IRS guidance provides breathing room for implementing SECURE 2.0 Act catch-up contribution rule

As you probably already know, qualified retirement plans are permitted, but are not required, to allow participants who are age 50 or older to make additional elective deferrals (including designated Roth contributions), known as “catch-up” contributions.  For most plans, the catch-up contribution limit for 2023 is $7,500. Last year, President Biden signed into law far-reaching…

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401(k) Matching for Student Loan Payments Finally Arrives

In this economic environment, employers are doing almost anything to attract and retain a quality workforce. Improving the suite of employee benefit offerings, sometimes without incurring major new expenditures, is top of mind for many. Enter SECURE 2.0, which includes a long-awaited 401(k) feature that has sparked employer interest for years. What is it? The…

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Important, New, Year-End Changes Impacting Employers and their Employee Benefit Plans

While many were out last week finishing up their last-minute Christmas shopping, Congress passed the highly-anticipated retirement plan legislation known as “SECURE Act 2.0” and the U.S. Departments of Labor, Health and Human Services, and Treasury (the “Departments”) issued good-faith relief from the troublesome prescription-drug reporting that is otherwise due December 27, 2022.  There are…

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How Changes to the “Family Glitch” Affect Workplace Health Plans

The IRS finalized new rules that change eligibility requirements for the premium tax credit (PTC) created under the Affordable Care Act. It is now easier for an employee’s family members to enroll in subsidized health insurance through an exchange. Related guidance creates a new mid-year cafeteria plan election change event to help family members move…

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Overturning of Roe v. Wade creates challenging legal issues for self-funded health plan sponsors

On Friday, June 24, 2022, the U.S. Supreme Court issued its decision in Dobbs v. Jackson Women’s Health Organization, and overruled Roe v. Wade and Planned Parenthood of Southeastern Pa. v. Casey.  In doing so, the Court held that the U.S. Constitution “does not prohibit the citizens of each State from regulating or prohibiting abortion.”…

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No Surprises Act – Overview of IDR Process

The No Surprises Act (NSA) became effective on January 1, 2022.  It prohibits surprise billing in certain circumstances.  Surprise billing occurs when a patient receives an unexpected bill, often for a large amount, from an out of network (OON) provider without having a prior opportunity to select the provider.  The patient’s health plan typically does…

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ERISALINC provides legal insight, news, and commentary from McAfee & Taft's Employee Benefits & Executive Compensation attorneys.

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