At the end of 2014, Congress increased the tax break for employer-provided transit benefits from $130/month to $250/month to match the tax break provided for parking. The catch was that the increase applied retroactively to 2014 (and does not extend to 2015, at least not yet), but employees would have already been taxed on benefits in excess of $130/month. This week the IRS published guidance for employers in Notice 2015-2 that is similar to the guidance issued in early 2013 after a...Continue Reading
Have you ever noticed that EOBs are now five pages long? I recently received one in the mail that needed it's own table of contents. One of the reasons is that the ACA requires non-grandfathered group health plans to provide notices (such as EOBs and SBCs) in a culturally and linguistically appropriate manner, referred to as the CLAS requirements. The regulations implementing this requirement also require non-grandfathered health plans to make certain accommodations for...Continue Reading
The IRS issued Notice 2014-74 with updated model safe harbor rollover notices for qualified retirement plans.
The IRS has published an updated Rollover Chart: Rollover Chart
The Pension Benefit Guaranty Corporation on October 24, 2014, published its increased premium rates. The per participant flat premium rate for single employer plans increased to $57 in 2015 (up from $49 in 2014). The per participant flat rate premium for multiemployer plans reflected a smaller increase to $13 in 2015 (up from $12 in 2014). Variable-rate premiums ("VRPs") have also been increased from the 2014. VRPs are only paid by single employer plans and are structured as a premium...Continue Reading