The combination of Donald J. Trump as President and a Republican majority in both houses of Congress presents a better (although still far from clear) idea of the kinds of changes to expect in the employee benefits area over the next few years.
For instance, with President Trump pledging to “repeal and replace” the Affordable Care Act (ACA), there may well be a repeal to the Cadillac Tax, which is scheduled to become effective in 2018 and imposes a 40 percent excise tax on a health plan’s excess benefits over specified thresholds. In addition, because the cost of purchasing health care coverage on the state exchanges has risen precipitously, certain aspects of the President's campaign platform—including eliminating state lines—likely will be pursued to enhance competition among health plans across the country.
Besides the potential repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Department of Labor’s fiduciary rule, tax exclusions for group health plan insurance premiums and retirement plan contributions could be ripe for change under a Trump administration, as many in Congress believe that these tax exclusions add significantly to the budget deficit. Also, there are several pieces of employee benefits legislation outstanding, including the Retirement Enhancement and Savings Act, which would expand savings options for many; draft legislation to modernize the multiemployer pension system; and a bill to amend the nondiscrimination rules for defined benefit pension plans.
Epstein Becker Green will monitor these developments and stands ready to assist employers in responding to them.
February 17, 2017 - EVENT: Deregulation’s Impact On HR: Trump’s First Hundred Days And Beyond
February 6, 2017 - A Closer Look at Gorsuch’s Labor Opinions
February 3, 2017 - Presidential Memorandum on Fiduciary Duty Rule
January 25, 2017 - President Appoints Victoria A. Lipnic EEOC Acting Chair
January 20, 2017 - Memorandum for the Heads of Executive Departments and Agencies
January 2017 - United States Congressional Committee Meeting Hearings
December 22, 2016 - Mental Health Parity Enforcement Efforts Likely to Continue but with New Focus
December 7, 2016 - Frank Morris, Jr. Quoted in “Trump Pick Could Set Tone of Supreme Court”
December 2016 - Top Five Employment, Labor & Workforce Management Issues of 2016
November 23, 2016 - What a Trump Presidency Means for Recruiting and HR Professionals