|Feb. 1, 2013 | www.fisherphillips.com|
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA) into law. ATRA was passed by Congress to address the combination of tax increases and automatic spending cuts popularly known as the “fiscal cliff.” In addition to the tax and spending-related changes, ATRA also made several important changes affecting certain employee benefits. The changes with respect to in-plan Roth-contribution transfers are discussed in another article in this Benefits Update. Other employer-provided benefits that were affected by ATRA are summarized in this article.