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Virginia Expands National Guard Employment Protections

Law Effective July 1, 2018 A new law in Virginia expands certain National Guard employment protections (i.e., leave, reemployment, and nondiscrimination) to any person who is a member of the National Guard of another state who is employed or seeking employment in Virginia. Expanded Protections The new law extends National Guard employment rights (concerning leaves of absence; reemployment; and employment nondiscrimination) to any person who is a member of the National Guard of another state who is employed or seeking employment in Virginia. Prior to July 1, 2018, such rights extend only to members of the Virginia National Guard and the Virginia...

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How Does Your Retirement Plan Compare?

The Callan Institute conducted its 11th annual Defined Contribution (DC) Trends Survey in the fall of 2017. The survey incorporates responses from 152 plan sponsors, including both Callan clients and other organizations, and highlights key themes and findings from 2017 and expectations for 2018. Over the next few months, SIMA will share these findings so that you can ask yourself, How Does Your Retirement Plan Compare? This month, we look at the all-important company match.  Did you change your match in 2017? Most plan sponsors did not.  Only 2.3% reported making a change. On the other hand, nearly a quarter anticipate...

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Medicare Part D Disclosure Due to CMS by March 1

Online Form for Employers Offering Prescription Drug Coverage to Medicare Part D-Eligible Individuals The Medicare Modernization Act requires employers that provide prescription drug coverage to Medicare-eligible individuals to complete the Online Disclosure Form to the U.S. Centers for Medicare & Medicaid Services (CMS) to report whether such coverage is creditable prescription drug coverage. Creditable coverage means that the coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage. This disclosure is required annually, no later than 60 days from the beginning of a plan year—typically March 1st for calendar year plans—and at certain other times. Additional Disclosure...

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IRS Decreases 2018 HSA Contribution Limit for Certain Individuals

The Internal Revenue Service  has announced that the 2018 annual limitation on health savings account (HSA) contributions by individuals with family coverage under a high deductible health plan (HDHP) is now $6,850. This limit was previously announced as $6,900, but has been revised downward due to an inflation adjustment provision in the Tax Cuts and Jobs Act. The 2018 annual limitation on HSA contributions by an individual with self-only coverage under a HDHP remains unchanged at $3,450. Click here to read the IRS announcement.  ...

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IRS Updates Q&As on ACA Information Reporting

The Internal Revenue Service has updated its Q&As regarding Form 1094-C and 1095-C information reporting by applicable large employers (ALEs)—generally those with at least 50 full-time employees, including full-time equivalent employees, in the preceding calendar year. The Q&As answer the following questions and more: For which employees must an ALE file Form 1095-C? What information must an ALE furnish to its employees? How should information about an offer of coverage for the month in which an employee is hired be reported on Form 1095-C? How should an ALE complete Form 1095-C for a full-time employee who terminates employment during a calendar year and receives...

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Reminder: Form 1094 & 1095 Deadlines Approaching

Certain Employers Required to Electronically File Returns Employers subject to the Affordable Care Act's (ACA) information reporting requirements are reminded that the deadlines to file and furnish Forms 1094 and 1095 are quickly approaching. The reporting deadlines in 2018 are for reporting information on the 2017 calendar year, and are as follows: Applicable large employers (ALEs)—generally those with 50 or more full-time employees, including full-time equivalents—must file Forms 1094-C and 1095-C with the IRS no later than February 28, 2018 (or April 2, 2018 if filing electronically). ALEs must also furnish a Form 1095-C to all full-time employees by March 2, 2018. Self-insuring...

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IRS updates withholding calculator and Form W-4 for new tax law

The Internal Revenue Service released the updated withholding calculator and Form W-4 that it had promised for the new tax law to help taxpayers make sure they have the proper amount of taxes taken out of their paychecks. The IRS is urging taxpayers to use both tools to check on their withholding. “Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter in a statement. The Tax Cuts and Jobs Act made many changes in the...

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New Tax Law Takes a Bite out of Meals & Entertainment Deductions

H.R. 1, known as the Tax Cuts and Jobs Act, has changed the deductibility of certain meals and entertainment expenses.  Prior to 2018, a taxpayer could deduct 50% of business meals and entertainment and 100% of meals provided on the employer’s premises and for the convenience of the employer.  Under the act, taxpayers are still generally able to deduct 50% of the food and beverage expenses associated with operating their trade or business (e.g., meals consumed by employees on work travel).  For amounts incurred and paid after December 31, 2017 and until December 31, 2025, the act expands this 50%...

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IRS Confirms Impact of Tax Reform on Contribution, Benefits Limits

The Internal Revenue Service says that the Tax Cut and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced last October – but it will have an impact in the future. Of course, the tax code specifies dollar limitations on benefits and contributions under qualified retirement plans, and it requires the Treasury Department to annually adjust these limits for cost-of-living increases using procedures that are similar to those used to adjust benefit amounts under the Social Security Act. The IRS notes that the recently enacted TCJA made no changes to the section of the...

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