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401(k) Newsletter - Second Quarter 2017

Posted by The Vita Companies on 4/10/17 9:13 AM

 

401(k) News
DOL Delays Fiduciary Rule
On April 4, 2017, the Department of Labor announced it will be delaying the implementation date of its ‘Final Rule’ on Fiduciary “Conflict of Interest” for 60 days — from April 10, 2017 to June 9, 2017.  The DOL concluded that the delay is necessary in order to conduct a careful review of the rule, as directed by President Trump in February 2017.

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Topics: Compliance, Retirement, 401(k)

San Francisco Health Care Security Ordinance Annual Reporting

Posted by The Vita Companies on 3/30/17 2:43 PM

Overview

The San Francisco Health Care Security Ordinance requires covered employers to make a reasonable health care expenditure on behalf of their employees. This can be done by providing qualifying insurance coverage or by making required contributions to Healthy San Francisco or to an HRA* for employees residing outside the city of San Francisco. Employers are required to maintain accurate records of their health care expenditures and to provide information to the Office of Labor Standards Enforcement (OLSE) by May 1. Failure to submit may result in penalties of $500 per quarter.

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Topics: health care security ordinance, San Francisco

IRS Announcement on Health Coverage Reporting on Tax Return

Posted by The Vita Companies on 2/21/17 2:43 PM

Overview

In response to President Trump’s recent executive order mandating that federal agencies reduce the burden of the Patient Protection and Affordable Care Act (PPACA), the IRS issued an announcement stating that tax returns will not be rejected if taxpayers didn’t note whether they had health insurance, made a shared-responsibility payment (under SEC. 500A) or were exempt.

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Topics: ACA, PPACA, IRS, Taxpayer

Compliance Reminder: Medicare Part D Creditability Online Disclosure to CMS

Posted by The Vita Companies on 2/2/17 3:56 PM

Overview

Federal law requires that employers provide annual notification of the Medicare Part D Prescription Benefit "creditability" to employees prior to October 15th.  However, that same law also requires plan sponsors to report creditability information directly to the Centers for Medicare and Medicaid Services (CMS) within 60 days of the first day of the ERISA plan year.  Many employers have a January 1 ERISA plan year (which may – or may not – coincide with your renewal or policy year); so for many employers, the deadline is in a couple of weeks!

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Topics: employee benefits, benefits, Medicare, CMS

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