IRS Releases Retirement Plan Contribution Limits for 2016

The Internal Revenue Service (IRS) has recently released the contribution limits on Qualified Retirement Plans for 2016.

Strategic Benefit Services created a chart that details the 2016 contribution limits.

Should you have questions, please contact Strategic Benefit Services by calling (855) 882-9177 or email us at sbs@hanys.org.

Penalties Increased for Section 6055 and Section 6056 Reporting Violations

The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Section 6055 and 6056. These new reporting rules require certain employers to report information to the Internal Revenue Service (IRS) on the health coverage offered during the year.

Quick Facts:

• Signed into law on June 29, 2015, the Trade Preferences Extension Act of 2015 increases the penalties for reporting entities that fail to comply with Section 6055 or 6056 reporting.
• The increased penalties take effect for returns and statements filed in 2016.
• Short-term relief from penalties is available in certain limited circumstances.

Read the full article for more information on Section 6055 and Section 6056 reporting violations. Should you have questions, please contact Strategic Benefit Services by calling (855) 882-9177 or email us at sbs@hanys.org.

New IRS Resource helps Employers Understand the Health Care Law

The new ACA Information Center for Applicable Large Employers page on IRS.gov features information and resources for employers of all sizes on how the health care law may affect them if they fit the definition of an applicable large employer.

The web page includes the following sections:

• What’s Trending for ALEs, 
• How to Determine if You are an ALE, 
• Resources for Applicable Large Employers, and 
• Outreach Materials. 

Visitors to the new page will find links to:

Free Reception: Retirement Plan Updates from a Government Insider

REGISTER NOW to spend an evening with:

John Carl

President of Retirement Learning Center & 

Member of Government Affairs Committee 

Get key retirement plan updates from a government insider. Discussion will cover:

• updates on the Government Affairs Committee;
• current Department of Labor enforcement priorities and actions;
• update of the 2016 Budget Proposals and their reoccurring themes; and
• details surrounding and preparation for new retirement savings proposals.

IRS Issues Notice 2015-52 on Cadillac Tax Implementation

For taxable years beginning in 2018, the Affordable Care Act (ACA) imposes a 40 percent excise tax on high-cost group health coverage. This tax, also known as the “Cadillac tax,” is intended to encourage companies to choose lower-cost health plans for their employees.

On July 30, 2015, the Internal Revenue Service (IRS) issued Notice 2015-52 to continue the process of developing guidance to implement the Cadillac tax. This notice supplements Notice 2015-16, issued on Feb. 23, 2015.

2016 Healthcare Reform Compliance Checklist

The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted over four years ago. Many of these key reforms became effective in 2014 and 2015, including health plan design changes, increased wellness program incentives and the employer shared responsibility penalties.

Additional reforms take effect in 2016 for employers sponsoring group health plans. To prepare for 2016, employers should review upcoming requirements and develop a compliance strategy.

This Legislative Brief provides a health care reform compliance checklist for 2016.

If you have questions about this checklist or changes that were required in previous years, please contact Strategic Benefit Services for assistance by calling (855) 882-9177 or email us at sbs@hanys.org.

Q2 RETIREMENT MARKET RECAP

The 1972 Stealers Wheel song, “Stuck in the Middle with You” comes to mind when you look at the U.S. economy and stock market in the second quarter of 2015. Read the Q2 Retirement Market Recap to review the key market drivers for the second quarter financial performance.

The SBS Retirement Market Recap provides a summary of market and economic events which have influenced the financial markets in the past quarter. SBS Retirement Market Recap also includes a feature segment called “What’s Happening in the Retirement Market?” which selects a notable industry event to highlight for the quarter.

Should you have questions about this Market Recap, or for information on how Strategic Benefit Services can enhance your organization's retirement offering, please get in touch by calling (855) 882-9177 or email us at sbs@hanys.org.