Individuals who are 50 years old or older may make additional contributions to 401(k) plans, referred to as catch-up contributions. Secure 2.0 included a requirement that starting January 1, 2024, only participants who earn $145,000 or less (as adjusted) in the previous year may make pre-tax contributions. Individuals who earned more than $145,000 in the
Employee Benefits
Did you know?
By Renee Lieux on
Posted in Employee Benefits
McNees’ Benefits Group will be issuing a “Did you know?” series throughout the year providing short compliance reminders.
Did you know that beginning in January 2024, participants may only make Roth catch-up contributions to their 401(k) (and may not make pre-tax catch-up contributions) if they earned more than $145,000 (as adjusted by the…
Did you know?
By Renee Lieux on
Posted in Employee Benefits
McNees’ Benefits Group will be issuing a “Did you know?” series throughout the year providing short compliance reminders.
Did you know that if you maintain a cafeteria plan, you have to complete annual non-discrimination testing?
For more information regarding compliance for your benefit plans, contact any member of the McNees Labor and Employment
Did you know?
By Renee Lieux on
Posted in Employee Benefits
McNees’ Benefits Group will be issuing a “Did you know?” series throughout the year providing short compliance reminders.
Did you know that qualified retirement plans may now allow a participant with a terminal illness to receive distributions from their retirement accounts without incurring the usual 10% penalty? The employer will need to amend…
Did you know?
By Renee Lieux on
Posted in Employee Benefits
McNees’ Benefits Group will be issuing a “Did you know?” series throughout the year providing short compliance reminders.
Did you know that group health plans are required to submit a gag clause prohibition compliance attestation to the Departments of Labor, Health and Human Services, and Treasury prior to December 31, 2023? The annual…
Did you know?
By Renee Lieux on
Posted in Employee Benefits
McNees’ Benefits Group will be issuing a “Did you know?” series throughout the year providing short compliance reminders.
Did you know that an employer must issue an updated summary plan description (“SPD”) at least every five (5) years that contains all recent amendments? If there were no amendments to the SPD, then the…
Did you know?
By Renee Lieux on
Posted in Employee Benefits
McNees’ Benefits Group will be issuing a “Did you know?” series throughout the year providing short compliance reminders. This is the first in the series.
Did you know that if you withhold premium payments pre-tax from employee wages, you must have a cafeteria plan (also called 125 plan)? If you do not have…
2023 Brings Changes to the Laws on Employee Benefit Plans
By Renee Lieux on
Posted in Employee Benefits
The Consolidated Appropriations Act of 2023 (“Act”) was passed by Congress in late December 2022 and signed by President Biden on December 29, 2022. The Act, a $1.7 trillion dollar spending bill, contains provisions which modify the laws applicable to welfare benefit plans and retirement benefit plans. Below is a high-level list of the provisions…
Two Neighboring States Recently Joined a Growing Movement to Provide Paid Family Leave
By Ursula Siverling on
Posted in Employee Benefits
Maryland and Delaware recently joined the growing list of states that have enacted legislation requiring employers to offer paid family and medical leave. Both states are still working on implementing regulations for the new laws; but, in the meantime, below is a brief summary of what you need to know about these laws and when…
VACCINE PREMIUM DIFFERENTIALS ARE PERMISSIBLE UNDER WELLNESS PLANS AND NO COST SHARES ALLOWED FOR AUTHORIZED VACCINES AND BOOSTERS
By Renee Lieux & Kimberly Weibley on
Posted in Employee Benefits, Employer Liability
A recently published FAQ prepared by the Departments of Labor, Health and Human Services and Treasury answers frequently asked questions regarding vaccine premium differentials and HIPAA nondiscrimination rules, as well as the cost shares for vaccine boosters.
Vaccine Premium Differentials
ERISA and other regulations prohibit plans “from discriminating against participants, beneficiaries, and enrollees in eligibility,…