Insights

On December 15, 2022, the IRS published a final rule regarding information reporting under Sections 6055 and 6056. Extension of Time to Furnish Forms The final rule provides an automatic 30-day extension each year to Forms 1095-B or 1095-C distribution to individuals. Therefore, employers must distribute Forms 1095-B or 1095-C to individuals by March 2, 2022, instead of the original January 31, 2022, deadline. If March 2 falls on a weekend or legal holiday, statements must be furnished by the n

On December 8, 2022, the IRS released Revenue Ruling 2022-24, which provides covered compensation tables for the 2023 plan year. The tables can be used in determining benefits for qualified plans that use a permitted disparity formula for employer-provided contributions or benefits.   A permitted disparity contribution formula allows an employer to provide additional benefits to employees whose compensation exceeds certain levels, such as the Social Security wage base, without violating ap

The IRS recently released the final instructions for Forms 1094/1095-C and 1094/1095-B for the 2022 reporting year. With these final instructions, employers and insurers have all the IRS documents needed to complete the 2022 reporting. The 2022 final instructions mostly mirror the draft instructions that were released in October. For more information about the draft instructions and general purposes of Forms 1094-B/C and 1095-B/C, see the article published in the October 25, 2022, edition of Co

On December 6, 2022, Gov. Scott announced that the State of Vermont has contracted with The Hartford to create the Vermont Family and Medical Leave Insurance Plan (VT-FMLI). Like the New Hampshire paid family and medical leave (PFML), only state employees are required to participate in VT-FMLI, and their benefits will start in July 2023. Private and non-state public employers with 10 or more employees who work an average of 30 hours/week may choose to participate in VT-FMLI's parental leave pro

On December 7, 2022, the Pension Benefit Guarantee Corporation (PBGC) published a final rule amending the allocation of assets in single-employer plans. PBGC administers the pension plan termination insurance program that ERISA provides to defined benefit plans. The amended rule provides methods for valuing plan benefits when pension plans undergo distress or involuntary termination. When PBGC involuntarily terminates an underfunded plan, the asset allocation rules determine the amount of the

Winter storms, nor'easters and other weather events can quickly become life-threatening and cause serious hazards such as frozen pipes, storm surge, high winds and subzero temperatures. Protect your business by having an updated plan of action at the ready. When the National Weather Center issues a watch or warning, use the time available to begin taking the following steps. Before a Winter Storm Protect Your Business Make sure you have access to National Oceanic and Atmospheric Administration

To close out the year, the Benefits Compliance team recapped benefits-related legislative, regulatory and judicial highlights from 2022. They also looked forward to 2023 and any potential guidance that may be on the horizon. Topics discussed included: Election Results COVID & Benefits Compliance Family Glitch 'Fixed' Mental Health Parity and Addiction Equity Act (MHPAEA) & Comparative Analysis State Law Trends Retirement Updates/SECURE Act Surprise Billing & Tra

Winter storms can quickly become life-threatening and cause serious hazards. Storms can last several days and have the potential to interrupt power and communication services. Learn what to do to keep yourself and your loved ones safe. Before a Winter Storm Make sure you have access to weather reports and warnings. Listen for emergency information and alerts from sources like the Emergency Alert System (EAS) and National Oceanic and Atmospheric Administration (NOAA). Be prepared for winter weat

The state has announced the 2023 maximum contribution rates and benefit rates payable for Paid Family and Medical Leave (PFML). The contribution rate will stay at 0.5%, up to the Social Security wage contribution cap, which is $160,200 for 2023. Accordingly, an employee's maximum contribution in 2023 to the state's plan will be $801 for the year. For this purpose, wages used to determine earnings for FICA purposes are counted and may include salary or hourly pay, vacation pay, holiday pay, tip