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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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In Case You Missed It … Recent Posts From the SW Benefits Update
We periodically consolidate our prior blog posts and push them out as a single package to help individuals catch up on what they might have missed with respect to important health and welfare, qualified retirement plan, and executive compensation issues. The posts highlighted here largely focus on the CARES Act and the impact the COVID-19 pandemic is having on employee benefit and executive compensation plans. As always, please feel free to reach out to any member of our employee benefits and executive compensation group with questions. Please enjoy (and have a safe) Memorial Day weekend!
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Health Care Reform, Qualified Retirement Plans
| Tagged blog, CARES Act, covid-19, Executive Compensation, health and welfare, retirement plan, roundup
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Making a List, Checking it Twice – 2017
It’s that time of year when boys and girls start making their lists for the holidays, but we in the employee benefits world make a very different kind of list. In the rapidly changing world of employee benefits and executive compensation law, checklists can be particularly helpful to make sure important issues do not fall through the cracks. Each year we publish health and welfare, cost-of-living, executive compensation, and qualified retirement plan checklists to help individuals stay apprised of changes in the law, changes that they might need to make to their employee benefits plans, and various notice requirements. We just published the last of our annual checklists. Read More ›
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Health Care Reform, Qualified Retirement Plans
| Tagged Checklist, COLA, cost-of-living, Executive Compensation, health and welfare, qualified retirement plans
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IRS Announces 2018 Cost of Living Adjustments
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This post has been updated as of June 7, 2018, to reflect the revised maximum annual HSA contribution limit for family coverage set out in Revenue Procedures 2018-18 and 2018-27. The IRS recently announced cost-of-living adjustments for 2018 in Notice 2017-64 and related guidance. The key dollar limits for qualified retirement plans and health and welfare plans are noted below. Qualified Retirement Plan Dollar Limits |
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| 2017 | 2018 | |
| Limit on Section 401(k) deferrals (Section 402(g)) | $18,000 | $18,500 |
| Dollar limitation for catch-up contributions (Section 414(v)(2)(B)(i)) | $6,000 | $6,000 |
| Limit on deferrals for government and tax-exempt organization deferred compensation plans (Section 457(e)(15)) | $18,000 | $18,500 |
| Annual benefit limitation for a defined benefit plan (Section 415(b)(1)(A)) | $215,000 | $220,000 |
| Limitation on annual contributions to a defined contribution plan (Section 415(c)(1)(A)) | $54,000 | $55,000 |
| Limitation on compensation that may be considered by qualified retirement plans (Section 401(a)(17)) | $270,000 | $275,000 |
| Dollar amount for the definition of highly compensated employee (Section 414(q)(1)(B)) | $120,000 | $120,000 |
| Dollar amount for the definition of a key employee in a top-heavy plan (Section 416(i)(1)(A)(i)) | $175,000 | $175,000 |
| Dollar amount for determining the maximum account balance in an ESOP subject to a five-year distribution period (Section 409(o)(1)(C)(ii)) | $1,080,000 | $1,105,000 |
| SIMPLE retirement account limitation (Section 408(p)(2)(E)) | $12,500 | $12,500 |
| Social Security Taxable Wage Base | $127,200 | $128,700 |
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Health and Welfare Plan Dollar Limits |
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| 2017 | 2018 | |
| Annual Cost Sharing Limit (self-only coverage) | $7,150 | $7,350 |
| Annual Cost Sharing Limit (other than self-only coverage) | $14,300 | $14,700 |
| HDHP Out-of-Pocket Maximum (self-only coverage) | $6,550 | $6,650 |
| HDHP Out-of-Pocket Maximum (family coverage) | $13,100 | $13,300 |
| Annual HDHP Deductible (self-only coverage) | Not less than $1,300 | Not less than $1,350 |
| Annual HDHP Deductible (family coverage) | Not less than $2,600 | Not less than $2,700 |
| Maximum Annual HSA Contributions (self-only coverage) | $3,400 | $3,450 |
| Maximum Annual HSA Contributions (family coverage) | $6,750 | $6,900* |
| Maximum HSA Catch-Up Contribution | $1,000 | $1,000 |
| Health Flexible Spending Account Maximum | $2,600 | $2,650 |
* The maximum annual HSA contribution for family coverage was reduced from $6,900 to $6,850 by Revenue Procedure 2018-18. Read More ›
Posted in Employee Benefits, Health & Welfare Plans, Qualified Retirement Plans
| Tagged COLA, cost of living adjustment, defined benefit, defined contributino, ESOP, FSA, HDHP, health and welfare, HSA, key employee, maximum\, qualified retirement, simple
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Making a List, Checking it Twice
It’s that time of year when boys and girls start making their lists for the holidays, but we in the employee benefits world make a very different kind of list. In the rapidly changing world of employee benefits and executive compensation law, a checklist can be particularly helpful to make sure important issues do not fall through the cracks. Each year we publish an executive compensation checklist, a health and welfare plan checklist, and a qualified retirement plan checklist to help individuals stay apprised of changes in the law, changes that they might need to make to their employee benefits plans, and various notice requirements. Read More ›
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Health Care Reform, Qualified Retirement Plans
| Tagged Checklist, employee benefits, end of the year, end-year, Executive Compensation, health and welfare, qualified plan, to do list
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