As the legalization of medical marijuana becomes more prevalent both in New Jersey and nationwide, group health insurance plan administrators face the daunting task of keeping up with an ever-evolving legal landscape. One question, however, is likely familiar to all such individuals: “Can our group health insurance plan provide coverage for medical marijuana claims?”
As the end of the year approaches, individuals responsible for the management of tax-exempt organizations need to review the operations of those organizations to prepare annual information reporting for this year, to plan potential excise tax payments, and in some cases prevent unnecessary excise taxes and penalties on organizations and individuals. » Read More
Originally introduced in 2016 and revitalized in Congress this past March, the latest version of the carefully watched “Retirement Enhancement and Savings Act” begins to gather dust again as the end of the legislative year approaches. While still languishing in Washington, D.C., and likely in need of a new intro in 2019, the Retirement Enhancement and Savings Act of 2018 (RESA) would provide the following changes to employer-sponsored retirement plans:
In December 2016, the U.S. Department of Labor (DOL) announced new disability claims procedure regulations, effective April 1, 2018, for ERISA-covered plans. The new rules apply to all ERISA benefit plans that base any benefit decisions on the plan administrator’s determination of whether a person is “disabled.”
The rule applies to more than just disability plans
The new procedures also apply to retirement plans and non-qualified deferred compensation plans that provide disability benefits, but only if the plan’s definition of disability requires the plan administrator to make an independent determination that the participant is disabled. » Read More
As 2018 draws to a close, the trustees, directors, and senior management of tax-exempt organizations should review the compensation structure of some of its executives in light of the Tax Cuts and Jobs Act (TCJA), which was enacted earlier this year. » Read More
A legislative vehicle that has periodically enjoyed bipartisan support in the past was reintroduced to Congress in 2018 and may just see a resurgence early next year, albeit under a different moniker.
The Retirement Enhancement and Savings Act (“RESA”), a collection of proposed enhancements to voluntary retirement plans, was approved by the Senate Finance Committee in 2016, but saw no further legislative action. » Read More
A new rule issued by the Trump administration will allow short-term health insurance plans to cover individuals for longer periods of time without complying with the consumer protections of the Affordable Care Act (“ACA”). The rule aims to provide greater temporary gap coverage at a potentially lower cost to certain eligible individuals. » Read More
Small employers should have an easier time banding together to create less expensive retirement plans for their workers, with potentially simplified required notices and disclosures to plan participants under an Executive Order recently signed by President Trump that addresses certain issues relating to private-sector retirement plans. » Read More
Significantly less executive compensation than previously thought may remain tax deductible by publicly held corporations, beginning with the 2018 tax year, under recent governmental guidance implementing a change in law made by the Tax Cuts and Jobs Act (TCJA). Covered companies will need to promptly identify additional employees covered by the new limitations, as well as outstanding compensation arrangements that may be exempt from the limits. » Read More
