ERISA will Rescue Employers Stuck in the Paid Family, Disability and Sick Leave Quagmire

in Paid Leave Plans and Requirements, Welfare Benefits

 

Over the past several years various state and local governments have passed paid family leave, paid disability leave and paid sick leave requirements for employers operating in those jurisdictions.  California and New York are particularly troublesome as employers must navigate through a maze of state and local paid family, disability, and sick leave requirements.  Employers must then try to integrate those requirements with the employer’s own paid leave policies which could include...Continue Reading

IRS Updates VCP User Fees

in Fiduciary Issues, IRS Examinations, Qualified Plans, Retirement Plans

By: Sterling Perkinson

The IRS has revised its user fees for the Voluntary Correction Program (VCP) effective for submissions made on or after January 2, 2018.  VCP is an IRS program that allows plan sponsors to correct failures involving a qualified plan or a 403(b) plan with IRS approval. The new VCP fees are based on the net assets of the plan as reported on its prior Form 5500, as follows:

 

Net Assets VCP Fee
$0-$500,000 $1,500
Over $500,000 to $10,000,000 $3,000
Over...Continue Reading

Stopgap Funding Bill Contains Surprises

in Affordable Care Act, Health Benefits

The stopgap funding bill passed by Congress and signed by President Trump yesterday keeps the government open for another three weeks.  It also funds the Children’s Health Insurance Program (“CHIP”) for the next six years.

At the same time, the bill also contains three key Affordable Care Act revisions, as follows –

  1. The “Cadillac Tax” is delayed another two years, and is now effective in 2022 (rather than 2020 as under prior law).
  2. The medical device tax, which was effective as...Continue Reading