December 2017 Newsletter

Just Released! BizConnect Interview  Tax Bill Will Impact Employee Benefits On Friday, December 15, Congress unveiled the final Tax Cuts and Jobs Act (the “Tax Bill”). The bill, crafted by Republican members of the congressional tax committees, features a few changes from the House and Senate versions. The House passed the Tax Bill on Tuesday, December 19, but due to a procedural issue the Tax Bill will be voted Read More

IRS Issues Employer Mandate Penalties/Is an ESOP Right for Your Company?

  IRS Issues Employer Mandate Penalties On November 2, the IRS issued Letter 226J to applicable large employers (ALEs) (generally, an ALE is any employer with 50 or more full-time employees and full-time equivalents) that the IRS believes are subject to the penalties related to the employer ‘Pay or Play’ mandate for the 2015 tax year (the “Employer Shared Responsibility Payment (ESRP) Penalty”). It is reported Read More

November 2017 Newsletter

  IRS Issues Employer Mandate Penalties On November 2, the IRS issued Letter 226J to applicable large employers (ALEs) (generally, an ALE is any employer with 50 or more full-time employees and full-time equivalents) that the IRS believes are subject to the penalties related to the employer ‘Pay or Play’ mandate for the 2015 tax year (the “Employer Shared Responsibility Payment (ESRP) Penalty”). It is reported Read More

September 2017 Newsletter

ESOP: What is it? An Employee Stock Ownership Plan (ESOP) is a type of employee benefit plan, similar to a profit sharing plan, that is designed to invest primarily in the stock of the employer.  ESOPs can be used by private or public companies in a variety of ways: as a vehicle for retirement for employees, a tax-advantaged method to raise new capital, an exit strategy to give owners an avenue to sell their shares, Read More

60 Day Delay Proposed for Fiduciary Rule | Spotlight on Financial Wellness Programs | New Final Rule for Disability Claims Procedures

March 2017 HR Alert Employee Benefit Spotlight: Financial Wellness Programs A new type of employee benefit has emerged within the last few years called financial wellness programs. These programs aim to empower participants to take control over their financial lives, with the goal of increased participant productivity as well as participation in and effective use of employer-sponsored retirement plans. Financial Read More

October 2017 Newsletter

October 2017 In order to avoid costly penalties and administratively burdensome correction procedures, plan sponsors must remain up-to-date with respect to applicable Health and Welfare plan limits. Yesterday,October 20, 2017, the IRS announced cost-of-living adjustments affecting 2018 dollar limitations for Health and Welfare plans and other related Health and Welfare Benefits items. We've included some of the most Read More

August 2017 Newsletter

    Plan Sponsors and Fiduciaries: Beware the High Costs of Prohibited Transactions When a plan fiduciary permits certain statutorily forbidden transactions, participants in the transactions may be heavily taxed and penalized for the transaction, even years later. The Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), both aim to prevent certain Read More

July 2017 Newsletter

 Is the Fiduciary Rule’s Private Right of Action a Greater Threat than DOL Enforcement?   The Department of Labor (DOL) released a temporary enforcement policy ahead of its recently enacted Fiduciary Rule, which went into effect on June 9, 2017. This policy states that the DOL will not pursue claims against fiduciaries who make a diligent and good faith effort at compliance until the end of the Fiduciary Rule’s Read More

June 2017 Newsletter | Fiduciary Rule in Effect | Preventive Services Requirements | Upcoming Speaking Engagements

Upcoming Speaking Engagements June 27th, The Benefit Company July 27, Smith Communication Partners August 17, Burnette Insurance August 31, DOL Panel Discussion What are the Requirements of Those Held to a Fiduciary Standard? The Department of Labor (DOL) has implemented the first phase of its new Fiduciary Rule, extending the scope of retirement plan fiduciary duties. In part, the Fiduciary Rule aims Read More

Newsletter | April 25, 2017 Navigating Complex Mandates

Bonus HR Alert - April 25, 2017 Navigating Complex Mandates:  The DBA, The SCA, and The ACA | Boon or Bust:  Participant Loan Programs | Upcoming Speaking Engagements Anne Tyler Hall Featured at Warren Averett's 2017 Accounting Forum for Educational Institutions and Other Nonprofits Thanks to all who attended last Friday's forum!   Upcoming Speaking Engagements May 3: Read More