What's New? ADA Releases Technical Assistance Materials Webpage

The Technical Assistance Materials webpage on ADA.gov has been revised to make it more organized and user friendly. Materials are now arranged by the relevant Title of the ADA as well as by subject matter covered in the documents. Check out the new look of the page here. Read more about the Americans with Disabilities Act (ADA) here in The Gold Book.

What's New? 401(k) Hardship Distributions

The Bipartisan Budget Act of 2018 makes several changes to the hardship withdrawal rules that appear to be optional provisions and will become effective January 1, 2019. Read more in The Gold Book, Hardship Distributions section.

What's New? Anti-Harassment Policy and Training Effective Date 10/9/18

NYS has issued final guidance on sexual harassment policy requirements effective October 9, 2018. Sexual harassment training requirements are also final and are effective October 9, 2019. Please see The Gold Book chapter New York State, Anti-Harassment Laws for details.

What's New? Changes to Hardship Withdrawal Rules

There have been recent legislative changes by the Bipartisan Budget Act of 2018 (“Budget Act”) which affect 401(k) and 403(b) plan hardship withdrawal requirements. The Gold Book has been updated with this information. See Hardship Distributions under 401(k) Plans section.

What's New? Anti-Harassment Legislation

New York State and New York City recently passed several anti-harassment laws in the wake of the #MeToo movement that will soon require employers to provide annual sexual harassment prevention training to all workers, distribute a comprehensive sexual harassment prevention policy, and update their form employment contracts and settlement agreements. All employers with New York State and New York City employees should review their sexual harassment prevention policies, anti-harassment training programs, employment contracts, and settlement agreement forms to revise as necessary as these various new laws take effect.

These requirements begin to take effect on October 9, 2018.

Read more in the Laws Regulating Labor Relations section of the Human Resources chapter of The Gold Book.

What's New? NYS Notice Upon Separation

New guidance has been issued in New York State pertaining to the requirement of notices to employees regarding employees' right to file an application for unemployment benefits. Read more here.

What's New? Beneficial Ownership Rules

Effective May 11, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a final rule on beneficial ownership with respect to customer due diligence requirements.   The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account is opened. Further, financial institutions are required to amend their anti-money laundering (AML) program requirements related to collecting, monitoring, and maintaining this information. 

Please see Beneficial Ownership Rule in the Compliance section of The Gold Book.

Notice on E-Filing Mandate

FinCEN Reminds Financial Institutions to Adopt New Report Format by April 1, 2013

On February 23, 2012, the Financial Crimes Enforcement Network (FinCEN) issued a Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012.1Specifically, this action mandates the electronic submission of Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Registration of Money Services Business (RMSBs), and Designation of Exempt Person Reports (DOEPs). These reports are collectively referred to herein as "mandated reports." With very limited exception,2 FinCEN considers financial institutions filing mandated reports in paper format to be noncompliant with the electronic filing mandate.

Financial institutions are reminded that they must begin using the new FinCEN reports, which are available only electronically through the BSA E-Filing System, by April 1, 2013. FinCEN's new SAR, CTR, RMSB, and DOEP reports have been available for use through the E-Filing System since March 29, 2012,3 and industry's adoption of the new reports continues to increase. The BSA E-Filing System will continue to accept submissions of the legacy versions of the SAR, CTR, DOEP, and RMSB only until March 31, 2013. The FinCEN BSA E-Filing User Test System website has been updated to allow for testing of all the reports now available for E-Filing.

Financial Institutions May Be Subject to Civil Money Penalties

Financial institutions that continue to file mandated reports in paper format will fail to meet BSA reporting requirements and may be subject to civil money penalties.4

After March 31, 2013, FinCEN may reject any mandated reports filed in paper format and return them to the filing institution.

For more information about BSA E-Filing, please review the E-Filing Section on FinCEN's website. Any general questions regarding this notice should be directed to the FinCEN Regulatory Helpline at 1-800-949-2732. For other technology-related questions specific to E-Filing, please call the BSA E-Filing Help desk at 1-866-346-9478.

1 Final Notice 77 Fed. Reg. 12367(2012) mandates electronic filing of certain BSA reports by July 1, 2012. 

What's New? No More myRA

The U.S. Department of the Treasury discontinued the myRA program in 2017. New deposits will no longer be accepted beginning December 4, 2017. Savers who want to continue to enjoy the tax benefits the myRA provided will need to roll over their balance to a Roth IRA. Read more in The Gold Book.

