Earlier this year, I blogged about how the IRS modified the health flexible spending account (“health FSA”) “use-it-or-lose-it” rule to allow carryovers of up to $500 to subsequent plan years. This rule change caused some confusion. Employers were asking, “what happens to an employee’s eligibility to contribute to a health savings account (“HSA”) if they […]
Since 2012, covered service providers (“CSPs”) such as recordkeepers and investment advisors have had to provide annual service and fee disclosures to plan fiduciaries under Section 408(b)(2) of ERISA. Plan fiduciaries cannot remain idle after receiving these disclosures — review of the disclosures is a fiduciary duty. The Department of Labor (“DOL”) requires fiduciaries to […]
Snell & Wilmer is very pleased to announce our newest legal blog devoted to important developments in the areas of employee benefits and executive compensation. Our Employee Benefits and Compensation Group attorneys focus on a broad range of issues including qualified retirement plans, health care reform, and executive compensation and incentive programs. We hope this […]
Last summer, the Supreme Court determined that the Defense of Marriage Act (“DOMA”) was unconstitutional. The Supreme Court’s ruling in United States v. Windsor had the effect of extending many employee benefits to same-sex spouses. Employee benefit plans were significantly impacted by the ruling, and, as a result, the IRS and the Department of Labor […]
Late last year, the IRS announced that it was modifying the health flexible spending account (“health FSA”) “use-it-or-lose-it” rule. Prior to the change, employees had to use the full balance of their health FSA by the end of the plan year or the money would be forfeited. This rule sometimes forced employees to unnecessarily spend […]
