Legislative & Regulatory Updates

Senate Tax Bill’s Passage Paves the Way for Qualified Retirement Plan Changes

December 8, 2017

This article summarizes what’s in the current Senate Tax Bill for qualified retirement plans.

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2017 Required Amendments List for Qualified Retirement Plans

December 7, 2017

On December 5, 2017, the Internal Revenue Service (“IRS”) issued Notice 2017-72, the 2017 list of required amendments. There are changes to qualification requirements that may require an amendment to some plans.

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Executive Compensation in the Senate’s Tax Cuts and Jobs Act

December 6, 2017

This article is the fifth in our series of articles that follow Congress’ efforts to make significant changes to many aspects of employee benefits through changes to the United States Tax Code (the Code). This time it was the United States Senate that delivered the proposed tax legislation.

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The Social Security Administration Revises Its 2018 Maximum Taxable Wage Base

On November 27, 2017, the Social Security Administration announced that it was lowering the 2018 maximum taxable wage base from the previously announced $128,700 to $128,400.

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Delays for New Disability Claims Procedures and Full Implementation of Fiduciary Rule

November 28, 2017

On November 24, 2017, the Department of Labor (DOL) announced a delay, until April 1, 2018, of the applicability of the final rule amending the claims procedure requirements for employee benefit plans that provide disability benefits. In a similar action, on November 27, 2017, the DOL announced that the transition period to fully implement the new fiduciary rule first issued on April 8, 2016 will be extended from January 1, 2018 to July 1, 2019.

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Tax Reform Takes a Cut at Welfare and Fringe Benefits

November 10, 2017

In the past couple of days, we have looked at H.R. 1 – Tax Cuts and Jobs Act (the “Bill”) and its impact on executive compensation and nonqualified deferred compensation plans and tax-qualified plans. Today we will look at the impact of the Bill on welfare and fringe benefits.

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Will Tax Reform Change Code Section 409A?

November 10, 2017

As we discussed earlier this week, (see Proposed Tax Bill Radically Alters Nonqualified Deferred Compensation and Executive Compensation), H.R. 1 – Tax Cuts and Jobs Act (the “Bill”), took aim at executive compensation. Of significance, the limited tax deferral opportunities under the proposed rules could effectively “kill” nonqualified deferred compensation plans. The Bill in its current form leaves the tax treatment of nonqualified deferred compensation unchanged.

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Qualified Retirement Plans are Winners under the Tax Cuts and Jobs Act

November 9, 2017

The proposed tax reform bill, H.R. 1 - Tax  Cuts and Jobs Act Bill, does not provide for any sweeping changes to the qualified retirement plan area, but does propose the loosening of certain rules that would be very welcome.

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Proposed Tax Bill Radically Alters Nonqualified Deferred Compensation and Executive Compensation

November 8, 2017

Nonqualified deferred compensation has long been used by employers as a cost-effective and flexible tool to attract, engage, and retain top talent within an organization. This may all change in the not so distant future. On November 2, 2017, the House Ways and Means Committee released proposed tax legislation — H.R. 1 — Tax Cuts and Jobs Act (the “Bill”).

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2018 Employee Benefit Plan Limits

The 2018 Findley Davies | BPS&M Employee Benefit Plan Limits publication provides a quick reference for Employee Benefit Plans, Health Savings Accounts, Part D Standard Benefit, and Social Security limits and figures.

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IRS Increases Health FSA Limit for 2018

October 24, 2017

Plan sponsors will need to review their cafeteria plans to see if an amendment is necessary to implement the new maximum limit on contributions to health flexible spending accounts.

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