Blog Tag: Special Bulletin
On Tuesday, September 24, 2019, the Department of Labor issued a final rule regarding overtime pay under the Fair Labor Standards Act (FLSA). Under the new rule, which will be effective January 1, 2020, any employee who makes less than $684 per week ($35,568 per year) will automatically be eligible to earn overtime pay.
Portions of the U.S. Department of Labor’s (DOL) Final Rule regarding Association Health Plans (AHPs) went into effect on January 1, 2019. It expands the availability of AHPs, allowing small businesses to band together and negotiate better deals when buying insurance for their members by broadening the definition of “employer.” States are reacting in extremely different ways. Learn more here.
The IRS has released the 2019 cost of living adjustments affecting retirement plans. The adjustments and changes affect the limits applicable to all employees who defer salary into retirement plans, plans that are integrated with Social Security, the maximum benefit payable from defined benefit plans and the maximum annual additions for defined contribution retirement plans. For your convenience, SilverStone Group has summarized the changes as follows:
The Department of Labor (DOL) has issued final regulations on disability claims procedures which apply to disability claims filed on or after April 1, 2018 for ERISA plans that condition benefits or vesting on a determination of disability. The purpose of this bulletin is to assist employers/plan sponsors with the process which “may” be necessary with regard to plan amendment.
On March 5, 2018, the Internal Revenue Service (IRS) had published Internal Revenue Bulletin (IRB) 2018-10, which contains Revenue Procedure (Rev. Proc.) 2018-18. The effect of this announcement is a decrease in maximum Health Savings Account (HSA) contributions and adoption limits.
Last month, President Trump signed landmark tax reform legislation. Throughout the legislative process, House and Senate bills contained various changes to employee benefit plans. Many of the proposed changes were removed, and the resulting final version has a somewhat minimal impact to employer-provided benefits.
The Internal Revenue Service (IRS) has finally started to enforce the employer shared responsibility requirement (the “Employer Mandate”) in the Affordable Care Act and is now mailing notices to employers who may owe a penalty for 2015. Because of data quality issues, many employers will be assessed amounts they do not owe.
The IRS has released the 2018 cost of living adjustments affecting retirement plans. The adjustments and changes affect the limits applicable to all employees who defer salary into retirement plans, plans that are integrated with Social Security, the maximum benefit payable from defined benefit plans and the maximum annual additions for defined contribution retirement plans. For your convenience, SilverStone Group has summarized the changes as follows:
Wellness programs are subject to a variety of complex and often ambiguous federal rules and regulations that make wellness program administration a challenge for even the most astute employers.
Two recent lawsuits highlight the regulatory complexity surrounding wellness programs: AARP versus EEOC and Acosta versus Macy’s. Employers who sponsor wellness programs (or who are thinking about implementing a wellness program) and wellness program administrators should take note of these lawsuits. The AARP lawsuit could impact the future design of wellness programs that offer incentives. The Macy’s lawsuit underscores the need to pay close attention to the wellness program requirements.