On October 8, 2019, the U.S. Department of Treasury and the IRS released the 2019-2020 “Priority Guidance Plan” for the 12-month period running from July 1, 2019, through June 30, 2020. The plan sets out the agencies’ priorities and offers insight into which taxpayers and organizations are at greater risk of an audit, and which aspects of administration will be most heavily scrutinized. The nine-page plan is organized based on how the agencies intend to investigate ... Keep Reading »
Plan Amendment Deadline Approaching for Plans That Implemented Hardship Changes in 2018 and 2019
In a Nutshell Retirement plan sponsors that implemented hardship distribution changes and other disaster relief in 2018 and 2019 probably have to amend their plan documents by the end of this year if they haven’t done so already. We recommend that all plan sponsors determine whether they implemented any of the changes summarized below and, if so, whether they already amended their plan documents to describe those changes. In general, plan sponsors should have notified ... Keep Reading »
A Primer on Employment Taxes
We noticed an uptick in employment tax issues, so thought a primer on employment taxation basics would be helpful. While this may be of general interest to in-house counsel and human resources professionals, it is probably more useful to payroll professionals (so feel free to forward this to your favorite payroll department employee!). Employment Taxes To be clear, when we reference "employment taxes," we refer to the taxes other than income taxes that an employer must ... Keep Reading »
New Florida Law: Assessing Benefit Plan Costs for New Cancer Benefits Owed to Florida’s Bravest
This alert focuses on Florida governmental entities that provide benefits to firefighters. Newly adopted Florida Statutes chapter 112.1816, scheduled to go into effect July 1, 2019, provides additional minimum benefits to certain firefighters diagnosed with certain cancers. Following are excerpts describing the new or additional benefits that must be provided, and our initial reaction on whether this will likely impact the cost of retirement plan benefits, group health ... Keep Reading »
Retiree Medical Not Restricted by Medicare Secondary Payer Rules
This article should interest employers who are offering or thinking about offering retiree medical coverage and should especially interest local governmental entities that are required to offer retiree medical coverage under state law. A federal court case decided on March 21, 2019, highlights the interplay between retiree medical requirements and the Medicare Secondary Payer Rules (MSPR). In River City Fraternal Order of Police Lodge 614, Inc. v. Kentucky Retirement ... Keep Reading »
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