President Trump Administration Freezes New Regulations

in Fiduciary Issues, Health Benefits, Welfare Benefits

Soon after Donald Trump officially became the forty-fifth president of the United States, Reince Priebus, the President’s Chief of Staff, issued a memorandum freezing all pending regulations.  This memorandum is similar to the memorandums issued at the beginning of prior administrations.  In general, and subject to certain exceptions, the memorandum provides the following –

  1. Agencies shall send no new regulations to be published in the Federal Register until an appropriate individual...Continue Reading

Judge Bars Overtime Rules From Becoming Effective

in Employment Laws

A federal court in Texas has issued a nationwide preliminary injunction barring the Department of Labor from implementing its new white-collar exemption regulations, which were scheduled to go into effect on December 1, 2016. The attached Legal Alert discusses what this means for employers and suggests some personnel issues that employers should consider in deciding how to react to the court’s ruling.

 

IRS Extends ACA Reporting Deadline

in Affordable Care Act, Tax Issues

This afternoon the Internal Revenue Service issued IRS Notice 2016-70 extending the distribution due date for ACA reporting purposes. Specifically, the notice extends by 30 days the due date for distributing the 2016 Form 1095-B and the 2016 Form 1095-C, from January 31, 2017, to March 2, 2017.  Further, the Service has determined that no extension is needed for filing such forms with the Service.  Therefore, the due date for filing with the Service the 2016 Forms 1094-B, 1095-B, 1094-C,...Continue Reading

IRS Eases Loan and Hardship Distribution Rules for Hurricane Mathew Victims

in Qualified Plans

In Announcement 2016-39 issued on October 21, 2016, the IRS follows its long-standing practice and eases application of the qualified plan loan and/or hardship rules for those who were impacted by Hurricane Mathew.  For example, the relief allows impacted individuals to obtain a hardship distribution without the need to prove a hardship based on the types enumerated in the regulations.  Further, no post-hardship distribution contribution restrictions are required.

The relief applies to...Continue Reading