News from Washington DOL Pushes Back on Fiduciary Rule ChallengeThe Department of Labor answered one of two open lawsuits in the federal courts challenging the Retirement Security Rule on June 14. The regulator’s first response in court argued that the new rule is compliant with existing case law and is substantially different from a 2016 […]
News from Washington US Health Spending to Top $7.7 Trillion by 2032: CMSThe federal Centers for Medicare & Medicaid Services (CMS) expects national health spending to reach $7.7 trillion by 2032. Over the next decade, CMS projects health spending to grow by 5.6% per year on average, which is faster than the expected economic growth […]
News from Washington IRS: Kentucky Storm Victims Qualify for Tax Relief; Various Deadlines Postponed to November 1The Internal Revenue Service announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. These taxpayers now have until November 1, 2024, […]
News from Washington IRS Announces Tax Relief for Taxpayers Impacted by Storms and Flooding in Massachusetts; Various Deadlines Postponed to July 31The Internal Revenue Service announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on September 11, 2023.These taxpayers now have until July 31, 2024, […]
News from Washington EBSA Official Expresses Confidence in Legal Strength of Retirement Security RuleA day after an insurance agent advocacy group filed a motion to pause the Labor Department’s new retirement security rule, Timothy Hauser, Deputy Assistant Secretary of the Employee Benefits Security Administration, said that the new rule is different from the previous one […]
News from Washington IRS Announces Tax Relief for Taxpayers Impacted by Tornadoes in Ohio; Various Deadlines Postponed to September 3, 2024The Internal Revenue Service announced tax relief for individuals and businesses in Ohio that were affected by tornadoes that began on March 14, 2024. These taxpayers now have until September 3, 2024, to file various […]
News from Washington IRS Releases Health Savings Account Amounts for 2025The IRS published the inflation-adjusted HSA contribution limits and high-deductible health plan requirements for 2025. For the coming year, the annual contribution limit for individuals with self-only coverage under a high-deductible health plan is $4,300. The annual limit for individuals with family coverage is $8,550. […]
News from Washington DOL’s New Fiduciary Rule Faces First Legal ChallengeThe first lawsuit challenging the Department of Labor’s new fiduciary investment advice rule was filed May 2 in federal court. Plaintiffs are arguing that the new rule exceeds the Labor Department’s authority and is arbitrary and capricious, in violation of the Administrative Procedure Act. In […]
News from Washington DOL’s New Fiduciary Rule Is OutThe Department of Labor’s new fiduciary rule is out despite strong industry pushback and opposition by Republicans in Congress. Opponents of the proposed update to the definition of “investment advice” will almost certainly be disappointed, as the DOL generally only made clarifications rather than substantive changes. The […]
News from Washington Don’t Finalize Fiduciary Rule Now, Groups Urge DOLIndustry trade groups are pressing the Labor Department to continue to receive public input on its fiduciary rule and not “finalize the rule now.” In a letter sent April 15, 11 trade groups asked Labor and OMB to continue the public input process. The letter […]