On March 17, 2023, the Internal Revenue Service (IRS) issued new frequently asked questions (FAQs) addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Sec. 213 of the Internal Revenue Code (Code) that may be paid or reimbursed under an employee’s health savings account (HSA), health flexible spending arrangement
IRS Guidance
SECURE 2.0 Series Part 1: More Roth, More Catch-Up, and Catch-Up As Roth
The SECURE 2.0 Act of 2022 (SECURE 2.0) contains several provisions that allow the federal government to have its cake (more tax dollars) and eat it too (more retirement savings, easing Social Security challenges). With SECURE 2.0, we find more Roth, more catch-up, and catch-up as Roth.
More Roth
Named after the late Delaware Senator…
4th Quarter 2022 Quick Hits for Plan Sponsors and Administrators
By Suzanne G. Odom & Alec Nealon on
Posted in 401(k) plan, ACA, Affordable Care Act, Amendments, CARES Act, Consolidated Appropriations Act, coronavirus, Employee Health & Welfare Plans, Employer Health and Welfare Plan, ERISA, hdhp, HRA, hsa, IRS Guidance, pharmacy benefit Manager, Prescription Drug and Healthcare Spending, Retirement plans, RISE and SHINE Act, SECURE 2.0, SECURE Act
As we enter the fourth quarter of 2022, sponsors and administrators of employee benefit plans have a lot to juggle. From open enrollment and required notices to plan document deadlines, it is a busy time of year. Yet, there always seems to be something new to add to the mix. This year is no different. …
You Can’t Always Get What You Want – IRS Issues Notice 2022-33
By Natalie M. Nathanson & Lisa J. Goyer on
On August 3, 2022, retirement plan sponsors welcomed IRS Notice 2022-33 (“Notice”), which extends the deadline for adopting amendments to comply with the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), Section 104 of the Bipartisan American Miners Act (“Miners Act”), and certain provisions of the Coronavirus Aid, Relief, and Economic…