Reminder: Ongoing Participant Fee Disclosure Obligations for Retirement Plan...
In 2011 and 2012, we alerted you to new requirements on plan administrators of participant-directed defined contribution retirement plans (e.g., 401(k) plans, 403(b) plans, profit sharing plans and...
View ArticleIRS/Treasury Provides One-Year Delay For Certain Employer Health Coverage...
On July 9, 2013, the U.S. Treasury Department and Internal Revenue Service (“IRS”) issued formal guidance (IRS Notice 2013-45; herein, the “Notice”)1 that provides for a one year delay until 2015 with...
View ArticleUpdate: One-Time Extension for Furnishing Annual Fee Disclosures to Participants
Earlier this month we reminded you that plan administrators of participant-directed ERISA defined contribution retirement plans (e.g., 401(k) plans, 403(b) plans, profit sharing plans and money...
View ArticleImportant IRS Guidance on Same-Sex Marriage
Earlier this summer we sent you an Alert concerning the U.S. Supreme Court’s historic ruling (United States v. Windsor) regarding same-sex marriage. This decision declared, as unconstitutional, Section...
View ArticleFederal Guidance on HRAs, Health FSAs and Other Employer Funding Arrangements...
On September 13, 2013, the Internal Revenue Service, U.S. Department of Labor and U.S. Department of Health and Human Services, collectively, issued guidance (the "Health Funding Guidance") on the...
View ArticleNew Carryover Option for Health Flexible Spending Arrangements
Recent guidance from the IRS modifies the long-standing “use or lose it” rule under a health flexible spending arrangement (“Health FSA”) to permit such arrangements to offer participants the...
View ArticleFinal Employer "Play or Pay" Mandate Guidance: Employer Action Needed
The federal health care reform law enacted in 2010, known as the Affordable Care Act, added a provision to the Internal Revenue Code (“Code”) (Code Section 4980H) that, beginning on January 1, 2015,...
View ArticleNew IRS Guidance Regarding Same-Sex Spouses: Employer Action Needed
On June 26, 2013, the U.S. Supreme Court, in the landmark case, United States v. Windsor, found the provisions of that portion of the “Defense of Marriage Act” (“DOMA”) which provided that only...
View ArticleSupreme Court Rejects “Presumption of Prudence” in ESOP Cases
On June 25, 2014, the Supreme Court issued a decision in Fifth Third Bancorp v. Dudenhoeffer regarding the availability of relief against fiduciaries of an employee stock ownership plan (“ESOP”) for...
View ArticleNew Developments and Impending Deadlines for Employer Group Health Plans
As the federal government agencies continue to push forward with implementation and administration of health care reform (i.e., the Patient Protection and Affordable Care Act), there are two recent...
View ArticleReminder: Amendments needed to reflect $2,500 limit on Health FSA...
As mentioned in a prior Alert, beginning in 2013 employees’ salary reduction contributions to a health flexible spending account (health FSA) may not exceed $2,500 per plan year. This limit is to be...
View ArticleLimited Relief for Certain Employer Health Plan Premium Payments or...
Under so-called “employer payment plans” (“EPPs”), an employer pays or reimburses an employee for substantiated premium costs under individual health plan insurance coverage (i.e., nonemployer...
View ArticleNew Year, New Required Transit Perk for NYC Employees
New York City’s Affordable Transit Act (Local Law 53) (the “Act”) will take effect on January 1, 2016. The Act requires employers in New York City with 20 or more full-time employees to provide pre-tax...
View ArticleSome Welcome Relief and Clarification on Affordable Care Act for Employers
As the federal agencies continue to issue more guidance on the application of various provisions of the Affordable Care Act (the “ACA”) to employer-sponsored health coverage, there are some recent...
View ArticleNew Proposed Regulations for Section 457(f) Nonqualified Deferred...
The Internal Revenue Service recently released long anticipated proposed regulations (the “Proposed Regulations”) governing deferred compensation arrangements maintained by tax-exempt organizations and...
View ArticleIRS Sets Deadline for Retroactive Fixes to 403(b) Retirement Plan Documents
In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively...
