Legislative & Regulatory Updates

Section 457 Taxation of Deferred Compensation Action Items

This summer the IRS issued proposed regulations covering the taxation of compensation deferred under Section 457. Plan sponsors will want to act now to determine if their provisions present any compliance issues keeping in mind some areas of greater flexibility in plan design.

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IRS Puts Brakes on Cyclical Determination Letter Program

On June 29, 2016, the IRS issued Revenue Procedure 2016-37, effective date of January 1, 2017, which is consistent with the prior Announcement and Notice, and which eliminates the staggered five-year remedial amendment cycle and the requirement for individually designed plans to adopt interim amendments.

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Two Joint Resolutions Would Invalidate Recently Finalized EEOC Wellness Rules

Lawmakers have introduced two joint resolutions that, if passed, would invalidate the recently finalized EEOC wellness rules. 

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EEOC Proposed Changes to EEO-1 Report: Evaluate Your Pay Programs

The deadline for employers to file the first EEO-1 report using the revised format has been pushed back to March 31, 2018.

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Be Prepared: PCORI Fees Due Soon

The Affordable Care Act Patient-Centered Outcomes Research Institute (PCORI) fee, to be paid once a year to the IRS, is due August 1, 2016.

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EEOC Issues Wellness Program Final Rules Under ADA and GINA

Employers must keep in mind all the legal compliance areas when designing wellness programs. It’s a good idea to review incentive levels and participation requirements to ensure compliance with the final GINA and ADA regulations.

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Raising the Roof - New Limits for HSAs and HDHPs

The Internal Revenue Service has announced new limits for contributions to Health Savings Account (HSAs) and definitional limits for High Deductible Health Plans (HDHPs) that will be effective for the 2017 calendar year. 

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DOL’s New Fiduciary Regulation: Seven Action Items for the Next Year

To comply with the new fiduciary investment advice rules, plan sponsors will like this "To Do" list of what needs to be done before April 2017.

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EEOC Proposed Changes to EEO-1 Report: Take a Closer Look at Pay Programs

The EEOC proposal requires companies to disclose the number of employees and total hours worked by job categories and annual salary bands.  If approved, it is recommended that companies get out ahead of the issue before questions start coming down from executives and board members.

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Leap Day Deadline Looms – Creditable Coverage Disclosures to CMS

If you sponsor a calendar year group health plan that provides prescription drug coverage to Medicare Part D-eligible individuals, then you have a Leap Day deadline.

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You're Safe! IRS Provides Guidance on Mid-year Changes to Safe Harbor 401(k) Plans

While plan sponsors of safe harbor 401(k) plans have enjoyed the benefits of not having to worry about passing nondiscrimination and top-heavy testing, some have struggled with the limitations on making mid-year amendments to such plans. In Notice 2016-16, the IRS provides additional guidance allowing such mid-year amendments.

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