October 24, 2022

401(k) CURRENT EVENTS: IRS RELEASES 2023 ADJUSTED DOLLAR LIMITS FOR 401(k) PLANS

On October 21, 2022, the IRS released its annual notice, Notice 2022-55, setting forth the various dollar limitations for contributions and benefits under qualified retirement plans, including 401(k) plans. The new limits will go into effect as of January 1, 2023. Under the Internal Revenue Code, these limits are subject to annual adjustment to reflect… Continue Reading

October 19, 2022

401(K) CURRENT EVENTS: IRS ISSUES LIMITED RELIEF FOR CERTAIN REQUIRED MINIMUM DISTRIBUTIONS THAT WERE DUE IN 2021, 2022

On October 7, 2022, the IRS issued Notice 2022-53 which grants limited relief with respect to certain new requirements for required minimum distributions (RMDs) from qualified plans (including 401(k) plans). Specifically, the notice provides relief for 401(k) plans that failed to make RMDs in 2021 or 2022 to beneficiaries under a new 10-year payment rule… Continue Reading

October 17, 2022

IRS ANNOUNCES EXPANDED RULE FOR CAFETERIA PLAN ELECTION CHANGES

The IRS has announced a change in the rules regarding eligibility of taxpayers for a premium tax credit undersection 36B of the Affordable Care Act.  Under the ACA, if a large employer fails to offer an employee and his family affordable coverage providing minimum value and the employee enrolls in a qualified health plan through… Continue Reading

October 14, 2022

H&W CURRENT EVENTS: TEXAS FEDERAL DISTRICT COURT INVALIDATES HHS GUIDANCE ON GENDER AFFIRMING CARE

On October 1, 2022, the U.S. District Court for the Northern District of Texas, in Texas v. EEOC, et al., invalidated U.S. Department of Health and Human Services (HHS) guidance that prohibited, as discriminatory, the denial of gender affirming care for minors. The HHS guidance, applicable only to entities subject to Section 1557 of the… Continue Reading

October 10, 2022

Level Funding Group Health Plans: What Employers Need to Know

Four years ago we released a blog covering potential benefits and risks for employers seeking to switch from fully insured to self-insured level group health plans – at that time a relatively new concept in the employee benefits realm. It’s still a viable funding method for some employers, and there are still benefits to –… Continue Reading

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