article thumbnail

2023 Brings Changes to the Laws on Employee Benefit Plans

McNees

trillion dollar spending bill, contains provisions which modify the laws applicable to welfare benefit plans and retirement benefit plans. Below is a high-level list of the provisions of the Act which are effective in 2023 and which may affect your plan: Welfare Benefit Plans. The Act, a $1.7

401(k) 98
article thumbnail

Employee Benefit Plans: Important Considerations for Year-End and 2025

McDermott Will & Emery Employee Benefits

This client alert highlights important regulatory changes that will impact retirement plans and health and welfare plans in the coming year. With the 2025 plan year right around the corner, this is the ideal time for plan sponsors to ensure that plan operations comply with evolving legislative and regulatory requirements.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Employee Benefits Providers: What Employers Need to Know

Empuls

They offer a range of benefits, including health insurance, retirement plans, wellness programs, dental and vision coverage, and more specialized services like mental health support and child care assistance. They help identify the most suitable benefits, such as health insurance, retirement plans, and wellness programs.

article thumbnail

The Case for the Welfare Plan Fiduciary Committee

McDermott Will & Emery Employee Benefits

Recent lawsuits filed against the group health plans of two large US employers underscore the importance of implementing formal welfare benefit plan governance structures that include fiduciary committees comparable to the governance structures employer sponsors of retirement plans routinely adopt.

article thumbnail

Comprehensive Guide to the Best Employee Benefits Options for 2024

Empuls

Take the example of a leading technology company where, by just introducing flex-time for its employees, allowing them to work from home, and far better health benefits, the whole approach toward implementing employee benefits was changed. Health insurance Arguably, this is the most important prerequisite of a good benefits package.

article thumbnail

IRS Announces 2024 Employee Benefit Plan Limits

McDermott Will & Emery Employee Benefits

The Internal Revenue Service recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Certain health and welfare plan limits have not yet been released.

article thumbnail

IRS Announces 2024 Employee Benefit Plan Limits

McDermott Will & Emery Employee Benefits

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.