Showing 11 posts by Mindi M. Johnson.
DOL Echoes Employee Benefits and Cybersecurity Best Practices
On April 14, 2021, the U.S. Department of Labor’s (“DOL”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The EBSA guidance was highly anticipated as the frequency and cost of data breaches affecting employee benefit plans continues to rise. Read More ›
Categories: Alerts and Updates, Cybersecurity, Department of Labor, Employee Benefits, IT Contracts, Technology
Is it Time to Update and Restate Your Summary Plan Description?
A Summary Plan Description, often referred to as an “SPD”, is a document intended to clearly describe and explain the important provisions of an employee benefit plan. The SPD must be written in such a way that the average employee will understand the benefits, rights and rules of the plan. Read More ›
Categories: Employee Benefits
The Corporate Transparency Act and its Impact on ESOPs
The Corporate Transparency Act (“CTA”), which became effective on January 1, 2024, requires that many businesses report a significant amount of information about the company and its “beneficial owners” to a federal database. This article outlines the general rule, exceptions to the rule, the definition of “beneficial owner” and the CTA’s implications for companies owned by Employee Stock Ownership Plans (“ESOPs”). Read More ›
Categories: Corporate Transparency Act (CTA), Employee Benefits, Employment, Technology
IRS Announces 2024 Cost-of-Living Adjustments for Retirement Plans and for Health and Welfare Benefit Plans
This blog has been updated since November 8, 2022. The data below is current.
The IRS has announced the 2024 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. The charts below set forth the applicable limitations. Read More ›
Categories: Employee Benefits, Retirement
Executive Compensation and Negotiation Essentials for Women Leaders
Staying competitive, especially in a male-dominated profession, can seem like a daunting task for many women.
In your discussions with your current or future employer, it is crucial to know when to approach and ask for extra benefits. These benefits go beyond standard taxable compensation. The timing and type of benefits are very fact-specific and will depend on your role and company: do your research. Understanding a company's goals and business concerns as they relate to long-term retention allows you to shape your proposition. It is also helpful when it comes to understanding your employment and compensation goals, offering a mutual benefit to both yourself and your employer. Read More ›
Categories: Employee Benefits
IRS Makes it Easier to Correct Certain Retirement Plan Compliance Issues
On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Retirement plan sponsors may use EPCRS to correct certain compliance mistakes, and avoid the adverse tax consequences associated with plan disqualification.
We have provided a summary of the changes below. Read More ›
Categories: Employee Benefits, Retirement
2021 Arrives with Additional Flexibility for Flexible Spending Accounts
During 2020, a number of newly enacted laws created flexibility for various employee benefit plans. Please see Foster Swift’s publications on this topic here. The Consolidated Appropriations Act of 2021 (the “Act”), which was signed into law on December 27, 2020, provides additional flexibility for Health Flexible Spending Accounts (“Health FSAs”) and Dependent Care Assistance Plans (“DCAPs”), specifically. Read More ›
Categories: Employee Benefits
New Safe Harbor Announced for Electronic Disclosures Required by ERISA
For more articles from the June 2020 Issue of Business & Tax Law News, click here.
The Employee Retirement Income Security Act of 1974 (“ERISA”) and its applicable regulations require a plan administrator to provide a number of notices to plan participants. For example, an ERISA plan administrator must provide to all plan participants a Summary Plan Description (“SPD”) that provides an overview of plan terms. Additionally, a plan administrator must provide a Summary of Material Modifications (“SMM”) to plan participants every time it makes certain changes to the plan. Read More ›
Categories: Electronic Health Records, Employee Benefits
Make Sure you Know Who's Talking about Your Company!
In the age of instant access to online information, it is essential for a business to know what others are saying about it - both good and bad. For example, a physician will want to confirm the glowing review of a recent article is properly acknowledged on the Internet but also that a negative patient comment is immediately refuted or deleted. Read More ›
Categories: News
Act NOW to Maximize Incentives for Use of Electronic Health Records
On November 29, 2011, the State Bar of Michigan's Health Care Law Section presented a webinar entitled "Making Sense of 'Meaningful Use' Incentives for Electronic Health Record Adoption," which was attended by a number of Foster Swift health care attorneys. This program gave a wonderful overview of the procedural requirements in obtaining incentive payments for the use of electronic health records ("EHR"). Read More ›
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