by Editorial Staff | Nov 30, 2021 | Affordable Care Act, Employee benefit plans, IRS
On November 22nd, 2021, the Internal Revenue Service (IRS) released a Notice of Proposed Rulemaking involving health insurance coverage reporting. The Notice of Proposed Rulemaking (NPR) would generally define the term “minimum essential coverage” (MEC) differently...
by PC Editorial Staff | Nov 9, 2021 | Employee Benefits Administration, IRA, IRS, Retirement Plans
On November 4th, 2021, the Internal Revenue Service (IRS) announced cost-of-living adjustments (COLA) for 2022 benefit and contribution limits. Specifically, employee contribution limits increase for 401(k), 403(b), and most 457 plans. In addition, the federal...
by PC Editorial Staff | Nov 2, 2021 | DOL, EBSA, ERISA, Fiduciary Rule, IRS
The Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) has issued a new prohibited transaction rules policy. Accordingly, Field Assistance Bulletin 2021-02, “Temporary Enforcement Policy on Prohibited Transaction Rules Applicable to...
by Editorial Staff | Oct 11, 2021 | COBRA, HHS, IRS
On October 7th, 2021, the Internal Revenue Service (IRS) issued guidance relating to COBRA continuation coverage deadlines. Also written by the Department of Treasury, Notice 2021-58 clarifies current COBRA coverage deadlines in connection with the COVID-19 pandemic....
by Editorial Staff | Oct 4, 2021 | Employee benefit plans, IRS
On August 25th, 2021, the Internal Revenue Service (IRS) released updated guidance for employers on correcting benefit plan mistakes. In general, Revenue Procedure 2021-30 updates the Employee Plans Compliance Resolution System (EPCRS). Chiefly, if an administrator...
by Editorial Staff | Aug 31, 2021 | Biden Administration, COBRA, IRS
The Department of Labor (DOL) has issued a new notice to address upcoming expiring COBRA premium assistance for covered employees. Markedly, the Notice of Expiration of Period of Premium Assistance satisfies specific requirements under the American Rescue Plan Act...