Total Articles: 10
Ogletree Deakins • March 21, 2018
The enactment of the Tax Cuts and Jobs Act (TCJA) on December 22, 2017, brought about the most sweeping overhaul of the Internal Revenue Code (IRC) since 1986. Most of the changes took effect on January 1, 2018. This article covers the TCJA’s impact on employer-provided fringe benefits and offers insights, based on conversations with employers across the country, on how the changes may influence employers’ fringe benefit offerings in the years to come.
Phelps Dunbar LLP • March 19, 2018
On March 15, 2018, in Chamber of Commerce of the USA, et al. v. U.S. Dep’t of Labor et al., the Fifth Circuit nullified the “Fiduciary Rule.” The Fiduciary Rule is a regulatory attempt to expand what it means to be a “fiduciary” under the Employee Retirement Income Security Act (“ERISA”) and Internal Revenue Code. As the Court explained, the Rule was of “monumental significance to the financial services and insurance sectors of the economy.” Since 2016, the Rule has reportedly caused major investment and insurance companies to exit the brokerage and retirement investor market and limited the retirement investment products sold by such companies.
Littler Mendelson, P.C. • March 18, 2018
With its en banc decision in Ariana v. Humana Health Plan of Texas,1 the Fifth Circuit reconsidered the standard of review in an ERISA denial of benefits case.
Jackson Lewis P.C. • March 15, 2018
Nary a week goes by without news of a data breach by a healthcare provider…while there are certainly a good number of breaches resulting from a breach of cybersecurity defenses or from the wrongful exploitation of system security weaknesses, there is still a risk to healthcare providers resulting from the internal operations of the healthcare provider. There are frequent reports of these “internal” breaches: loss of equipment (e.g., laptops that were not secured and unencrypted USB drives), employee wrongdoing (e.g., theft of records or improper access to records to satisfy personal curiosity), and then those unfortunate “oops” moments (e.g., sending personal health information (“PHI”) to administrative vendors without a proper business associate agreement (“BAA”) in place, or a spontaneous conversation in a waiting room disclosing PHI).
Ogletree Deakins • March 09, 2018
States such as Illinois, Maryland, and Oregon that have enacted laws requiring health insurers to cover certain male contraception on a first-dollar basis may be creating traps for unwary employers that sponsor high-deductible health plans.
Littler Mendelson, P.C. • March 08, 2018
On March 5, 2018, the Internal Revenue Service released Rev. Proc. 2018-18 under Internal Revenue Bulletin No. 2018-10, reducing from $6,900 to $6,850 the maximum amount an individual with family coverage may contribute to a Health Savings Account (HSA) for the 2018 calendar year. The $50 reduction is effective immediately for the 2018 calendar year.
Jackson Lewis P.C. • March 05, 2018
Collective bargaining agreements, including those that establish ERISA plans, should be interpreted according to ordinary principles of contract law, the U.S. Supreme Court has reaffirmed in a per curiam opinion. CNH Industrial N.V. v. Reese, No. 17-15 (Feb. 20, 2018).
Jackson Lewis P.C. • February 25, 2018
Benefit plan practitioners returned to their desks after the holidays to the surprising news that the Internal Revenue Service issued guidance that made sweeping changes to the user fees for the Internal Revenue Service’s Voluntary Correction Program (“VCP”). (And notably more than one IRS agent has informally indicated they were surprised by the changes, which were almost immediately effective, as well!)
Fisher Phillips • February 19, 2018
Offering health, retirement, and workers’ compensation benefits to the varied gig workforce, while maintaining some affordability to the worker while also avoiding the 30 percent cost increase to businesses, has proven to be an extremely tall task. The situation gets even more complicated because gig businesses also need to be concerned that charges of worker misclassification could be supported by the offering of such benefits to their contractor workforce.
FordHarrison LLP • February 14, 2018
Under the Internal Revenue Code of 1986, as amended (the “Code”), businesses are entitled to a general business credit which is made up of several component credits, including the Work Opportunity Credit, the Indian Employment Credit, credits for employing and housing employees affected by Hurricane Katrina, and a number of others. The recently-enacted Tax Cuts and Jobs Act (“TCJA” or the “Act”) added a new component credit for businesses that qualify – the Paid Family and Medical Leave Credit (“FML Credit”).