Industry & Regulatory News

High deductible health plans (HDHPs) can be great for employees. The premium savings mean more money in their paychecks. Pairing an HDHP with a Health Savings Account (HSA), can offer another tax-advantaged means of saving. 

Offering a Flexible Spending Account (FSA) is a great way for employers to retain and attract new talent and promote financial wellness. 

Informal guidance provided by the Department of Labor, Treasury Department, and Department of Health and Human Services has indicated that the COVID-19 Outbreak Period will end on July 10, 2023.

The U.S. District Court for the Northern District of Illinois has ruled in favor of the plaintiffs in a motion to dismiss a lawsuit against Pactiv Evergreen Services, Inc., which claims it breached its fiduciary duty to a 401(k) plan it sponsors.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on May 17, 2023, for Tennessee severe thunderstorms and possible strong tornadoes, for the incident period of March 1, 2023 – March 3, 2023.

The IRS has issued Revenue Procedure 2023-23, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2024.

The IRS has issued Revenue Ruling 2023-10, which contains the applicable federal rates (AFR) for June 2023.

The IRS has issued Notice 2023-40, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

As announced by President Biden on January 30, 2023, the National Emergency in response to COVID-19 will end today. 

Senator Marco Rubio (R-FL), along with several cosponsors have reintroduced the Health Savings Act.