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DISCLAIMER: This blog is published for general information only - it is not intended to constitute legal advice and cannot be relied upon by any person as legal advice.  U.S. Treasury Regulations require us to notify you that any tax-related material in this blog (including links and attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties, and may not be referred to in any marketing or promotional materials.  While we welcome you to contact our authors, the submission of a comment or question does not create an attorney-client relationship between the Firm and you. 

Entries in Plan Administration (49)


New EPCRS Guidance Expands Scope of 403(b) Plan Corrections

Nearly 20 years after the IRS first established a limited program for the correction of 403(b) plan administrative errors, 403(b) plans have finally been placed on equal footing with qualified plans with respect to the correction of operational, documentary, and demographic failures under the Employee Plans Compliance Resolution System (EPCRS).  The expanded scope of 403(b) plan corrections made possible by Revenue Procedure 2013-12 comes as welcome news for tax-exempt and governmental employers and their advisors.  The updated version of EPCRS officially takes effect April 1, 2013, but the guidance permits employers to rely on the 403(b) correction provisions beginning January 1, 2013.   

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Same-Sex Marriage and Your Employee Benefit Plans

Maine has now officially joined nine other states in allowing same-sex marriage.  The new Maine law (“An Act to Allow Marriage Licenses for Same-sex Couples and Protect Religious Freedom”) was approved by a referendum election on November 6, 2012, and it became effective December 29, 2012.  Some municipal offices around the state have already issued marriage licenses to same-sex couples, and many of those couples will have been wed by January 1, 2013.  That leaves many of our clients asking: what does this mean for our employee benefit plans?

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2012 Year End Benefit Plan Compliance Checklist and Reminders for Employers

By comparison to past years, the end of 2012 and beginning of 2013 seem not to bring all that much in the way of new legal compliance burdens regarding retirement plans, health plans, and deferred compensation plans.  For the most part employers face the continued implementation of changes in law enacted in prior years, most notably the Patient Protection and Affordable Care Act of 2010, along with the assorted notice and disclosure requirements that have become (or are quickly becoming) routine.  Nevertheless, no year can end or begin in the world of employee benefits and executive compensation without a review of some of the key obligations that employers must fulfill in order to prudently administer their benefits and compensation programs.  In that spirit, we offer the following list of some of the more significant requirements employers should keep in mind as they close out 2012 and begin 2013.

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HSAs in Operation: Ten Common Questions

It’s open enrollment season and many employers are implementing high-deductible health plans (HDHPs) with a Health Savings Account (HSA) feature.  Our prior posts about HDHPs and HSAs have explored the general eligibility requirements for HDHP/HSA arrangements and HSA contributions.  Today we address common questions about the operation of an HDHP/HSA arrangement.

1.  Can employees change their HSA contribution amounts at any time during a plan year or are they restricted to making a change only if a qualifying event occurs as defined by the IRS?  Generally employees may make prospective changes to their HSA contribution amounts at any time and for any reason, though employers may restrict election changes to once a month and upon loss of HSA eligibility.  HDHP coverage, however, is subject to the familiar election change rules.

2.  Can HSA funds be used to pay for medical expenses incurred prior to the establishment of the HSA, but while an individual was covered under the HDHP?  Qualified medical expenses generally must be incurred after the HSA is established in order to be reimbursable on a tax-free basis.  State trust law determines when an HSA is established, and most state trust laws require that a trust actually be funded (i.e., a deposit made) in order to be established.  Note, it is the employee’s responsibility to determine whether the reimbursement is subject to tax.

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Retention of Records for Employee Benefit Plans: How Long Is Long Enough?

From time to time employers ask us how long they need to retain records relating to their ERISA plans.  Though the question is most frequently asked with respect to retirement plans, it applies equally to health and other welfare benefit plans.  The rules under ERISA that govern the retention of records haven’t changed in years, and neither has our answer.  But a case of first impression recently decided by the First Circuit Court of Appeals brings the question into sharp focus and provides a nice opportunity for us to share our thoughts on the matter.

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