Benefits Law

One vice president of HR is finding out the hard way that deviating from a 401(k) plan’s written terms can land you in court for breaching fiduciary duties
The 2019 hurricane season will begin soon. However, the 2018 hurricane season is hardly a thing of the past.
One of the most avoidable lawsuits in many years has finally settled, leaving an important lesson for employers: If you plan to break the law, do not announce your intentions in front of a roomful of employees who will be harmed by your decision.
A private letter ruling from the IRS may provide you with a novel option to help employees through your 401(k) plan.
Here are digests of proposed regulations and related guidance issued by the IRS, the Department of Labor and the Department of Health and Human Services.
In 2017, the IRS began cracking down on applicable large employers that didn’t offer affordable minimum value group health benefits to at least 70% of their full-time employees during 2015. It’s now turning its attention to calendar year 2016.
The Tax Cuts and Jobs Act provides a tax credit for paid leave provided during 2018 and 2019. The IRS has now addressed key issues related to this tax credit.
Under the Affordable Care Act, group health plans for employers with fewer than 50 full-time employees must provide employees with a set of 10 essential benefits. Large employers don’t have to provide those benefits. Final regulations allow small employers to join in so-called association health plans and, in so doing, be treated as large employers.
The talent retention imperative can prompt HR to offer new benefits to induce employees to stay with the company. Now is the time to educate HR and the C-suite on the finer points of payroll taxation. If you don’t, those shiny new benefits will be taxable, which defeats the purpose of offering them in the first place.
As you evaluate your health insurance options for the upcoming benefits year, you may be considering whether to offer high-deductible health plans, coupled with health savings accounts. HDHP/HSAs are a combination that can save big bucks for employers and employees alike.