Under Internal Revenue Code (Code) Section 36B, individuals are eligible for an exchange subsidy (or premium tax credit) if their employer has not offered them affordable coverage that provides minimum value. The IRS recently...more
Under Internal Revenue Code (Code) Section 36B, individuals are eligible for an exchange subsidy (or premium tax credit) if their employer has not offered them affordable coverage that provides minimum value. The IRS recently...more
On January 10, 2022, the Departments of Health and Human Services, Labor and Treasury issued guidance addressing a group health plan’s obligation to cover the cost of over-the-counter, at-home COVID-19 tests starting January...more
On July 19, 2021, the Fifth Circuit Court of Appeals issued an opinion in Ortiz v. American Airlines, upholding the dismissal of a class action lawsuit filed against American Airlines, the American Airlines Pension Asset...more
Multiemployer pension plans are collectively bargained defined-benefit employee benefit plans that are funded by several unrelated employers for the benefit of unionized employees. In recent years, the crisis of significantly...more
7/15/2021
/ American Rescue Plan Act of 2021 ,
Eligibility ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Interim Final Rules (IFR) ,
Legislative Agendas ,
Multiemployer Plan ,
Multiple Employer Plan (MEP) ,
PBGC ,
Pension Reform ,
Pensions ,
Proposed Regulation ,
Retirement Plan ,
Withdrawal Liability
As described in our recent blog posts, the Department of Labor (“DOL”) recently issued guidance in the form of FAQs to address questions concerning the practical application of PTE 2020-02, Improving Investment Advice for...more
6/1/2021
/ Department of Labor (DOL) ,
Fiduciary Duty ,
Financial Institutions ,
Health and Welfare Plans ,
Insurance Industry ,
Investment ,
Investment Adviser ,
New Guidance ,
Prohibited Transactions ,
PTEs ,
Regulatory Agenda ,
Retirement Plan
As described in our recent blog post, the Department of Labor (“DOL”) recently issued guidance in the form of FAQs to address questions concerning the practical application of PTE 2020-02, Improving Investment Advice for...more
On December 18, 2020, the Department of Labor (“DOL”) adopted PTE 2020-02 Improving Investment Advice for Workers & Retirees (“PTE 2020-02”), a new prohibited transaction exemption related to fiduciary investment advice...more
5/20/2021
/ Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary ,
Fiduciary Duty ,
Financial Institutions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Investment ,
Investment Adviser ,
Investors ,
Prohibited Transactions ,
PTEs ,
Retirement Plan
As described in a recent blog post, the Consolidated Appropriations Act, 2021 amended the Mental Health Parity and Addiction Equity Act (MHPAEA) to require group health plans and health insurance issuers (collectively, “group...more
4/13/2021
/ Consolidated Appropriations Act (CAA) ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance ,
Mental Health ,
Mental Health Parity Rule ,
MHPAEA ,
NQTLs ,
Reimbursements ,
Substance Abuse ,
U.S. Treasury
As noted in our prior blog posts here and here, Section 214 of the Consolidated Appropriations Act of 2021 (“Act”) permits employers to amend their flexible spending account (FSA) plans to help participants avoid forfeiting...more
On March 10, 2021, the Department of Labor’s Employee Benefits Security Administration (EBSA), the agency charged with interpreting and enforcing ERISA, announced that it will not enforce the Trump-era “Financial Factors in...more
The Consolidated Appropriations Act, 2021, enacted on December 27, 2020 (the CAA), includes limited relief pertaining to the partial termination of a qualified retirement plan that may have been inadvertently triggered by...more
1/27/2021
/ Benefit Plan Sponsors ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Former Employee ,
IRS ,
New Legislation ,
Plan Participants ,
Retirement Plan ,
Termination of Benefits
On October 29, 2020, the Department of Health and Human Services (HHS), Department of the Treasury (Treasury) and Department of Labor (DOL) issued the final rule on transparency in health plan coverage. The final rule imposes...more
An Illinois district court issued a split decision in a case involving the cybertheft of retirement plan assets, allowing the plan administrator and plan sponsor to be dismissed, but requiring the recordkeeper to defend...more
The Department of Labor (DOL) recently issued guidance in the form of an Information Letter describing the process that plan fiduciaries should undertake in determining whether an investment fund having a private equity...more
10/14/2020
/ 401k ,
Corporate Counsel ,
Department of Labor (DOL) ,
Diversification Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Information Letters ,
Investment ,
Liquidity ,
Oversight Duties ,
Private Equity ,
Retirement Plan ,
Valuation
In recent years, it has become the norm for the IRS to respond to a federally declared disaster by issuing guidance enabling employers to establish “Leave Donation Programs,” which allow employees to “convert” accrued...more
As the COVID-19 pandemic continues, our clients are dealing with rapidly evolving compliance issues with respect to health and welfare benefit plans and the implementation of existing and new regulatory requirements. Below is...more
As most of the nation continues under lockdown due to the COVID-19 pandemic, we have received inquiries about ways employers can provide additional benefits to employees during this unprecedented time.
On March 13, 2020, the...more
Since the end of the IRS’s cyclical determination letter program for individually designed retirement plans in 2017, plan sponsors have been able to request favorable determination letters for individually designed plans only...more
5/20/2019
/ 401k ,
Benefit Plan Sponsors ,
Determination Letter ,
Employee Benefits ,
Filing Deadlines ,
Filing Requirements ,
Hybrid Plan ,
IRS ,
Mergers ,
Public Comment ,
Qualified Retirement Plans ,
Retirement Plan ,
Revenue Procedures ,
Sanctions ,
Voluntary Correction Program