With the continued upward pressure on cost and pricing constraints imposed by Health Care Reform, insurers and health plans are exploring new ways to drive consumer and provider behavior.Read White Paper
Employees and employers, now more than ever, need to take the appropriate steps to ensure that prudent decisions are made in respect to employees saving at an adequate deferral rate, establishing an appropriate asset allocation mix, and planning to replace income throughout their retirement.Read White Paper
On February 10th the government issued final regulations regarding the “Employer Shared Responsibility” (ESR) requirements of the Affordable Care Act. This is often referred to as the law’s “Pay or Play” feature.Read More
There is a new mandatory electronic filing requirement (known as "EFAST2") that now applies to your Form 5500 filings.Read More
Recent Industry News
At the Summit
New White Paper Available
Going Beyond Full Disclosure - A View From the Summit
Revenue sharing and its impact on plan participant accounts continues to be a hotly discussed topic within the retirement plan industry, especially in light of recent Supreme Court rulings, class action suits and DOL scrutiny.
Q1 2015 Market Update Available!
Q4 2014 Market Update Available!
IRS Announces 2015 Pension Plan Limits
The Internal Revenue Service recently announced the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2015.
Congress Provides Pension Funding Relief for Defined Benefit Plan Sponsors
Congress recently passed the Highway and Transportation Funding Act of 2014 (HTFA) and President Obama signed the bill into law on August 8th. This legislation includes an extension of MAP-21 pension interest rate smoothing as a revenue
Department of Labor Update
Proposed Regulation to Require a Guide to Assist Plan Fiduciaries in Reviewing 408(b)(2) Disclosures
U.S. Treasury and IRS Revenue Ruling 2013-17
Guidance on Application of Same-Sex Marriage
On August 29th, the U.S. Treasury and IRS issued Revenue Ruling 2013-17 to address marriage of same-sex individuals for federal law purpopses.
DOL Provides Relief for Second Round of 404(a)(5) Disclosures
On July 22, 2013, the Department of Labor (DOL) issued Field Assistance Bulletin (FAB) 2013-02, which announced a transitional enforcement policy regarding the due date for the second round of 404(a)(5) participant disclosure regulations.
California Regulations Add Additional Leave Notice Requirements
The California Fair Employment and Housing Council has released new regulations concerning the California Family Rights Act. The new regulations are effective July 1, 2015.
Massachusetts Earned Sick Leave Law Generally Effective July 1, 2015
The Massachusetts Office of the Attorney General has released the earned sick time Notice of Employee Rights and also has issued revised guidance concerning the safe harbor from the law for certain employers with existing Paid Time Off (PTO) policies.
Reminder: PCORI Fees Due by July 31 for Employers Sponsoring HRAs and Other Self-Insured Plans
Fees to fund the Patient-Centered Outcomes Research Institute (PCORI) are due July 31 from employers that sponsor certain self-insured health plans, including health reimbursement arrangements (HRAs) that are not treated as excepted benefits.
HSA Contribution Limits and Minimum Deductibles Adjusted for Inflation
The IRS has released the 2016 inflation adjusted amounts for health savings accounts (HSAs).
Blue Cross Blue Shield Follow Up to Anthem Data Breach
The data breach that affected Anthem has also had an impact on some Blue Cross Blue Shield of Massachusetts (BCBSMA) members. We received the following communication from BCBSMA late yesterday afternoon. Although it's directed to us as insurance brokers, we're passing it along to you in the event you want to give your employees an update on what is transpiring and what steps they may take to protect themselves. We will continue to monitor this situation and provide you with updates as we receive them.
Here is the Blue Cross communication:
"As previously communicated, Anthem Inc., a company that operates Blue Cross plans in 14 states, was the victim of a sophisticated cyber-attack.
HIPAA Certificate of Creditable Coverage Requirement Eliminated
Because "Pre-existing Condition" limits are no longer allowed under law, as of December 31, 2014, health plan sponsors are no longer required to provide a HIPAA "Certificate of Creditable Coverage" to individuals terminating from a plan.
Plan administrators should no longer provide the HIPAA certificate to employees whose termination date occurred after 12/30/2014.
Note that individuals losing coverage as the result of a COBRA qualifying event (at termination of employment, for example), or at the end of their COBRA period of coverage will be able to enroll in a "Marketplace" or "Exchange" plan (if eligible) without pre-existing condition restrictions.
Summit Financial Strategies Market Insight
Over the past few days, the market has taken investors on a roller-coaster ride, and I suspect many of us are feeling a bit queasy. No one likes to be jerked down and up and back down again. What’s going on?
New White Paper Available!
Net Investment Tax in 2013
Starting in 2013 high income taxpayers [whose income is at or above $200,000] may be subject to two new Medicare taxes which consist of a 0.9% tax on earned income and self-employment income, and a 3.8% tax on net investment income.
Tips for Managing Your Finances After a Divorce
Summit Financial Strategies Financial Planning Insight
Clarifying the Home Office Deduction for both Employees and Business Owners
Summit Financial Strategies Tax Insight
Summit Financial Strategies Financial Planning Insight
Today’s economic landscape is forcing us to reconsider what we thought we knew about diversification.
Securities and advisory services offered through Commonwealth Financial Network, Member www.finra.org and www.sipc.org, a Registered Investment Adviser. Fixed insurance products and services, as well as benefits consulting and plan administration, offered by Summit Financial Corporation are separate and unrelated to Commonwealth. Fixed insurance products and services, as well as tax services, offered by Summit Financial Strategies, Inc. are separate and unrelated to Commonwealth. This communication is strictly intended for individuals residing in the states of AL, AZ, CA, CO, CT, DC, DE, FL, GA, IL, ME, MD, MA, MI, NV, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, VT, VA. No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services.