SSG Insights | Week of September 17th, 2021
Changes Proposed to Form 5500 to Implement SECURE Act Rules
On Sept. 14, 2021, federal agencies announced proposed revisions to the Form 5500 Annual Return/Report. These changes are designed primarily to implement provisions in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), in addition to other improvements. This Advisor explains further.
New Biden Administration Plan Aims to Lower Drug Prices
On Thursday, Sept. 9, 2021, President Joe Biden’s administration announced a plan to lower Medicare prescription drug prices. The plan acts as a wish list to Congress, suggesting legislative areas to pursue at the behest of the White House. This advisor explains further.
Biden Offers Additional Financial Support to Small Businesses
The Biden Administration has called upon the Small Business Association (SBA) to increase financial support for small businesses. Specifically, the SBA is strengthening its COVID-19 Economic Injury Disaster Loan (EIDL) program by increasing available loan amounts from $500,000 to $2 million. This In the Know article explains further.
Affordability Percentages Will Decrease for 2022
On Aug. 30, 2021, the IRS issued Revenue Procedure 2021-36 to index the contribution percentages in 2022 for purposes of determining affordability of an employer’s plan under the ACA. This ACA Compliance Advisor provides an overview of:
- The Affordability Requirement
- The Adjusted Percentages
- Affordable Employer-Sponsored Coverage
- Employer Shared Responsibility Rules
- Individual Mandate Exemption
- Premium Tax Credit