With the December 7, 2016 passage of the long-awaited Cures Act and President Obama now signing it into law, many small employers and their employees can rejoice that an onerous IRS ruling will be overturned. Starting January 1, 2017, small employers that do not offer group health insurance to their employees will have a tool to provide a tax-favored reimbursement to their employees. And more good news: there’s transition relief retroactive for all plan years beginning on or before December 31, 2016 that the onerous penalties announced by the IRS in Notice 2015-17 are no longer in effect.
Posted on December 08, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
For the next two years, a President Trump bolstered by majorities in both the House and Senate could be expected to make a large number of legislative and regulatory changes that would impact HR, employers, and employees nationally. Only two days after the election, here are some of the possible changes signaled during the 2016 campaign and in various white papers offered by campaign and Congressional staffers.
Posted on November 10, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
As in past years, the IRS has finalized the limits for retirement plans and health and welfare plans.
Posted on October 22, 2016 by Gary B. Kushner, SPHR, CBP, President and CEO
The end of July is creeping closer for calendar year plans and usually arrives sooner than expected for 401(k) plan sponsors. The IRS Form 5500 filing deadline can surprise employee benefit plan administrators when their TPA contacts them with news that their retirement plan has grown in size and now requires a plan audit. As an employer, it’s important to be familiar with the plan audit requirements before it’s time to file your Form 5500.
Posted on July 08, 2016 by Terri Norman, QKA
Today’s 401(k) plan sponsors are subject to an array of what often seem complex fiduciary responsibilities with respect to carrying out their duties to plan participants and beneficiaries. However, meeting these duties need not be difficult, and for some functions, there are specific rules to help guide the employer.
For example, the Department of Labor, (DOL), has guidance to help clarify regulations regarding the timeliness for depositing participant payroll deductions that represent contributions or loan payments to the plan.
Posted on October 28, 2015 by Lori Kiess, Account Manager - Retirement Plans