November 21, 2016 | Post-Election Returns: What Now for Obamacare? |
The votes have been counted and Donald Trump is the president-elect and Republicans control Congress. Among the many questions around the proverbial watercooler is what now for "Obamacare"? While it is impossible for anyone to predict the future, we undertake to make a short, best guess about the future of the Affordable Care Act ("ACA").
November 1, 2016 | IRS Increases Health FSA Contribution Limit for 2017, Adjusts Other Benefit Limits |
On October 25, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-55, which raised the health Flexible Spending Account (FSA) salary reduction contribution limit to $2,600 for plan years beginning in 2017. The Revenue Procedure also released the cost-of-living (COLA) adjustments that apply to dollar limitations in certain sections of the Internal Revenue Code (Code). The following summarizes other adjustments relevant to individuals and employer sponsors of welfare and fringe benefit plans.
October 27, 2016 | NEW Health Care FSA Maximum Announced |
The IRS just released notification of an increase in the maximum permissible amount that individuals can contribute to a Health Care Flexible Spending Account (FSA) in 2017 under a Section 125 cafeteria plan.
September 21, 2016 | Enrollment Counts for Transitional Reinsurance Fee Due Nov. 15, 2016 |
Employers with self-insured major medical plans are reminded to report their membership count to the U.S. Department of Health and Human Services ("HHS") via the pay.gov website by November 15, 2016, as part of the Affordable Care Act's ("ACA") transitional reinsurance fee (the "Fee").
July 28, 2016 | DOL Proposes Changes to Annual Reporting for ERISA Plans |
The U.S. Department of Labor (DOL) recently proposed revisions to Form 5500 (Annual Return/Report for Employee Benefit Plan), the related schedules, and the rules that govern the forms. In general, these changes would first apply for the 2019 plan year, although certain changes may be implemented earlier. These proposed revisions were published on July 21, 2016, and comments are being accepted for 75 days, through October 4.