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17 Matching News Items

1.  New York Mandatory Retirement Savings Program
Clifton Budd & DeMaria, LLP Link to more items from this source
Nov. 2, 2021
"While the law is currently effective, the enforcement of the Program for covered employers will not occur until later in 2022 when the Program likely opens for enrollment and further regulations are released.... Given the new State law, it is possible that the [New York City] program may be discontinued."
2.  New York City's Mandatory Retirement Savings Program for Private Employers
Clifton Budd & DeMaria, LLP Link to more items from this source
May 26, 2021
"Certain questions remain open ... [1] is the law preempted by [ERISA] ... [2] will the Program eventually be discontinued if the State creates a similar plan.... and [3] how will employers track the hours and duties of those employees working from home for purposes of determining whether those employees are covered by the new law."
3.  New York City Updates Its Paid Safe and Sick Leave Law to Align with Statewide Requirements
Clifton Budd & DeMaria, LLP Link to more items from this source
Nov. 12, 2020
"New York City recently amended its own Paid Safe and Sick Leave Law (NYC PSSL) to be more consistent with the accrual and usage requirements imposed by the newly-implemented New York State Paid Sick Leave Law (NYS PSL). This memorandum details the pertinent changes to NYC PSSL, which took effect on September 30, 2020."
4.  New York Employers Must Post Election Notice and Provide Eligible Employees PTO for Election Day
Clifton Budd & DeMaria, LLP Link to more items from this source
Oct. 22, 2020
"Employees are eligible for up to two hours of PTO to vote if they do not have 'sufficient time to vote.' An employee has 'sufficient time to vote' if the employee has four consecutive hours to vote, either from the opening of the polls to the beginning of their work shift or from the end of their work shift to the closing of the polls."
5.  Withdrawal Liability Developments
Clifton Budd & DeMaria, LLP Link to more items from this source
Sept. 26, 2019
"Employers participating in multiemployer plans should carefully review their CBAs, participation agreements, and the plan documents and rules before ... withdrawing from a pension plan, to determine whether the plan may impose liabilities or utilize certain rights of which the employer may not otherwise be aware.... [Recent cases also] provide a clear understanding of the 'bargaining-out' partial withdrawal liability rule for employers considering certain restructuring or strategies and looking to avoid incurring withdrawal liability.... [E]mployers that have withdrawn from pension plans or are about to [withdraw] should monitor their payment schedules to avoid inadvertent payment accelerations."
6.  New Proposed Rules on ACA Opt-Out Payments
Clifton Budd & DeMaria, LLP Link to more items from this source
July 31, 2016
"If [certain specified] requirements are satisfied, the Opt-Out Payment is not required to be added to the employee's premium to determine if the insurance is affordable. It is also not required to be reported as a required employee contribution on Form 1095-C. In the event the alternate coverage of an employee or a member of his tax family terminates before the end of a plan year, the employer may continue to exclude the Opt-Out Payment from the determination of affordability for the remainder of that plan year."
7.  Non-Profit Employer Strategy to Increase Maximum Retirement Plan Contributions
Clifton Budd & DeMaria, LLP Link to more items from this source
Mar. 29, 2016
"For 2016, contributions to a stand-alone defined contribution plan are limited to $53,000 plus, in the case of a participant who reaches age 50 by the end of 2016, additional salary deferral contributions of $6,000 (Catch-Up Contributions). However, by utilizing a combination of plans qualified under Sections 401(a) and 403(b) ..., contributions may be as high as $77,000[.]"
8.  IRS Guidance on Unconditional Opt-Out Payments
Clifton Budd & DeMaria, LLP Link to more items from this source
Feb. 2, 2016
"If an employer adopted an arrangement that provides unconditional Opt-Out Payments on or before December 16, 2015, it will not be required to consider the Opt-Out Payment in calculating the affordability of an employee's healthcare until an unspecified effective date which will be provided in future regulations. Nor will the amount of the Opt-Out Payment have to be reported as an employee contribution on Form 1095-C until the future regulations are finalized."
9.  Is It Time to Update Your Cafeteria Plan?
Clifton Budd & DeMaria, LLP Link to more items from this source
Jan. 28, 2015
"The IRS has recently issued Notice 2014-55 which expands the circumstances under which a participant may make a mid-year revocation of his election to participate in an employer sponsored health plan and elect coverage under a plan offered on the Health Insurance Exchange.... The expansion of the modification rules does not apply to elections under flexible spending accounts.... For plan years beginning in 2015, the cap on salary reduction contributions has increased to $2,550.... All cafeteria plans should be reviewed to reflect the Federal recognition of same sex-marriages.... Finally, employers should consider allowing a $500 carry over for a health FSA for contributions that are not reimbursed in the plan year in which deducted (and any applicable grace period)."
