Spencer’s Benefits NetNews – May 11, 2018

  About this Newsletter The Spencer’s Benefits Reports is a summary of the week’s news items posted in the WHAT’S NEW pages of Spencer’s Benefits Reports Online. For questions regarding this email service, contact Customer Service at (800)449-9525. NetNews Subscription Want to receive these Newsletters via E-mail? Sign Up / Unsubscribe hr.cch.com Resources Online Store […]

Treasury Department seeks comments on Pressroom Unions’ Pension Trust Fund application to reduce multiemployer plan benefits

The Department of the Treasury has released a notice of availability and request for comments on an application by the Board of Trustees of the Pressroom Unions’ Pension Trust Fund to reduce benefits under the plan pursuant to the Multiemployer Pension Reform Act of 2014 (MPRA). The notice announces that the application is available on […]

New Jersey enacts paid sick leave legislation

New Jersey Governor Phil Murphy on May 2 signed into law expansive paid sick leave legislation. New Jersey now joins a select group of states—nine plus the District of Columbia—that have enacted paid sick leave to provide earned compensation for workers who miss work due to illness or needing to take care of a sick […]

In competitive labor market, employers needs to pay more attention to benefits package

With low unemployment hovering at 4.1 percent, many companies face the recurring question of how to attract and retain top talent in a candidate-driven landscape. In order to remain competitive, it is essential for companies to focus on what they can do to raise wages or reevaluate their benefits packages to adequately compensate employees. This […]

Plan terms, not state law, governed outcome of wire transfer dispute

An ERISA plan administrator did not abuse its discretion when it determined that a $2.7 million wire transfer from the participant’s account, initiated two days before the participant’s death, was a completed distribution, despite state law that could arguably have supported the opposite conclusion, the U.S. Court of Appeals in St. Louis (CA-8) has ruled. […]

Nebraska has a personal exemption credit, standard deduction

Recently enacted Nebraska legislation creates a personal exemption credit, establishes a Nebraska standard deduction, and adjusts personal income tax brackets based on the Consumer Price Index for All Urban Consumers (CPI-U). Personal exemption credit. A personal exemption credit is created, beginning with tax year 2018. The credit is multiplied by the total child credits and […]

Employers without SHOP marketplace plans receive health insurance credit relief

The IRS has provided guidance which allows certain small employers to claim the small business health care tax credit under Code Sec. 45R in situations in which no Small Business Health Options Program (SHOP) marketplace plans are offered in the county where the employer is located. Although the credit requires that the employer offer qualified […]

DOL cautions fiduciaries on use of plan assets to promote ESG goals

The Department of Labor has issued guidance that may effectively discourage fiduciaries from using plan assets to promote environmental, social, ethical, and governance (ESG) concerns or engage in shareholder activism. The new guidance, in the guise of clarifying prior issuances on proxy voting, shareholder engagement, and economically targeted investments, cautions fiduciaries that they must always […]

Michigan deadline changed, E-Filing requirement enacted

Beginning with the 2018 tax year, the Michigan withholding statement and annual reconciliation return are due on January 31. For tax years before 2018, the deadline was February 28. Employers with more than 250 employees must begin filing their annual or report electronically. (Act 118 (H.B. 5091), Laws 2018, approved and effective April 25, 2018, […]

Departments clarify reasonableness of GOT regulation for out-of-network ER services

The Departments of Labor, Health and Human Services, and the Treasury (the Departments) have issued a court-requested clarification to provide a more thorough explanation of their decision not to adopt recommendations made by the American College of Emergency Physicians (ACEP) and certain other commenters in a November 2015 final rule (80 FR 72192), which provided, […]