HR exemptions, reversals and updates, oh my!
Keep up with the changing human resources landscape – and the case law, legislation and regulations that alter it – by reviewing our HR Bulletins. Each HR Bulletin highlights an update and what’s important for member agencies to know and to consider implementing as a result.
FIDUCIARY RULE EXEMPTIONS
The U.S. Department of Labor extended its transition period from Jan. 1, 2018 to July 1, 2019 to implement the Best Interest Contract Exemption and Principal Transactions Exemption. (See HR Bulletin FED #35.)
TAX REFORM LAW
Among other changes, the 2017 Tax Bill will lower the corporate tax rate, repeal the Affordable Care Act (ACA) individual mandate tax penalty, lower most individual tax rates and alter employee benefits. (See HR Bulletin FED #46.)
NATIONAL LABOR RELATIONS BOARD DECISIONS
The Board reversed several Obama-era actions. The reversals, which tend to benefit employers, address employee handbook violations, the definition of a joint employer, past practices analysis and micro-units (a union-organizing tactic). (See HR Bulletins FED #24 and FED #47.)
Employers received an extension until March 2, 2018 to comply with upcoming ACA requirements to provide individuals with 1095-B and -C reports. Plus, the good-faith transition relief applied to last year’s Form 1094 and 1095 submittals will extend to 2017 reporting. (See HR Bulletin FED #48.)
The standard mileage rates increased 1 cent from 2017 to 54.5 cents for every mile of business travel driven. (See HR Bulletin FED #49.)
We work with our HR consultant to monitor employment law and keep a running tab of state and federal updates within our HR Solution© toolkit.