10.  ACA Cadillac Tax: Essential Issue for 2015 Labor Contract Negotiations
Clifton Budd & DeMaria, LLP Link to more items from this source
Dec. 17, 2014
"The Cadillac tax has been recently described as more of a 'Camry' or 'Chevy' tax.... [E]ven ACA-silver tier plans, depending on geographic location, could be subject to the excise tax soon after 2018 due to the tax's thresholds being tied to the general CPI-U, rather than the faster increasing index of health care costs. According to a recent Towers Watson survey, 54% of employer plans will trigger the excise tax by 2020 if current health care benefit strategies remain unchanged.... Employers who will be negotiating new three year contracts in 2015 do not have the luxury of deferring consideration of this issue as the Cadillac tax will begin before the expiration date on such contracts."
11.  FMLA-Compliant Leave of Absence Policy Was Unlawful, EEOC Says
Clifton Budd & DeMaria, LLP Link to more items from this source
Aug. 7, 2014
"HealthCare System recently settled a lawsuit brought by the [EEOC] alleging that its leave of absence policy violated the Americans with Disabilities Act.... Employers should be aware that fixed leave policies and policies that require employees to return to work without any restrictions limit the interactive process and eliminate a potential reasonable accommodation. Complying with the FMLA is not enough. When developing leave of absence policies, employers must consider the requirements of the ADA and any applicable state or local disability discrimination laws."
12.  PCORI Fees Due by July 31, 2014
Clifton Budd & DeMaria, LLP Link to more items from this source
July 17, 2014
"Plan sponsors and insurers should use IRS Form 720, Quarterly Federal Excise Tax Return, to report and pay PCORI fees. Although Form 720 is a quarterly filing, if there are no other excise taxes due, Form 720 is only required to be filed once a year. If there are other liabilities due for the second quarter of 2014, such liabilities and the PCORI fees should be filed on the same form. Form 720 may be filed electronically or manually."
13.  IRS Issues Final Regs on Pay-or-Play Mandate (PDF)
Clifton Budd & DeMaria, LLP Link to more items from this source
Mar. 17, 2014
7 pages. Excerpt: "Employers with at least 100 full-time employees in 2014 are subject to the mandate for the plan year commencing in 2015 subject to transitional rules. Employers with less than 50 full-time employees are not subject to the mandate. The final rules provide sufficient guidance for employers to determine if they are subject to the Pay-or-Play Mandate and which employees should be offered coverage to avoid penalties."
14.  Expanded NYC Sick Leave Law to Cover All Employers Regardless of Size
Clifton Budd & DeMaria, LLP Link to more items from this source
Mar. 13, 2014
"With the amendments, New York City employers with five or more employees must provide at least five days of paid sick leave to employees. Employers with less than five employees must provide five days of unpaid sick leave to employees. Before the amendments, the law only required employers with 15 or more employees to provide paid leave. The law is set to go into effect on April 1, 2014. The amendments also expanded the definition of family member."
15.  FSA Use It or Lose It Rule Modified
Clifton Budd & DeMaria, LLP Link to more items from this source
Nov. 14, 2013
"Employers should consider whether this carry-over feature will be more beneficial for plan participants than the grace period. If the salary reduction contributions are low, the carry-over provision may be more beneficial as it will allow participants to incur expenses over the following plan year to use up the $500."
16.  Same-Sex Marriage Recognition Impacts Employer Plans
Clifton Budd & DeMaria, LLP Link to more items from this source
Sept. 16, 2013
"As of September 16, 2013 ... (a) lump-sum death benefits under a defined contribution plan must be paid to a same-sex spouse unless such spouse consents to the designation of a different beneficiary; (b) annuity benefits under a defined benefit plan must be paid in the form of a 50% (or higher) joint and survivor annuity unless the same-sex spouse consents to a different form of payment; (c) a same-sex spouse may rollover a distribution, either directly or indirectly, to his own IRA or employer-sponsored plan; and (d) a participant with a same-sex spouse will be considered married for purposes of the minimum distribution rules which may result in smaller mandated distributions."
17.  DOL Issues Model Notices of Marketplace Coverage Options
Clifton Budd & DeMaria, LLP Link to more items from this source
June 14, 2013
"A Notice does not have to be provided to dependents or former employees even if they continue to have coverage (for example, through COBRA or retiree benefits).... Notices may be delivered by first-class mail. They may also be delivered electronically if the employee can effectively access electronic documents at his worksite and the use of the employer's electronic information system is an integral part of his job."

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