View ArticleIRS Relaxes Rules for Plan Loans and Hardship Distributions for Hurricane...
The IRS announced (through the two announcements 2017-11 and 2017-13) relief for victims of Hurricane Harvey, which struck Texas and surrounding areas in August 2017, and victims of Hurricane Irma,...
View ArticleAdditional Hurricane Relief for Retirement Plan Participants Makes Landfall
On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in...
View ArticleImpact on Commuter Benefits Programs
The tax reform bill (H.R. 1) approved by the House and Senate this week, and expected to be signed by the President, eliminates the deduction available to employers for the provision of qualified...
View ArticlePrepare for New Claims Procedures for Disability Benefit Plans
After several rounds of additional review and a three-month delay in the effective date, the final regulations originally issued by the U.S. Department of Labor (the “DOL”) in December 2016, which...
View ArticleLatest Department of Labor Guidance on Economically Targeted Investments and...
In late April, the Department of Labor (“DOL”) released FAB 2018-01 addressing and clarifying previous guidance concerning economically targeted investments (“ETIs”), shareholder engagement and proxy...
View ArticlePlanning for 2020: Expanded HRA Options for Employers under the Final HRA...
The Departments of Labor, Health and Human Services and Treasury (the “Agencies”) recently released final regulations1 that create new opportunities for employers to provide health reimbursement...
View ArticlePlanning for 2020: Changes to Hardship Distribution Rules and Amendment...
On September 23, 2019, the Department of Treasury published the final regulations relating to changes to the hardship distribution rules that apply to qualified retirement plans and 403(b) plans, that...
View ArticleSweeping Changes to Retirement Plan Rules Passed Under the SECURE Act –...
On December 20, 2019, the Further Consolidated Appropriations Act, 2020 (the “FCAA”) was signed by the President after passing both houses of Congress. Within the FCAA, which was primarily a budget and...
View ArticleCARES Act Update – Employee Benefit Plans and Arrangements – Part 2
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), known as the CARES Act, became law on March 27, 2020. This summary is the second part of our discussion of certain of the provisions...
View ArticleCARES Act – Retirement Plan Provisions for Employers and Plan Administrators
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), known as the CARES Act, was enacted today. This legislation contains several important provisions for employers and plan...
View ArticleCOVID-19: IRS Provides Additional Relief for Time-Sensitive Actions Relating...
Over the past few weeks, the Internal Revenue Service (“IRS”) has provided relief to taxpayers impacted by the COVID-19 pandemic, by extending the deadline for payment and filing of individual income...
View ArticleCOVID-19 Update: IRS and DOL Extend COBRA and Other Benefit Plan Deadlines...
On April 28, 2020, the Employee Benefits Security Administration, the Department of Labor, the Internal Revenue Service, and the Department of the Treasury (the “Agencies”) signed a joint notification...
View ArticleCOVID-19 Update: Additional Relief from the DOL for Employers During the...
On April 29, 2020, the Employee Benefit Security Administration (“EBSA”) of the Department of Labor (“DOL”) issued Disaster Relief Notice 2020-01 (“Notice 2020-01”), in response to the COVID-19...
View ArticleCOVID-19 Update: New Section 125 Cafeteria Plan Relief and Guidance
The Internal Revenue Service (“IRS”) recently issued Notice 2020-29 and Notice 2020-33 which allow employers to provide various new types of relief to employees participating in Section 125 cafeteria...
View ArticleCOVID-19 Update: New Retirement Plan Guidance on Electronic Notarization
COVID-19 has made traditional notarization, where the notary is in the same physical location as the signatory, a potentially hazardous and often undesirable requirement. Many states have reacted to...
View ArticleCOVID-19 Update: IRS Issues Guidance on Coronavirus-Related Distributions and...
The IRS recently issued IRS Notice 2020-50 (“Notice 2020-50”) which provides guidance for retirement plan sponsors and administrators, as well as to individuals, relating to the application of...
View ArticleSECURE ACT Update: Changes to Safe Harbor Notice Rules, New Birth or Adoption...
The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules. As described in our prior alert, certain provisions took effect...
