Employee Benefits Legal Update
Inland HR Management Conference
Diane V. Dygert
Ben Conley
Legal Disclaimer
The contents of this presentation should not be construed as legal advice or a legal opinion on any
specific facts or circumstances.
These materials are intended for general information purposes only, and you are urged to consult a lawyer concerning your own situation and any specific legal
questions you may have.
2 | ©2014 Seyfarth Shaw LLP
Today’s Roadmap
• Same-sex marriage developments• ACA challenges• IRS ACA reporting forms• DOL versus SEC
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Same-Sex Marriage Update
• Same-Sex Marriages►Windsor decided June 2013
•Federal DOMA unconstitutional
►IRS – retroactive impact on retirement plans (Notice 2014-19) ►State Bans on Same-Sex marriage
•Split created by 6th Circuit•Supreme Court to hear Obergefell v. Hodges on April 28•May states limit marriage to a man and a woman•Must states recognize same-sex marriage performed in other states
►Map has been rapidly evolving
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No recognition Same-sex
marriage Pending court challenge
Ct challenge & Recognize other states
States’ Position on Same-Sex Unions
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ACA Exchanges
• Federally established exchanges►Several states refused to establish their own Exchange ►Other states partnered with the Federal government to assist
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ACA Exchanges
Establishing State Exchanges?
State Exchange State/Federal Partnership Federal Exchange 7 | ©2015 Seyfarth Shaw LLP
ACA Exchanges
• King v. Burwell – ►ACA authorizes subsidies on exchanges “established by the
state”►Question heard by SCOTUS
• Does the language of the ACA mean taxpayers in states with Federal exchange are not eligible for a subsidy?
►Oral arguments on March 6, 2015►Court decision will not be published until late June 2015
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IRS ACA Reporting
• When? ►2015 – first year reporting required (due in 2016)
• Who? ►6055: Providers of minimum essential coverage (insurers and
sponsors of self-funded plans), and ►6056: Applicable large employers (ALEs) subject to the
employer mandate
• What?►1094 and 1095 B series
• Insurance providers of minimum essential coverage
►1094 and 1095 C series• ALEs
©2013 Seyfarth Shaw LLP9 |
IRS ACA Reporting Forms
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IRS ACA Reporting Forms
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IRS ACA Reporting Forms
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DOL v SEC on Fiduciary Rules
• White House Economic Advisors’ January memorandum ►Abusive trading practices cost workers $8-17 billion in retirement
savings annually►Suggests DOL re-propose its fiduciary rule to require brokers to
act in clients’ best interests
• DOL indicated that it will re-issue its fiduciary rule (originally enacted in 1975)
• Wall Street reacts►SEC indicates protections already in place through their rules
• Congress acts:►Bill introduced that would force the DOL to wait until SEC has
acted ►Demands proof that DOL is coordinating with SEC
©2013 Seyfarth Shaw LLP13 |
[email protected]@seyfarth.com
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