Understanding Employee Benefits

IRS Annual Limits on Qualified Plans

By

The Internal Revenue Service has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely unchanged from the 2015 numbers. https://www.irs.gov/pub/irs-news/IR-15-118.pdf.  The following chart summarizes the 2016 retirement plan limits and other benefit plan limits. ... Read More

Topics: Health Plan, Retirement Plans, Welfare Plans

Participants in Top Hat Plans Must Exhaust Administrative Remedies

By

So-called “Top Hat” plans are nonqualified deferred compensation plans for a select group of management or highly compensated employees. These executive compensation arrangements are exempt from many ERISA provisions, but are not exempt from ERISA’s claims procedure requirements. Therefore, top hat plans must provide a reasonable claims procedure. ERISA compliant... Read More

Topics: Deferred Compensation and 409A, ERISA and Other Benefits Litigation, Executive Compensation