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Kathryn W. WheelerBlog Posts

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  • Don’t Overlook Your Employee Benefit Plans as You Evaluate the Effect of the Final Overtime Rule

    Before employers implement their proposed workforce changes resulting from the finalization of the new overtime rule, released September 24, 2019, see our article for more information, employers should consider what impact those proposed workforce changes may have on their employee benefit plans. Employee benefit plans with criteria for eligibility, contribution, etc. based on the classification...… Continue Reading
    October 2, 2019
  • Don’t Overlook Your Employee Benefit Plans as You Evaluate the Effect of the Final Overtime Rule

    Before employers implement their proposed workforce changes resulting from the finalization of the new overtime rule, released September 24, 2019, see our article for more information, employers should consider what impact those proposed workforce changes may have on their employee benefit plans. Employee benefit plans with criteria for eligibility, contribution, etc. based on the classification...… Continue Reading
    October 2, 2019
  • The IRS Doesn’t Disappoint…Again

    As imagined by plan sponsors of closed defined benefit pension plans, the IRS issued Notice 201-49, the fifth extension for an additional year of the temporary nondiscrimination relief for “closed” defined benefit pension plans originally announced by the IRS during 2014.  The extended relief applies to plan years beginning before 2021 for those “closed” plans...… Continue Reading
    August 27, 2019
  • Changes to Employee Benefit Plans May Create Unforeseen Disclosure Deadlines

    Believe it or not, it may be time to distribute a new Summary Plan Description (SPD) to include all changes made since the last issuance or a Summary of Material Modifications (SMM) for any amendments adopted during the 2018 plan year. The Rules:  The Department of Labor (DOL) regulations and Employee Retirement Income Security Act...… Continue Reading
    May 20, 2019
  • 2019 Cost of Living Adjustments for Retirement Plans

    The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations for retirement plans and Social Security generally effective for Tax Year 2019 (see IRS Notice 2018-63). Most notably, the limitation on annual salary deferrals into a 401(k) plan will increase from $18,500 to $19,000. The dollar limits are as follows: LIMIT 2018 2019...… Continue Reading
    November 1, 2018
  • The President Urges Regulatory Action to Expand Access to Employer-Sponsored Retirement Plans

    On August 31, 2018, President Trump issued an Executive Order (the “Order”) calling on the Department of Labor (“DOL”) and the Internal Revenue Service (“IRS”) to consider issuing regulations and guidance directed at expanding the availability of employer-sponsored retirement plans.  The Order mainly takes aim at the availability of retirement plans to all employees, noting...… Continue Reading
    September 4, 2018
  • The IRS Doesn’t Disappoint

    As anticipated by plan sponsors of closed defined benefit pension plans, the IRS issued Notice 2018-69, the fourth extension for an additional year of the temporary nondiscrimination relief for “closed” defined benefit pension plans originally announced by the IRS during 2014.  The extended relief applies to plan years beginning before 2020 for those “closed” plans...… Continue Reading
    August 29, 2018
  • Illinois Secure Choice Savings Program – A Mandatory Retirement Plan 

    Employers in Illinois with at least 25 employees must comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan. Secure Choice is set to roll out in November 2018. Secure Choice applies to Illinois employers that do not sponsor a qualified retirement plan. The program, adopted in...… Continue Reading
    August 13, 2018
  • IRS Reverses the $50 HSA Reduction for 2018

      We recently informed you that the IRS reduced the 2018 health savings account (“HSA”) contribution limit for individuals with family coverage to $6,850.00 despite having previously announced that such limit was $6,900.  Because of compelling comments from stakeholders, the IRS reversed this decision in Revenue Procedure 2018-27 and the contribution limit for individuals with...… Continue Reading
    April 29, 2018
  • IRS Reduces HSA Contribution Amount for Current Year

    In 2017, the IRS released the 2018 inflation-adjusted figures for contributions to Health Savings Accounts (HSAs).  The contribution limits for HSAs associated with High Deductible Health Plans was increased to $3,450 for individuals with self-only coverage and to $6,900 for individuals with family coverage.  In December, the President signed the tax reform bill commonly known...… Continue Reading
    March 27, 2018

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