On January 14, 2025, the U.S. Department of Labor's Employee Benefits Security Administration published final amendments to its Voluntary Fiduciary Correction Program (VFCP) and the corresponding exemption for prohibited transactions that are corrected through the VFCP, Prohibited Transaction Exemption 2002-51.
On January 10, the U.S. Treasury Department and Internal Revenue Service released proposed regulations that would provide guidance on the new automatic enrollment requirements in Internal Revenue Code Section 414A. Section 414A was added to the tax code by Section 101 of the SECURE 2.0 Act of 2022.
On January 6, the American Benefits Council sent a letter to the transition team for President-elect Donald Trump and Vice President-elect J.D. Vance, noting that the Council looks forward to working with new administration to support and protect the ability of employers to continue to offer high-quality, affordable health coverage.
On November 18, 2024, the U.S. Department of Labor released the final version of its voluntary information collection request that will be used to populate the Retirement Savings Lost & Found envisioned by Section 303 of SECURE 2.0, as codified in Section 523 of ERISA.
WASHINGTON, DC – U.S. voters overwhelmingly support extending pre-deductible telehealth coverage and oppose the taxation of employer-provided health care, according to election night polling results released today.
On November 7, the U.S. Department of Labor's Employee Benefits Security Administration, the U.S. Treasury Department and the Internal Revenue Service issued guidance and relief for employee benefit plans and participants impacted by Hurricane Helene, Tropical Storm Helene, and Hurricane Milton .
To better understand the value of ERISA preemption to large employers, the Employee Benefit Research Institute and the American Benefits Council conducted roundtable discussions with over a dozen benefits executives at large companies.
On September 9, 2024, the U.S. departments of Treasury, Labor and Health and Human Services (the "tri-agencies") released the much-anticipated Final Rule implementing the Mental Health Parity and Addiction Equity Act (MHPAEA).
The American Benefits Council 's response to the request for comments in Notice 2024-65 that was issued by the U.S. Department of the Treasury and the Internal Revenue Service regarding the implementation of Saver's Match contributions.
On October 30, the Council submitted a letter to the Solicitor General's office and the U.S. Department of Labor (DOL), asking that the government recommend that the Supreme Court refrain from taking up Oklahoma's appeal in this case, including because the 10th Circuit decision is consistent with Supreme Court and other ERISA preemption precedent. The Council also explains for the government the importance of ERISA preemption to employers and employees and the myriad issues that would occur if it were to be undermined. The letter also addresses some problematic arguments made by DOL in a previous amicus brief in the case that would substantially undermine the scope of ERISA preemption.
In connection with the upcoming public policy dialogue about tax issues in 2025, the American Benefits Council ("the Council") would like to take the opportunity through this paper to emphasize the importance of preserving the current tax incentives for retirement savings.
