BizTech Law Blog
- Posts by Julie LaVille Hamlet
ShareholderJulie is an experienced attorney with over a decade of practice focused on employee benefits and retirement plan compliance. She advises employers, plan sponsors, and fiduciaries on the design, operation, and governance of ...
The landscape of retirement plan eligibility is shifting, and plan sponsors need to prepare for key compliance changes affecting long-term part-time (“LTPT”) employees.
This blog has been updated since December 4, 2023. The data below is current.
The IRS has announced the 2025 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. The charts below set forth the applicable limitations.
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.
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.
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.
This article has been updated with new information since it was originally published on November 16, 2020.
As health care providers continue to face new challenges relating to the COVID-19 pandemic, it is important for providers to maintain compliance with the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”). Although the Department of Health and Human Services Office for Civil Rights (“OCR”) has loosened some requirements to allow health care providers flexibility during the COVID-19 pandemic, a majority of the patient protections under the HIPAA Privacy Rule have remained intact.
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.
More than 30 states have legalized medical marijuana and more than 10 have legalized marijuana for recreational use, including Michigan in a 2018 ballot proposal. Marijuana retailers have significant issues to address as the industry and the rules governing it mature over time. Among those issues, retailers should not overlook data privacy and cybersecurity issues.
Health care systems are eager to adapt to newer technology and widespread network options, all in the name of giving patients the best possible care. However, this comes with a price: more outlets for hackers to breach valuable data.