Standard Mileage Rates for 2018 Increase

The Internal Revenue Service has issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
• 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
• 14 cents per mile driven in service of charitable organizations.

More information may be found in Notice 2018-03, posted on IRS.gov. 

IRS Issues New 5305 Documents

On September 6, 2017, the Internal Revenue Service (IRS) posted to its website updated traditional, Roth, and Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) Individual Retirement Account (IRA) Trust and Custodial model agreements (i.e., 5305 series documents). An IRS Form 5305 is used to establish one of the IRA types as well as Health Savings Accounts (HSA) and Coverdell Education Savings Accounts (CESA).

NYC Transit Ordinance

A law known as the New York City (NYC) Transit Ordinance went into effect January 1, 2016 and mandates that NYC companies with 20 or more full-time employees (working an average of 30 hours or more per week) MUST offer pre-tax transit benefits. 

 

The program allows employees to pay for monthly commuting expenses with pretax earnings, potentially saving them hundreds of dollars on annual payroll and income taxes.  The benefit covers all types of commuting - subway, bus, train, ferry, vanpool, bicycle and parking. 

 

Learn more here. 

What's New? IRS Cost of Living Adjustments

The Internal Revenue Service announcd cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. For details see:

Cost of Living Adjustments for Pension Plans

Traditional IRA Deductions

Roth IRA Contribution Limitations

What's New? Amendments to Equal Credit Opportunity Act (Regulation B)

On September 20, 2017, the Consumer Financial Protection Bureau has issued a final rule that amends Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, adds certain model forms and removes others from Regulation B, and makes various other amendments to Regulation B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants. Read more about Equal Credit Opportunity Act (Reg B) in The Gold Book.

HMDA Updated Charts and Timeline

On Sept. 28, 2017, the Bureau updated the 2018 HMDA institutional coverage chart , the 2018 HMDA transactional coverage chart , and the key dates timeline . The updated documents reflect the changes in the Bureau’s 2017 HMDA final rule  amending Regulation C. 

CFPB Issues Reg B Final Rule and Executive Summary

On Sept. 20, 2017, the Bureau issued a final rule to amend Regulation B to allow creditors flexibility in complying with Regulation B in order to facilitate compliance with Regulation C and transition to the 2016 Uniform Residential Loan Application. To support implementation of the rule, the Bureau issued an executive summary. 

Check back soon for notice of updated sections The Gold Book.

What's New? NYS Pay Equity Law

New legislation was signed on June 21, 2017 that bans the request and requirement of a prospective employee's salary history as a condition to receive an interview, an offer of employment, or in determining wages or salary. This legislation aims to prevent wage discrimination in the work place.

Read more in the NYS Pay Equity Law section of The Gold Book. 

What's New? NYS Paid Family Leave Act

The New York State Paid Family Leave Program (PFLP) will provide New Yorkers job-protected, paid leave to bond with a new child, care for a loved one with a serious health condition or to help relieve family pressures when someone is called to active military service. These benefits fully phase in over a four-year period—by Jan. 1, 2021—and will increase annually in both maximum duration of leave and the amount of weekly paid benefits.

Read more in the Paid Family Leave Program section of The Gold Book. 

What's New? NYS Minimum Wage Increases

The New York State minimum wage increased on December 31, 2016. In New York City, it is $10.50 per hour for businesses with 10 or fewer employees, and $11.00 per hour for businesses with 11 or more employees. In Nassau, Suffolk and Westchester counties, it is $10.00 per hour. In the remainder of the state, it is $9.70 per hour. There are different hourly rates for workers in the fast food industry and those who receive tips. These rates remain in effect until December 30, 2017.

Read more under New York Rules in the Fair Labor Standards Act section of The Gold Book.

What's New? NYS Anti-Terrorism & Money Laundering Regs

New York State requires its financial institutions to adopt anti-money laundering programs, including customer identification and foreign asset controls. Prior to January 1, 2017, compliance with applicable federal requirements (Bank Secrecy Act, USA PATRIOT Act and OFAC) constitutes compliance with the state requirements under Parts 115 and 116 of the General Regulations of the Banking Board. The NYS Department of Financial Services (DFS) has adopted a risk-based anti-terrorism and anti-money laundering regulation that requires institutions to maintain programs to monitor and filter transactions for potential Bank Secrecy Act (BSA) and anti-money laundering (AML) violations and prevent transactions with sanctioned entities. See more in The Gold Book.