Benefits Blast
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July 9, 2024
|3 min read
Notable Decisions of the 2024 U.S. Supreme Court Term Impacting Group Health Plans
As the Supreme Court’s 2024 term comes to a close, we want to highlight several decisions that impact employer-sponsored group health plans. Health plan sponsors will want to monitor the impact of these decisions.
July 3, 2024
|3 min read
Last month, the United States (U.S.) Court of Appeals for the Fifth Circuit partially upheld a lower court ruling in Braidwood Management, Inc. v. Becerra that invalidated the preventive care mandate under the Affordable Care Act (ACA).
May 17, 2024
|1 min read
Health & Welfare Plan Contribution and Benefit Limits Announced for 2025
The IRS recently released Rev. Proc. 2024-25, which provides the inflation-adjusted limits related to health savings accounts (HSAs), high deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (HRAs) for the 2025 calendar year.
May 7, 2024
|7 min read
U.S. Department of Labor Publishes Final Amendment to the QPAM Exemption
On April 3, 2024, the U.S. Department of Labor (Department) published its final amendment (the Final Amendment) to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption or Exemption).
April 29, 2024
|5 min read
The U.S. Department of Labor Finalizes its Most Recent Definition of an Investment Advice Fiduciary
On April 25, 2024, the U.S. Department of Labor’s Employee Benefits Security Administration (the Department) published the Retirement Security Rule: Definition of an Investment Advice Fiduciary (the 2024 Fiduciary Rule). The 2024 Fiduciary Rule defines when a person is considered a fiduciary under Title I and Title II of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with providing investment advice or making an investment recommendation to a retirement investor. In addition to the 2024 Fiduciary Rule, the Department also finalized amendments to certain Prohibited Transaction Exemptions (PTEs) to reflect the Department’s updated definition of an investment advice fiduciary.
March 15, 2024
|3 min read
February 29, 2024
|8 min read
As discussed in prior blog posts, on June 9, 2023, the Securities and Exchange Commission (the SEC) approved listing standards promulgated by the New York Stock Exchange (NYSE) and Nasdaq Stock Market (Nasdaq) regarding the recovery of erroneously awarded incentive-based compensation, referred to as “clawbacks.”
February 13, 2024
|6 min read
Recent Developments Highlight the Need for Fiduciary Attention to Health Plan Fees
New transparency requirements under the Affordable Care Act and the Consolidated Appropriations Act have ushered in a new era of fee and pricing transparency with respect to the Employee Retirement Income Security Act (ERISA) group health plans.
February 12, 2024
|1 min read
In January, the 2024 federal poverty level (FPL) was announced as $15,060.
February 12, 2024
|1 min read
Just Out: Executive Travel on the Corporate Jet First Half 2024 Imputed Income Rates
Due to increased physical and cybersecurity concerns, executives are increasingly provided travel on the company aircraft for both business and personal purposes. However, any non-business travel invokes Form W-2 income inclusion using the Standard Industry Fare Level (SIFL) rates published by the Department of Transportation twice per year, effective for a six-month period.
February 8, 2024
|2 min read
Department of Labor Increases Civil Penalties for Non-Compliance
Effective January 15, 2024, the United States Department of Labor increased its ERISA health and welfare civil penalties for non-compliance
January 25, 2024
|4 min read
Benefits Bulletin – DOL Final Independent Contractor Rules and Benefit Plans
On January 10, 2024, the Department of Labor (DOL) published a final rule (the Final Rule) regarding independent contractors under the Fair Labor Standards Act (FLSA). The Final Rule, which is effective March 11, 2024, replaces the 2021 rule and applies a “six-factor” test that does not give a predetermined weight to any of the economic reality factors, but rather looks at the individual’s activity as a whole in determining whether they are an independent contractor.
December 28, 2023
|6 min read
Benefits Bulletin – IRS Issues Guidance on Implementing SECURE 2.0
November 3, 2023
|3 min read
On October 31, 2023, the United States Department of Labor’s Employee Benefits Security Administration (the Department) released its most recent proposed amendment to the guidance addressing when a person would be considered a fiduciary under Title I and Title II of the Employee Retirement Income Security Act of 1974 (ERISA) if it provides investment advice or makes an investment recommendation to a retirement investor.
November 2, 2023
|2 min read
Retirement and Health & Welfare Plan Contribution and Benefit Limits Announced for 2024
The IRS recently released Notice 2023-75 to announce cost-of-living adjustments to the indexed dollar limits applicable to retirement plans. Increases are more moderate than in recent years, with the limit on catch-up contributions remaining the same from 2023 to 2024.
October 23, 2023
|1 min read
Winston & Strawn LLP: Benefits Bulletin – IRS Increases PCORI Fees Payable in 2024
August 29, 2023
|2 min read
Catch-Up Contributions Under Secure 2.0: Effective Date Relief
On August 25, 2023, the IRS issued Notice 2023-62, which effectively delays for two years the requirement that certain catch-up contributions in 401(k), 403(b), or governmental 457(b) plans be made as Roth contributions.
August 16, 2023
|12 min read
On June 9, 2023, the Securities and Exchange Commission (the SEC) approved the New York Stock Exchange (NYSE) and Nasdaq Stock Market (Nasdaq) listing standards related to recovery of erroneously awarded compensation, referred to as “clawbacks,” as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). New Section 303A.14 of the NYSE Listed Company Manual and Nasdaq Rule 5608 implement the requirements of Rule 10D-1 adopted by the SEC in November 2022 pursuant to Section 10D of the Securities Exchange Act of 1934, as amended (the Exchange Act), added by the Dodd-Frank Act in 2010.
August 4, 2023
|8 min read
Departments Release Proposed Mental Health Parity Regulations: Key Changes for Employers
On July 25, 2023, the Departments of Labor, Treasury, and Health and Human Services (the Departments) released a Proposed Rule under the Mental Health Parity and Addiction Equity Act (MHPAEA).
June 15, 2023
|2 min read
WA Cares Fund: Mandatory Deductions Will Begin July 1, 2023
In 2019, the state of Washington created the WA Cares Fund to provide affordable long-term care coverage for employees in Washington state. Following legislation that delayed the effective date by one year and added voluntary exemptions for certain individuals, Washington state employers must now begin deducting premiums from employee wages beginning July 1, 2023.