Source: https://eforerisa.wordpress.com/page/2/
Timestamp: 2017-07-27 14:23:50
Document Index: 291561161

Matched Legal Cases: ['§ 36', '§ 5000', '§ 6056', '§ 4980', '§ 457', '§ 457', '§ 403', '§ 457', '§ 457']

E is for ERISA | Information of use to benefits advisers and benefit plan sponsors. | Page 2
October 30, 2016 · 7:11 pm	IRS Announces New Benefit Limits for 2017	On October 28, 2017 the IRS announced 2017 cost-of-living adjustments for annual contribution and other dollar limits affecting 401(k) and other retirement plans. Salary deferral limits to 401(k) and 403(b) plans remained unchanged for the second year in a row, but other dollar limit adjustments were made. Citations below are to the Internal Revenue Code.
In a separate announcement, the Social Security Taxable Wage Base for 2017 increased from $118,500 to $127,200. Leave a comment
October 20, 2016 · 11:55 pm	Update on ACA Reporting Duties – Revised for IRS Notice 2016-70	ACA reporting deadlines for applicable large employers arrive early in 2017 and, through Notice 2016-70, the IRS has now offered a 30-day extension on the January 31, 2017 deadline to furnish employee statements – Forms 1095-C. The new deadline is March 2, 2017 and it is a hard deadline, no 30-day extension may be obtained. There is no extension on the deadline to file Forms 1095-C with the IRS under cover of transmittal Form 1094-C. The deadline for paper filing is February 28, 2017 and the electronic filing deadline is March 31, 2017. (Electronic filing is required for applicable large employers filing 250 or more employee statements.)
October 6, 2016 · 6:45 pm	Untangling ACA Opt-Out Payment Rules	As group health coverage premiums soar ever higher, it has become increasingly popular for employers to offer employees cash in exchange for their opting out of group coverage. When the cash opt-out payments are provided outside of a Section 125 cafeteria plan, they may have the unintended consequence of reducing the affordability of employer group health coverage, because the IRS views the cash opt-out payment as compensation that the employee effectively forfeits by enrolling in coverage.[1] Unaffordable coverage may entitle the employee to premium tax credits under IRC § 36, and may also exempt the employee from individual mandate duties under IRC § 5000A. This post focuses on the impact of opt-out payments on “applicable large employers” subject to employer shared responsibility duties under the ACA. For such employers, reduced affordability of coverage will impact how offers of coverage are reported under ACA reporting rules (IRC § 6056) and could trigger excise tax payments under IRC § 4980H(b).
August 10, 2016 · 1:14 am	Section 457(f) Gets Its Groove Back	In June of this year the IRS issued proposed regulations under Section 457 of the Internal Revenue Code (“Code”) that primarily affect “ineligible” plans under Code § 457(f). These are plans for employees of governmental entities and tax-exempt employers, limited in the latter instance to a select group of management or highly compensated employees (the “top-hat” group), that permit deferral of compensation in excess of the limits that apply under Code § 457(b). Our prior post looked at some exceptions to these rules; this post focuses on when deferred amounts are subject to a substantial risk of forfeiture or “SROF.”
August 2, 2016 · 11:25 pm	Chart of Section 457(f) Carve-Outs Under New Proposed Regulations	The IRS recently announced proposed regulations under Internal Revenue Code (“Code”) Section 457 that update prior, final regulations issued in 2003 and other subsequent guidance from IRS. Section 457 governs deferred compensation rules for government employees, and for executives of private, tax-exempt organizations it permits deferrals from compensation over and above limits set forth in Code § 403(b). The proposed Section 457 regulations impact “ineligible” deferred compensation plans under Code § 457(f) more substantially than “eligible” deferred compensation plans under Code § 457(b) which were more comprehensively covered in the 2003 final regulations.