Susan Chambers, a partner in the Tax Practice Group in the New Orleans office, and Linda Bounds Keng, a partner in the firm’s Tax Practice Group in the Jackson office, authored the chapter titled “Defined Contribution Plans, Section 401(k) Plans: Tax Aspects” in the Bloomberg Law Benefits Guide.
Articles about the Employee Retirement Income Security Act (ERISA) and other issues relating to employee benefit topics
The 2021 executive compensation season will be more challenging than usual for most companies due to the financial and economic consequences of the COVID-19 pandemic. To meet these challenges, companies should be aware of several key issues relating to executive compensation as they design their 2021 executive compensation programs.
This term, the U.S. Supreme Court returns to a challenge to the Affordable Care Act (ACA). In the consolidated cases of California v. Texas (No. 19-840) and Texas v. California (No. 19-1019), the Court will consider whether a group of states and private individuals have standing to challenge the ACA. If that procedural
The U.S. Supreme Court will hear the second of several ERISA disputes this term, the first issue we discussed as the term began, October 5, 2020. Monday, November 2, 2020, the Justices will consider whether the Railroad Retirement Board’s denial of a claimant’s request to open a prior benefits decision
The Secretaries of the Departments of Treasury, Commerce, and Labor have been directed to review and report on the pension funding crisis in an October 22, 2020, Presidential Memorandum. The Memorandum brings renewed attention to a long-standing pension funding crisis and the failing backstops.
It seems like every aspect of healthcare is changing during these uncertain times, but one thing remains the same – HIPAA enforcement is going strong. The Office for Civil Rights (OCR) within the U.S. Department of Health and Human Services (HHS), responsible for enforcing HIPAA regulations, has been active this year in terms of settlements of potential HIPAA privacy and security violations. More than $12.2 million has been recorded this year in resolution agreements, despite the Notification of Enforcement Discretion related to COVID-19 issued by HHS.
The Internal Revenue Service (IRS) recently announced cost-of-living adjustments that affect limitations on qualified retirement plans and health plans. The increases take effect on January 1, 2021, and are modest when compared to prior years.
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2021 (see IRS Notice 2020-79). Most notably, many of the retirement plan limitations, including the limitation on annual salary deferrals into a 401(k) or 403(b)
At the end of 2019, President Donald Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which included a number of changes to employer-sponsored retirement plans. One change involved expanding the ability of long-term, part-time employees to make 401(k) deferral contributions. While this change becomes
Businesses often consider how to reward and retain top talent and incentivize productivity without offering equity, an ownership interest in the business. An executive deferred compensation plan allows an employer to supplement an executive’s base salary over a longer horizon—either after retirement or over a period of years. We have outlined three different options below, all of which are intended to reward executives based on productivity and results and to retain those executives by structuring a payout over time.
On October 6, 2020, the U.S. Supreme Court will hear argument on ERISA’s preemptive effect on a state law regulating pharmacy benefit managers’ (PBMs) generic drug reimbursement rates in Rutledge v. Pharmaceutical Care Management Association (No. 18-540).
The Supreme Court, whose new term begins today, the first Monday in October, will consider a number of cases impacting employee benefits and benefits litigation. This is the first in a series analyzing these cases as they are heard by the Court. The first issue up concerns prescription drug benefit
Over the past few years, and particularly during the COVID-19 pandemic, the Department of Health and Human Services Office for Civil Rights in Action (OCR) has made countless efforts to enhance its Health Insurance Portability and Accountability Act (HIPAA) guidance and other related resources on its website. Last week, the
When providers, health plans, business associates, and even patients and plan participants think of the HIPAA privacy and security rules (‘HIPAA Rules”), they seem to be more focused on the privacy and security aspects of the HIPAA Rules. That is, for example, safeguarding an individual’s protected health information (PHI) to
Notice 2020-68 from the IRS provides valuable clarification for sponsors of qualified plans, 403(b) plans, and 457(b) governmental plans, as well as IRA holders, related to certain provisions in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of 2019.