Under Department of Labor Regulations, plan administrators of individual account plans such as 401(k) plans and most 403(b) plans must provide all participants who are eligible to direct investments in the plan with certain investment and fee information (see http://www.dol.gov/ebsa/newsroom/fsparticipantfeerule.html for more information). The plan administrator is the employer sponsoring the plan unless the employer
Additional IRS Guidance on W-2 Reporting of Health Care Costs
The Internal Revenue Service (“IRS”) has amended its guidance to employers on how to report the cost of group health coverage. Notice 2012-9 addresses, among other things, cost determinations for employee assistance programs, wellness programs, and health reimbursement arrangements.
Internal Revenue Code section 6051(a)(14), enacted as part of the Patient Protection and Affordable Care Act
IRS Voluntary Classification Settlement Program – Watch Your Step!
The Internal Revenue Service has announced its Voluntary Classification Settlement Program (“VCSP”) offering relief to certain employers from unpaid employment taxes, penalties and interest that may result from misclassification of workers. The IRS’s September 21, 2011, Announcement 2011-64 and “Frequently Asked Questions” (published on September 30) explains that the VCSP allows employers to correct misclassification
Eleventh Circuit Decides Health Care Reform Individual Mandate Is Unconstitutional
The individual mandate provision of the 2010 health care reform law is unconstitutional, the U.S. Court of Appeals for the Eleventh Circuit decided in Florida v. HHS on August 12th. The Sixth Circuit previously held in Thomas More Law Center v. Obama that the individual mandate is constitutional. Therefore, the Eleventh Circuit decision creates a
New Rules Require Health Plans to Cover Women’s Contraception
Group health plans that are not grandfathered under the 2010 health care reform law (the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010) must provide women’s contraception without cost-sharing beginning with the first plan year that starts on or after August 1, 2012. The three agencies
Plan Participants May be Assessed Penalties as a Result of DOJ Suit Against Welfare Benefit Plan
Participants in the Professional Benefits Trust (“PBT”) may be in danger of having to pay the United States Treasury 50% of their assets in penalties for each year of participation in PBT. The assets of the purported welfare benefit plan were moved off shore and deposited into the Mavin foreign insurance company and into Acadia
What Does NY’s Marriage Equality Act Mean to Employers?
Under the New York State Marriage Equality Act enacted June 24, 2011, and effective July 24, 2011, New York recognizes as valid any otherwise valid marriage regardless of whether the marital partners are of the same or opposite sex. There is an exception for religious organizations. In general, the new law does not require such organizations
Plan Trustees & Committees With FBAR Reporting Obligations – June 30th Deadline
Reports required under Foreign Bank Account Reporting or “FBAR” laws and regulations must be submitted to the U.S. Department of the Treasury on or before June 30, 2011. Individuals with a financial interest in foreign financial accounts (including foreign bank accounts, securities and certain insurance and annuities) or with signatory or other authority over
Write the Rules on Employer Health Care Reform Penalties
Write the Rules on Employer Health Care Reform Penalties
Employers now have an opportunity to influence how the Patient Protection and Affordable Care Act’s “employer responsibility” “assessable payment” will apply in 2014.
Section 4980H of the Internal Revenue Code, added by the PPACA, imposes a penalty on employers with more than 50 full-time employees
Employers Find Relief in Repeal of Certain Health Reform (PPACA) Provisions
The U.S. Supreme Court has refused to engage in expedited review of the decision of a Virginia District Court that held unconstitutional the individual mandate contained in the Patient Protection and Affordable Care Act (“PPACA”). The Supreme Court’s April 25 decision suggests there will be a long road to resolution of the constitutional attack on