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IRS issues guidance on health flexible spending account limits and seeks comments on the “use it or lose it” rule

USA - July 26 2012 On May 30, 2012, the IRS issued Notice 2012-40 (the “Notice”) to provide guidance on the effective date of the $2,500 statutory limit (as indexed for inflation) on salary reduction contributions to health flexible spending arrangements (Health FSAs) and the deadline for amending plans to comply with such limit....

Filing and notice deadlines for qualified retirement and health and welfare plans

USA - March 22 2012 Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans....

Eleanor Banister.

Departments issue guidance on summary of benefits and coverage

USA - November 30 2011 On August 22 the Departments of Labor, Treasury and Health and Human Services (the “Departments”) issued proposed regulations defining the content, format and timing of the issuance of the summary of benefits and coverage (SBC) (the “Proposed Regulations”)....

Impact of New York's same-sex marriage law on employee benefits and related tax issues

USA - August 22 2011 On June 24, 2011, New York became the sixth state to legalize same-sex marriage when Governor Andrew Cuomo signed into law the Marriage Equality Act....

Kenneth A. Raskin.

IRS replaces Schedule SSA of the Form 5500 with Form 8955-SSA

USA - June 29 2011 In 2007, the Department of Labor (DOL) published rules requiring plans subject to the annual reporting requirements of Title I of ERISA to electronically file the Form 5500 annual report....