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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 PaperEmployees 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 PaperIn January 2013, without new tax legislation, many taxpayers will be facing an increased federal tax burden. One way to shed the future tax burden on retirement assets is to do a Roth conversion in 2012 before these tax changes tax effect.
Read White PaperThere is a new mandatory electronic filing requirement (known as "EFAST2") that now applies to your Form 5500 filings. Paper filings will no longer be accepted starting with the 2009 Plan years.
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Recent Industry News |
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At the Summit |
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 October 2013
IRS Announces 2014 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 2014. September 2013
U.S. Treasury and IRS Revenue Ruling 2013-17
Guidance on Application of Same-Sex MarriageOn August 29th, the U.S. Treasury and IRS issued Revenue Ruling 2013-17 to address marriage of same-sex individuals for federal law purpopses. August 2013
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. July 2013
Defense of Marriage Act (DOMA)
Supreme Court Ruling Extends Federal Benefits to Married Same-Sex CouplesIn a 5-4 decision on Wednesday, June 26, the Supreme Court found that same-sex couples legally married under state law should receive federal benefits. The decision to overturn Section 3 of the Defense of Marriage Act (DOMA) will impact more than 1,100 federal statutes governing federal benefits. May 2013
EBSA Releases Notice of Proposed Rule Making
Lifetime Income Illustrations Potentially Required on Participant StatementsThe DOL's EBSA recently published in the Federal Register an advance notice of proposed rulemaking focusing on lifetime income illustrations in periodic benefit statements of defined contribution pension plans.  November 2013
Action Needed: Defense of Marriage Act, Medicare Part D, HIPAA Privacy and Marketplace Exchange Notices
Action Needed: Defense of Marriage Act, Medicare Part D, HIPAA Privacy, and Marketplace Exchange Notices IRS Clarifies Federal Tax Treatment of Same-Sex Marriages: Assessing the Impact on Employee Benefit Plans In response to the June 26 Supreme Court ruling on the Defense of Marriage Act (DOMA), the Treasury Department has issued Revenue Ruling 2013-17, announcing that all legal same-sex marriages will be recognized for federal tax purposes. Effective September 16, a same-sex marriage legally entered into in any state will be recognized for all federal income, gift and estate tax purposes, November 2013
MA Health Connector Eliminates Section 125 Plan and HIRD Requirements
Massachusetts Health Connector Eliminates Section 125 Plan and HIRD Requirements On October 28th the Massachusetts Health Connector initiated significant changes to four key components of the Massachusetts Health Reform law. The changes, announced in Bulletin 03-13, took steps to eliminate a conflict between Massachusetts law and some provisions of the Affordable Care Act (ACA) and are designed to further align Massachusetts law with the ACA. Although the Bulletin announces the filing of legislation to enact the changes into law, it also says that the provisions should be considered effective immediately. The announced changes will repeal the following Massachusetts health reform provisions: -Section 125 plan requirement -The recently created Section 125 Notification requirement -Employer Health Insurance Responsibility Disclosure (Employer HIRD) report -Free Rider Surcharge (which provided for potential penalties for employers who failed to offer a Section 125 plan) November 2013
Flexible Spending Accounts (FSA) Use-It-Or-Lose-It Provision Modified
Flexible Spending Accounts (FSA) Use-It-Or-Lose-It Provision Modified The U.S. Department of the Treasury and the IRS on Thursday issued Notice 2013-71 modifying the longstanding "use-or-lose" rule for health flexible spending arrangements. Participants now can carry over up to $500 of their unused FSA balances remaining at the end of a plan year. According to Notice 2013-71: "An employer, at its option, is permitted to amend its [FSA] plan... to provide for the carryover to the immediately following plan year of up to $500 of any amount remaining unused as of the end of the year in a health FSA. The carryover... may be used to pay or reimburse medical expenses under the health FSA incurred during the entire plan year to which it is carried over. ...the amount remaining unused as of the end of the plan year is the amount [remaining] after medical expenses have been reimbursed at the end of the plan's run-out period for the year." September 2013
Marketplace Exchange Notice Requirement
The Affordable Care Act (the "ACA") requires employers of all sizes to provide to all of their employees a notice of the availability of coverage through public health insurance "Marketplaces." Background The exchange notice must include a description of the existence of, and services provided by, marketplaces, including information: About how the employee may be eligible for a premium tax credit or a cost-sharing reduction if the employer's plan doesn't meet affordability and minimum value standards;Informing employees that if they purchase a qualified health plan through the exchange, then they may lose any employer contribution toward the cost of employer-provided coverage, and that all or a portion of the employer contribution to employer-provided coverage may be excludable for federal income tax purposes
September 2013
MA Health Connector Releases ACA Marketplace Notice Template, Section 125 Plan Notice
In an earlier article, Summit reported that the Affordable Care Act requires employers to issue a Notice of Marketplace Coverage Options to provide employees with information about state marketplaces. In Massachusetts, the state Marketplace is the Massachusetts Health Connector. Massachusetts also has a new requirement to notify employees about the availability of an employer's Section 125 plan, which can be used to purchase individual insurance "pre-tax." This notice will be used in lieu of the Employee HIRD form, which was discontinued effective July 1st. The Health Connector has just released two documents that, when used together, will satisfy the federal ACA Marketplace as well as the Section 125 Plan notice requirement. As a result, Massachusetts employers now have two options for compliance with the ACA Marketplace notice requirement -
July 2013
Federal Health Reform Employer Mandate Delayed Until 2015
On July 2nd, The U.S. Department of the Treasury postponed implementation of a major portion of federal health reform. The "employer shared responsibility" (ESR) provisions of The Affordable Care Act (the employer "pay or play" mandate) which require large employers (50+ full time equivalent employees) to offer affordable and adequate coverage or face a penalty, has been delayed for one year, until 2015. This provides regulators more time to simplify requirements and employers more time to prepare for compliance. July 2013
The Supreme Court Strikes Down the Defense of Marriage Act (DOMA)
On Wednesday June 26th, The U.S. Supreme Court ruled that legally married same-sex couples are entitled to Federal benefits. This decision may have a significant impact on the design and administration of employee benefits plans.  November 2013
New White Paper Available!
Net Investment Tax in 2013Starting 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. October 2013
Tips for Managing Your Finances After a Divorce
Summit Financial Strategies Financial Planning InsightAugust 2013
Clarifying the Home Office Deduction for both Employees and Business Owners
Summit Financial Strategies Tax InsightJuly 2013
Alternative Investments
Summit Financial Strategies Financial Planning InsightToday’s economic landscape is forcing us to reconsider what we thought we knew about diversification. March 2013
College Planning for Parents of Teenagers
Summit Financial Strategies Financial Planning InsightThe cost of obtaining a college degree has increased more than tenfold since 1978. Average household income has not nearly kept pace with those numbers, forcing parents and students to take a much closer look and face some harsh realities about paying for college. January 2013
The American Taxpayer Relief Act of 2012 (ATRA)
Summit Financial Strategies Tax/Financial Planning InsightOn January 1, 2013, both the Senate and then the House passed retroactive legislation which was then signed by the President on January 2, 2013. This Act permanently extends a number of major tax provisions and temporarily extends many others.
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November 2013
Upcoming Summit Client Event
Health Care Costs in Retirement Planning SeminarPlease join us on November 20th! October 2013
Market Update for the Quarter Ending September 30, 2013
July 2013
Market Update for the Quarter Ending June 30, 2013
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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. |
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