Search Blog
Subscribe Today
About this Blog
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
Topics
Useful Websites
Form 5500 Penalty Relief Deadline Approaching for MEPs
On July 24, 2019, the Department of Labor (the “DOL”) issued Field Assistance Bulletin 2019-01 (the “Bulletin”), which provides transition relief to multiple employer plans (“MEPs”) that failed to comply with certain annual reporting requirements.
The Bulletin focuses on a Form 5500 reporting requirement added by the Cooperative and Small Employer Charity Pension Flexibility Act, which requires MEPs to report on the Form 5500 all participating employers and an estimate of the percentage of contributions made by participating employers during the plan year. This disclosure requirement first became effective for plan years beginning after December 31, 2013.
The DOL has identified widespread and ongoing failure by MEPs to comply with the above reporting requirement. Read More ›
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged compliance, Form 5500, MEP, multiple employer plan, participating employer, transition relief
Share this Article:
IRS Announces Reduction in Family HSA Contribution Limit for 2018
In Revenue Procedure 2018-18, the Internal Revenue Service announced a reduction in the HSA contribution limit for family coverage in 2018 to $6,850 from $6,900. The self-only HSA contribution limit for 2018 remains unchanged at $3,450.
This change is a technical result of the Tax Cuts and Jobs Act, which adjusted the method for calculating inflation. Although the reduction may appear somewhat small, it may cause certain employees to inadvertently contribute over the limit. For instance, an employee who front-loads his or her annual contribution may have already exceeded the new limit.
The IRS has not issued any transition relief for excess contributions made in 2018 by employees relying on the original contribution limit announced in Revenue Procedure 2017-37. Read More ›
Posted in Employee Benefits, Health & Welfare Plans, Health Care Reform
| Tagged COLA, cost of living adjustment, HSA contribution limit, IRS, tax cuts and jobs act, TCJA, transition relief
Share this Article: