Benefit Plans: 2022 COLAs
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2022 cost-of-living adjustments (COLAs) for retirement plans. Most limits have increased.
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Compensation Planning & Employee Benefits
Our clients look to us for sophisticated, cost-effective legal services. We advise clients in a variety of industries on all types of compensation and benefits matters, and help them find a solution that works for their business.
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Our Team
What We Do
The Compensation Planning & Employee Benefits Group works with clients to design, draft, implement and maintain all types of benefit programs, including health and welfare programs; flexible benefit or cafeteria plans; executive incentive and nonqualified deferred compensation arrangements; equity incentive and stock option programs; and retirement plans, including defined benefit pension, 401(k), profit sharing, employee stock ownership (ESOPs), 403(b) and 457 plans. We help clients understand and comply with the ever-changing federal tax and pension laws and regulations, and think creatively to find a solution that best fits the client’s business needs. Our clients include nonprofit organizations, governmental agencies, public and privately-held corporations, partnerships and sole proprietorships in all business sectors.
We routinely coordinate our services with accountants, actuaries, third-party administrators and other professionals, and work closely with these important service providers to ensure that our clients’ benefit programs and plans are properly and legally administered.
We work closely with other practice groups within the firm to provide advice on benefits transitions in corporate transactions, benefits issues in employment matters, fiduciary requirements for employers and investment advisors, and structuring the distribution of retirement plan assets for estate planning purposes.
Experience
- Advice on the design, implementation and transition to defined contribution plans from defined benefit plans
- Advice on the design and implementation of complex severance pay, nonqualified deferred compensation and change of control arrangements
- Creative structuring of employee stock ownership plans to provide business succession planning for owners and promote employee ownership
- Ongoing advice on administrative and compliance matters for retirement plans, health and welfare plans, cafeteria plans, 401(k)/profit sharing plans and executive compensation programs
- Advice on withdrawal liability under multiemployer pension plans in corporate transactions
- Advice on the design of equity-based and other incentive compensation programs
- Respond to administrative and regulatory inquiries, including audits by the Department of Labor and IRS and filings under voluntary correction programs
News & Articles
Is an Employee Stock Ownership Plan (ESOP) Right for Your Business?
October 15, 2021
Many business owners, especially owners who are thinking of selling their business, wonder if an ESOP is a good ownership transition option for them. The answer is not always easy to determine but an ESOP is something that should be explored.
Benefit Plans: COBRA Premium Assistance Under the American Rescue Plan of 2021 Update
April 21, 2021
By Compensation Planning & Employee Benefits Group
On April 7, 2021, the U.S. Department of Labor issued guidance in the form of Frequently Asked Questions and model notices to help employers comply with the federal COBRA premium subsidy assistance requirements under the American Rescue Plan Act of 2021.
Benefit Plans: American Rescue Plan of 2021 (ARPA) Update
March 22, 2021
By Compensation Planning & Employee Benefits Group
The American Rescue Plan Act of 2021 (ARPA) passed by Congress and signed into law by President Biden on March 11, 2021, included several employee benefits updates and changes.
Benefit Plans: Flexible Spending Account Relief
December 28, 2020
By Compensation Planning & Employee Benefits Group
Congress passed the Consolidated Appropriations Act of 2021 containing additional COVID-19 relief for taxpayers and a provision that allows employers to amend their health and dependent care flexible spending account plans.
Benefit Plans: 2021 COLAs
October 27, 2020
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2021 cost-of-living adjustments (COLAs) for retirement plans. Most limits have remained unchanged.
COVID-19 Temporary Relief and Other Recent Guidance for Benefit Plans and Plan Sponsors
May 5, 2020
Due to the COVID-19 National Emergency, the DOL and IRS recognize that it may be difficult for plan sponsors to comply with various pre-established deadlines imposed under ERISA and the Code, and that it may be difficult for participants and beneficiaries to timely exercise their rights.
CARES Act Affects Retirement Plans and Employee Benefit Programs
March 30, 2020
By Compensation Planning & Employee Benefits Group
The CARES Act contains assistance for workers, families and businesses, support for the health care system to fight COVID-19, and programs to stabilize the economy and several provisions related to retirement plans and other employee benefit programs.
IRS Provides Relief to High Deductible Health Plans for Expenses Related to COVID-19
March 11, 2020
By Compensation Planning & Employee Benefits Group
There is concern that the HDHP deductible may be a barrier to participants seeking or receiving adequate testing and treatment for COVID-19.
The SECURE Act and the Impact on Your Qualified Retirement Plan
February 28, 2020
By Compensation Planning & Employee Benefits Group
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) was signed into law, bringing with it a number of significant changes to qualified retirement plans.
Benefit Plans: 2020 COLAs
November 6, 2019
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2020 cost-of-living adjustments (COLAs) for retirement plans. Most limits have increased.
Benefit Plans: 2019 COLAs
November 1, 2018
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2019 cost-of-living adjustments (COLAs) for retirement plans. Some limits have increased, and some have remained the same.
Benefit Plans: 2018 COLAs
October 19, 2017
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2018 cost-of-living adjustments (COLAs) for retirement plans. Some limits have increased, and some have remained the same.
New Stand-Alone HRA Alternative for Small Employers
December 22, 2016
On December 13, 2016, President Obama signed the 21st Century Cures Act (Cures Act). Included in the Cures Act are provisions that allow small employers to establish health reimbursement arrangements (HRAs) for their employees without risking penalties under the Affordable Care Act (ACA). In addition, the Cures Act extends excise tax relief for premium reimbursement arrangements that had been offered by small employers. That relief had expired in mid-2015, and has now been extended for all plan years beginning on or before December 31, 2016.
Limited Extension of ACA Reporting Deadlines
November 21, 2016
On November 18, 2016, the IRS released Notice 2016-70, which provides a partial extension of the deadlines for employer and insurer reporting under the Affordable Care Act.
Benefit Plans: 2017 COLAs
October 27, 2016
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2017 cost-of-living adjustments (COLAs) for retirement plans. Some limits have increased, and some have remained the same.
DOL Issues Final Conflict of Interest Rule
April 7, 2016
By Debra J. Linder & Matthew T. Boos
On April 6, 2016, the Department of Labor issued its much-anticipated conflicts of interest final rule. Like the proposed rule, the final rule broadens the definition of fiduciary and will likely require more investment advisers to comply with the fiduciary rules under the Employee Retirement Income Security Act of 1974 (ERISA), as it applies to advice provided to both qualified retirement plan participants and IRA account holders.
Extension of ACA Reporting Deadlines
December 29, 2015
On December 28, 2015, the IRS released Notice 2016-4, which extended the deadlines for employer and insurer reporting under the Affordable Care Act.
Benefit Plans: 2016 COLAs
October 22, 2015
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2016 cost-of-living adjustments (COLAs) for retirement plans.
5 Year-End Reminders on the Affordable Care Act
December 17, 2014
By Debra J. Linder & Lisa S. Robinson
We are near the end of the year and had hoped we would have some of the more highly anticipated regulations under the Affordable Care Act (ACA), such as auto-enrollment and nondiscrimination for fully-insured group health plans. To date, that guidance has not been issued. Nonetheless, we wanted to remind you of some recent developments and upcoming deadlines under the ACA.
Benefit Plans: 2015 COLAs
October 27, 2014
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2015 cost-of-living adjustments (COLAs) for retirement plans. Most of the limits related to retirement plans are increased.
Health Care Reform Update: Anticipated Final Regulations Issued on Employer Mandate, Including New Phase-In Rules
February 14, 2014
By Debra J. Linder and Lisa S. Robinson
The final regulations implementing the employer mandate under the Affordable Care Act (ACA), commonly referred to as the employer “pay or play” provisions, were recently published.
New Guidance for Health FSAs and HRAs – Review Your Plans Now
November 14, 2013
By Compensation Planning & Employee Benefits Group
Recent guidance issued by the IRS and DOL may affect the design and structure of some of your benefits arrangements. The new guidance relates to the application of certain Affordable Care Act (ACA) provisions to health reimbursement arrangements (HRAs) and other medical reimbursement plans.
Benefit Plans: 2014 COLAs
November 4, 2013
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2014 cost-of-living adjustments (COLAs) for retirement plans. Most of the limits related to retirement plans are increased.
Benefit Plans: 2013 COLAs
October 1, 2012
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2013 cost-of-living adjustments (COLAs) for retirement plans. Most of the limits related to retirement plans are increased.
Benefit Plans: 2012 COLAs
October 1, 2011
By Compensation Planning & Employee Benefits Group
The Internal Revenue Service has announced the 2012 cost-of-living adjustments (COLAs) for retirement plans. Most of the limits related to retirement plans are increased.
