Archives: 2019

The SECURE Act is Finally Signed into Law

After years in the making, the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) was signed into law on December 20th as part of the Further Consolidated Appropriations Act, 2020. The SECURE Act introduces many changes for plan sponsors and participants with the primary foc…Continued

Multiemployer Pension System Reform

The U.S. Senate recently released a proposal to provide relief to certain multiemployer pension plans and to provide reforms to prevent future funding shortfalls. The dramatic increase in liabilities has the Pension Benefit Guaranty Corporation (PBGC) projected to exhaust assets in the multiemploye…Continued

Excise Tax (aka, Cadillac Tax) Repealed

As part of the omnibus spending bill signed into law December 20, 2019, “Further Consolidated Appropriations Act 2020”, several ACA-related taxes were repealed.  One of the most prominent ones, projected to impact almost all health plans eventually, was the high-value plan excise tax (aka, Cadillac…Continued

IRS Provides Transition Relief for 2019 ACA Reporting

On December 2, 2019, the Internal Revenue Service issued Notice 2019-63 which:Extends the due date for furnishing forms under Sections 6055 and 6056 for 2019 from January 31, 2020 to March 2, 2020.Extends good-faith transition relief from penalties related to 2019 information reporting under Sectio…Continued

Cost of Living Adjustment (COLA) Limit

Cost of Living Adjustment (COLA) LimitThe IRS has released limits for Cost of Living Adjustments (COLAs) and the Social Security Administration has released the Social Security limits for 2020.  The limits for 2020 and 2019 are shown in the table below. …Continued