In a May 22nd Wall Street Journal op-ed, Department of Labor (DOL) Secretary Acosta confirmed the DOL is moving forward with its new fiduciary standards rule that is to be phased-in from June 9, 2017 through January 1, 2018. During the transition period, the DOL will continue to conduct its ongoing examination of the fiduciary rule, so we expect to see more delays and revisions.
On May 4th, the House of Representatives passed H.R. 1628, the American Health Care Act of 2017. The Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) estimated that enacting that version of H.R. 1628 would reduce the cumulative federal deficit over the 2017-2026 period by $119 billion.
As your partner for growth, Alegeus platform users can now be system-certified with three days of in-depth platform training. Four times a year, you can join Alegeus in our state-of-the-art Orlando facility for hands-on system training where you will work alongside Alegeus experts every step of the way. Coursework will move you along the path to becoming a certified Alegeus platform user!
May 4th, the IRS released 2018 health savings account (HSA) limits, and the House voted to expand HSAs under the American Health Care Act (AHCA). With the House of Representatives passing the AHCA by a narrow vote of 217-213, the focus shifts to questions about when the bill may emerge from the U.S. Senate and what it may look like if and when it does. The Congressional Research Service has issued as 72-page report that provides and overview of all the AHCA provisions and the text of the House-passed bill has now been released.
Employee Benefit News and Employee Benefit Adviser’s Technology Innovator Awards recognize the individuals who are driving such technologies and making these innovations possible. After poring through dozens of nominations from EBN and EBA readers, editors consulted with industry experts and called on their own field of knowledge to choose this year’s award recipients. Eric Schuchman, head of product management for the Gusto benefits team, has been recognized for leading the charge to bring new benefit account capabilities to Gusto – a provider of payroll, benefits and HR to more than 40,000 small businesses.
The IRS published a response to an inquiry from an employee concerned that their employer’s third-party administrator (TPA) had informed all employees that it would no longer accept claims for cash reimbursement of transit funds after December 31, 2015 – meaning that employees would have to use a contribution-funded debit card to cover their mass transit expenses.
The Department of Labor's (DOL) final fiduciary rule, entitled “Definition of the Term ‘Fiduciary’; Conflict of Interest Rule – Retirement Investment Advice,” was published in the Federal Register on April 8, 2016, became effective on June 7, 2016, and had an applicability date of April 10, 2017. Likely however, the applicability date has been pushed back to June 9, 2017 and may be further delayed or overturned.
The house will vote on the American Health Care Act (AHCA) March 24th, but the bill's future is unclear. Could a final Senate ACA replace vote be delayed until after August recess? According to a House GOP member close to leadership, that is a definite possibility. "The way I see this going right now, we're probably going to head to the August recess with Obamacare," said the unnamed source in a recent Politico interview.
The evening of March 6th, the two House Committees with jurisdiction over the ACA repeal/replacement bill, the Ways and Means Committee and the Energy and Commerce Committee, released separate Budget Reconciliation bills, titled the American Health Care Act, which would serve as a replacement for the ACA.
February 16th, House Republicans held a closed-door meeting to discuss their ACA replacement plan and identify the components that could be included in the budget reconciliation bill. At that meeting, an Obamacare Repeal and Replace Policy Brief and Resources document, authored by the Congressional Committees with jurisdiction over the healthcare reform process, was provided to House members.