Retirement Plans and ACA Notices
JDSupra has outlined two big employee benefit updates that have occurred this month.
First, President Trump has signed an order “asking the Treasury to investigate several aspects of retirement plans for small businesses”. Additionally:
The executive order also asked for the required minimum distribution rules to be reviewed to determine whether they can be made more favorable to individuals. Currently, the required minimum distribution rules require most participants in a 401(k) plan to start taking distributions at 70½, even if they do not yet need the money.
The order includes investigating the establishment of Association Retirement Plans (ARPs).
Additionally, the Department of Labor (DOL) has updated its Affordable Care Act (ACA) notices. JDSupra highlights the key difference in this new notice:
The biggest difference is that the notice now includes information describing that employees who elect to receive benefits through the ACA Marketplaces may lose coverage from their employer.
Distribution of the notices is required whether or not an employer provides insurance coverage.
For more details on these topics, please click here.
The information included in this blog post originally appeared in JD Supra on September 11, 2018, written by Charles Russman of Clark Hill PLC.