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Search OptionsEmployee BenefitsHow Employee Benefits Law Impacts Every Workplace with Catherine “Katy” Stowers (Podcast)
The area of law related to employer-sponsored health and welfare benefit plans impacts all employers in one way or another. In this episode of the Krieg DeVault Podcast Series, Krieg DeVault attorney George C. Lepeniotis is joined by fellow colleague Catherine “Katy” Stowers, a member of the firm’s… Plan Sponsors Take Note: New Litigation Brings Attention to Potential Fiduciary Risk for Group Health Plan Sponsors
In a widely publicized lawsuit filed in February of this year, former Johnson & Johnson (“J&J”) employee Ann Lewandowski sued the pharmaceutical giant for allegedly breaching its fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”). The lawsuit seeks class action… Covering Long-Term, Part-Time Employees Under 401(k)
Effective for plan years beginning on or after January 1, 2024, plan sponsors of 401(k) plans must comply with new rules covering temporary, part-time, and seasonal workers. The Internal Revenue Service (“IRS”) issued proposed regulations on November 27, 2023 which provided much-needed guidance on… IRS Announces Retirement Plan Limitations for 2024
On November 1, 2023, the Internal Revenue Service issued Notice 2023-75 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2024 calendar year. Most of the dollar limits applicable to contribution and benefit limits, including the… President Biden Issues Executive Order on Artificial Intelligence
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial… IRS Extends Effective Date for Roth Treatment of Catch-Up Contributions to 2026
Welcome news was delivered by the Internal Revenue Service last Friday afternoon, under IRS Notice 2023-62. The IRS has extended the January 1, 2024 deadline for employer-sponsored retirement plans to implement Section 603 of SECURE 2.0 (“Section 603”) which would require an employer to treat all… IRS Issues Notice Regarding ESOP Compliance
On August 9, 2023, the Internal Revenue Service (the “IRS”) issued a cautionary statement to business owners, plan sponsors, individual taxpayers, advisors, and attorneys concerning a range of compliance issues associated with employee stock ownership plans (“ESOPs”). The IRS emphasizes the need to… 2024 HSA Limits Released
On May 16, 2023, the IRS released Revenue Procedure 2023-23. This new Revenue Procedure included the 2024 Health Savings Account (HSA) contribution limits and the 2024 minimum statutory deductibles and maximum out-of-pocket contributions for High Deductible Health Plans (HDHPs). For 2024, the annual… SECURE Act 2.0 Expands on 2019 Secure Act Retirement Provisions
The SECURE Act 2.0 of 2022, arguably one of the most significant pieces of legislation affecting retirement plans in many years, was signed into law by President Biden on December 29, 2022 with the 2023 Consolidated Appropriations Act. Several provisions and requirements went into effect… Fiduciary Alert: New ERISA Group Health Plan Service Provider Fee Disclosures Require Plan Sponsor Attention
If your company is the sponsor of a group health plan governed by the Employer Retirement Income Security Act of 1974 (“ERISA”), you may have already received a new compensation disclosure from providers of brokerage and consulting services to your health plan. If not, you soon should. The… Guidance on New RMD Rules in IRS Notice 2022-53; Final Regulations Forthcoming
With the end of the 2022 calendar year quickly approaching, the Internal Revenue Service (“IRS”) and Department of Treasury (“Treasury Department”) have published Notice 2022-53, offering some insight on the forthcoming final regulations relating to the changes to Required Minimum Distributions (“… IRS Announces Retirement Plan Limitations for 2023
On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2023 tax year. Earlier this month, the Social Security Administration announced the COLA would increase by… |
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