View ArticleSECURE ACT Update: Coverage and Plan Participation for Long-Term Part-Time...
Signed into law on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020, The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made...
View ArticleSECURE ACT Update: Lifetime Income Illustrations
The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules. As part of our ongoing efforts to summarize key provisions of...
View ArticleSECURE Act Update: Nondiscrimination Testing Relief Related to Frozen or...
As part of our series of continuing updates on different aspects of The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and related legislation that may impact (or...
View ArticleSECURE Act Update: IRS Issues Guidance with Respect to Safe Harbor Plans
On December 9, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-86 which provides guidance relating to certain changes to the safe harbor rules that apply to 401(k) plans made by the...
View ArticleStimulus Legislation Allows Temporary Changes to Health and Dependent Care...
On December 27, 2020, the latest of several COVID-19 relief packages became law, as part of the Consolidated Appropriations Act, 2021 (the “New Law”). One of the most notable benefits-related...
View ArticleIRS Guidance on Additional Flexible Spending Account and Mid-Year Election...
On February 18, 2021, the IRS issued Notice 2021-15, which provides guidance with regard to a number of provisions of the temporary changes to the rules related to the operation of health and dependent...
View ArticleDOL Issues Additional Guidance Regarding the Duration of Previously Announced...
On February 26, 2021, the DOL issued guidance regarding the impact of that statutory limitation on the previously announced deadline extensions, in EBSA Disaster Relief Notice 2021-01. Disaster Relief...
View ArticleAmerican Rescue Plan Act: COBRA Premium Subsidies and Increased Limits for...
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”) which is another coronavirus stimulus package aimed at speeding up the United States’ recovery from the...
View ArticleIRS Guidance: COVID-19 PPE May be Eligible to be Reimbursed from Health FSAs,...
On March 26, 2021, the Internal Revenue Service (“IRS”) published Announcement 2021-7, which notifies taxpayers that certain amounts paid for personal protective equipment (such as masks, hand...
View ArticleAmerican Rescue Plan Act: New Guidance on COBRA Premium Assistance
The American Rescue Plan Act (“ARPA”) became law in March of this year. One of the many relief provisions included in ARPA is a temporary subsidy of COBRA continuation premiums for certain individuals,...
View ArticleIRS Publishes Detailed Guidance Relating to ARPA COBRA Premium Assistance
On May 18, 2021, the Internal Revenue Service (“IRS”) published Notice 2021-31 (the “IRS Notice”) containing detailed guidance relating to premium assistance for COBRA benefits under the American...
View ArticleReminder: Notices Required For the End of COBRA Premium Assistance
The American Rescue Plan Act of 2021 (“ARPA”) made COBRA premium assistance available to certain assistance eligible individuals during the period from April 1, 2021 to September 30, 2021. ARPA also...
View ArticleSECURE Act Update: Lifetime Income Illustrations Implementing FAQs
The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) made sweeping changes to retirement plan rules. Section 203 of the SECURE Act requires that plan administrators...
View ArticleSCOTUS ERISA Fee Litigation Update: Hughes et al. v. Northwestern University
On January 24, 2022, in a rare, unanimous 8-0 decision (Justice Barrett recused herself from the case), the Supreme Court of the United States (the “Supreme Court”) vacated a Seventh Circuit...
View ArticleThe Reversal of Roe: Impact on Employer-sponsored Benefits post-Dobbs
On June 24, 2022, the Supreme Court of the United States (the “Court”) issued its opinion in Dobbs v. Jackson Women’s Health Organization, overturning the long-standing precedent of Roe v. Wade. In its...
View ArticleIRS Extends Deadline for Plan Amendments Under the SECURE Act, Miners Act,...
The Internal Revenue Service (the “IRS”) recently issued Notice 2022-33 (the “Notice”), providing extensions to certain upcoming plan amendment deadlines under certain provisions of the Setting Every...
View ArticleIRS Extends Deadline for Plan Amendments Under Certain Provisions of the...
On September 26, 2022, the Internal Revenue Service issued Notice 2022-45, extending the deadline to amend eligible retirement plans (including nongovernmental qualified plans and 403(b) plans and...
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