As corporate law professionals and legal advisors move into 2023, it’s important to be aware of key year-end responsibilities and requisite adjustments. In the meticulous compliance framework we negotiate, the “to-do” list of plan sponsors for end of 2023 merits special attention for its components on annual cost of living adjustments.
This information presented by Snell & Wilmer outlines the annual cost of living adjustments for plan sponsors as part of their 2023 year-end responsibilities. This comes as the second part of their four-part series on the theme, with the first part focused on year-end health and welfare plan issues. The second installment underlines notable increases and incorporates a concise table indicating penalties, percentages, and premiums under the employer shared responsibility stipulations of Code Section 4980H.
Plan sponsors, as well as corporate law professionals, must keep these changes on their radar in order to remain compliant and avoid any legal hiccups. Understanding these adjustments can not only contribute to smoother navigation of year-end responsibilities, but they also serve to enhance the quality of the advisory role played by legal professionals within their organizations.
Whereas this might be business as usual for most in the field, it’s a caringly crafted reminder of the meticulous attention to detail that the industry demands. As we head towards 2023, reminders such as these will no doubt serve as helpful waypoints on the roadmap to thorough legal compliance and proactive planning within the sphere of corporate law.