This issue’s topics include:

Tax Cuts and Jobs Act gives ― and takes away

While early drafts of the Tax Cuts and Jobs Act proposed significant changes to qualified retirement plans, the version that passed has minimal impact on them. However, the Tax Cuts and Jobs Act (TCJA) did make some notable adjustments to the tax treatment of other types of employee compensation and benefits, for both employers and employees. Here’s a closer look at how corporate compensation and family and medical leave tax incentives are affected. A short sidebar discusses the TCJA’s impact on employee achievement awards, moving expenses and transportation fringe benefits.

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Green Tax Reform Binder with information on the Tax Cuts and Jobs Act of 2017

Cash balance plans growing at a double-digit clip

The hybrid pension design known as the cash balance plan is on a roll. An analysis of the most recent IRS Form 5500 filings available reveals a 17% jump in the number of cash balance plans in 2015, while 401(k) plan formation growth was a meager 3%. This article examines which businesses may be interested in this type of plan.

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Interpretation or statutory violation?

Why it matters when deciding remedies
Do ERISA plan participants who believe a plan has treated them unjustly have to exhaust their administrative remedies before filing an action in court? Last year, the U.S. Sixth Circuit Court of Appeals joined all but two other circuits in finding that plan participants don’t have to do so. This article examines the split between the circuits and the Sixth Circuit’s conclusion.
Hitchcock, et al. v. Cumberland Univ., et al., No. 16-5942 (6th Cir. 2017).

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DOL increases scrutiny of defined benefit plans

Defined benefit plan sponsors might be facing tighter scrutiny from the U.S. Department of Labor (DOL). Last year the DOL’s Employee Benefits Security Administration ramped up pension audit operations in its Philadelphia office, and later decided to do so elsewhere, the agency announced at an ERISA Advisory Council meeting. This short article highlights what the DOL is focusing on in their audits.

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Compliance alert

This feature lists a few key tax reporting deadlines for April and May.

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our Employee Benefit Plan Services, please feel free to contact me directly.

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