Benefit Plans may require review and revision immediately. Yesterday, June 26, 2013, the Supreme Court of the United States issued an opinion declaring the Defense of Marriage Act of 1996 (DOMA) unconstitutional. DOMA was previously the federal law that officially defined marriage as a legal union between a man and a woman. Each individual state's definition of marriage will control for both state and federal law. Same-sex couples in the 13 states and the District of Columbia who can legally marry, will be able to file joint federal tax returns like opposite-sex couples in those states. Also, repealing DOMA may cause immediate issues for employee benefit plans, their employer/sponsors, and the participants of those plans. Most affected will be sponsors located in those states that currently legalize same sex marriage. Employee benefit plans should be reviewed and amended to abide by current law as soon as possible.
Consultants at Benecomplink can help you properly review your benefit plans to make sure they comply with the updated laws. If you have questions, please contact Benecomplink at 855-767-5526 or by email at bcl@benecomplink.com.
No comments:
Post a Comment