Extends Deadline for ALEs to Distribute 2017 ACA Reporting Forms to Individuals

The IRS has issued Notice 2018-06, which provides an automatic 30-day extension to the deadline for Applicable Large Employers ("ALEs") to distribute the 2017 Affordable Care Act ("ACA") reporting forms to employees and covered individuals.

PBGC Issues Final Regulations for Terminating Defined Contribution Plans

The issue of missing participants in terminating defined contribution plans is not a new one. The issue was addressed by the Department of Labor in Field Assistance Bulletin, 2014-01, Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans ("FAB 2014-01"). FAB 2014-01 provided guidance with respect to search steps and distribution options for terminating defined ...

2018 Medicare Part A Deductibles and Part B Premiums

The Centers for Medicare & Medicaid Services ("CMS") has announced the Medicare Part A deductibles and Part B premiums for 2018. Medicare Part A covers inpatient hospital and hospice care, while Part B covers outpatient services such as doctors' visits.

Excess Employee Remuneration for Tax-Exempt Organizations

Today, President Trump signed the tax bill (formerly known as "The Tax Cuts and Jobs Act") into law. The tax bill had to be renamed as the not-too-catchy "Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018" (the "Act") after the Senate parliamentarian objected to the original name. The tax bill was passed by both Chambers ...

Tax Reform Bill Passes Both Chambers; Awaiting President's Signature

House and Senate Republicans voted along party lines yesterday and into the early hours today to pass a tax reform bill, after weeks of wrangling by both Chambers to reconcile the respective versions of their bills (the "House Bill" and "Senate Bill", respectively.) The House vote was not without drama as the Senate parliamentarian objected to three provisions in the Senate Bill, one being the ...

Social Security Administration Revises 2018 Taxable Wage Base Cost-of-Living Adjustment

On November 27, 2018, the Social Security Administration issued a press release announcing its revision of the maximum amount of earnings subject to Social Security tax for 2018 from $128,700, as announced on October 13, 2017, to $128,400. The Social Security Administration indicated that the lowering of the 2018 cost-of-living adjustment to the Social Security wage base was a result of ...

DOL Extends Transition Period for BICE and Other Exemptions by 18 Months

The DOL finalized its proposed 18-month extension - from January 1, 2018 to July 1, 2019 - of the Transition Period for the Best Interest Contract Exemption ("BICE"), Principal Transactions Exemption and PTE 84-24 (collectively, the "Fiduciary Compensation Exemptions" or "Exemptions"). The formal notice of DOL action will be published in the Federal Register on November 29, 2017.

Amendments to the Tax Cuts and Jobs Act; Senate Version of Tax Bill Unveiled

Yesterday, Senate Republicans unveiled their version of the tax bill (the "Senate Bill"). This comes one week after House Republicans first introduced the Tax Cuts and Jobs Act (the "House Bill"), the highlights of which were the topic of our November 3, 2017 Alert, and can be read here. The House Bill has already been amended twice, first on November 2nd and then again yesterday. In general, the ...

Tax Cuts and Jobs Act: Good News for 401(k) Plans, Bad News for Nonqualified Deferred Compensation

Yesterday, the Chair of the House Ways and Means Committee introduced the tax-writing body's inaugural bill, the Tax Cuts and Jobs Act (the "Act") outlining the federal tax reform plan. In general, the proposed changes are good news for 401(k) plans, since the Act did not include any provisions limiting employees' ability to make pre-tax contributions; nor did it reduce amounts that can be ...

IRS Announces 2018 Retirement Plan Limitations

The Internal Revenue Service announced cost-of-living adjustments affecting certain dollar limitations for pension plans and other retirement-related limitations for 2018, as detailed in Notice 2017-64.