The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan and welfare plan limitations effective January 1, 2025. For ease of reference and comparison to prior years, we have placed the...more
11/18/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
ESOP ,
Flexible Spending Accounts ,
Health Savings Accounts ,
Individual Retirement Account (IRA) ,
IRS ,
Qualified Retirement Plans ,
Retirement Plan
There has never been a better time for plan sponsors to prioritize reviewing and self-correcting eligible plan failures. SECURE 2.0, attached to the 2022 year-end Consolidated Appropriations Act, expands retirement savings...more
For some time, Congress has been teasing us with promises of a sequel to the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Currently, there are several versions of proposed legislation in...more
Dear Plan Sponsor -
Have you received a letter from the IRS with respect to your retirement plan? If so (or if not, but you want to be prepared in the event you do receive “the letter”), read on....more
State Law Activity: A report by the Guttmacher Institute, a reproductive rights think tank, found that 26 states are certain or likely to ban abortion in the event Roe v. Wade is overturned. This includes 9 states with a...more
The constitutional right to abortion has been eliminated. The Supreme Court has overturned Roe v. Wade, undoing a federal standard that had legalized abortions since 1973. ...more
6/24/2022
/ Abortion ,
Affordable Care Act ,
Benefit Plan Sponsors ,
COBRA ,
Criminal Code ,
Employee Assistance Programs ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Mental Health ,
Mental Health Parity Rule ,
Preemption ,
Roe v Wade ,
SCOTUS ,
Traveling Employee
Earlier this week, the COVID-19 testing coverage mandate was significantly expanded pursuant to FAQs issued jointly by the Departments of Labor, Health and Human Services and the Treasury (collectively, the Departments). The...more
1/17/2022
/ Benefit Plan Sponsors ,
Biden Administration ,
CARES Act ,
Compliance Dates ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employer Group Health Plans ,
Families First Coronavirus Response Act (FFCRA) ,
Health Insurance ,
Reimbursements ,
U.S. Treasury ,
Virus Testing
Congress extended the availability of refundable tax credits for Eligible Employers who provide paid family leave or sick leave from April 1, 2021 to September 30, 2021 in connection with COVID-related illness. Under ARPA,...more
8/27/2021
/ Benefit Plan Sponsors ,
COBRA ,
Coronavirus/COVID-19 ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Equal Employment Opportunity Commission (EEOC) ,
Executive Compensation ,
Fiduciary Duty ,
Retirement Plan ,
Tax Credits ,
Vaccinations
While the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) continuation coverage subsidy requirements imposed by the American Rescue Plan Act of 2021 are at the forefront of employers’ minds, recent litigation trends...more
The clouds have been forming on the horizon for years now: from the courts we have seen emerging lines of ERISA litigation asserting fiduciary obligations to protect the privacy rights of participants, and from the regulatory...more
The American Rescue Plan Act of 2021 (“ARPA”) provides that, for the period from April 1, 2021 until September 30, 2021, if an individual’s Consolidated Omnibus Budget Reconciliation Act (“COBRA”) qualifying event is an...more
4/13/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employer Group Health Plans ,
Health Insurance ,
Notice Requirements ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
ARPA provides that, for the period from April 1, 2021 until September 30, 2021, if an individual’s Consolidated Omnibus Budget Reconciliation Act (“COBRA”) qualifying event is an involuntary termination of employment or a...more
4/1/2021
/ American Health Care Act (AHCA) ,
COBRA ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Flexible Spending Accounts ,
Health Insurance ,
Mental Health Parity Rule ,
Multiemployer Plan ,
Pensions ,
Premium Subsidies ,
Relief Measures ,
Retirement Plan ,
Safe Harbors
The American Rescue Plan Act of 2021 (“ARPA”) provides that, for the period from April 1, 2021 until September 30, 2021, if an individual’s Consolidated Omnibus Budget Reconciliation Act (“COBRA”) qualifying event is an...more
3/26/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employer Group Health Plans ,
Health Insurance ,
Multiemployer Plan ,
Notice Requirements ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
In the second quarter of 2020, we have seen employers faced with continued challenges as they manage the impact of the COVID-19 pandemic on their businesses and begin the process of returning to normal operations. The flurry...more
7/23/2020
/ Benefit Plan Sponsors ,
CARES Act ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Guidance Update ,
IRS ,
PBGC ,
Regulatory Oversight ,
Regulatory Standards ,
Required Minimum Distributions ,
Retirement Plan ,
Safe Harbors
The COVID-19 pandemic has had a significant financial impact on business and individuals around the globe, with global financial markets seeing significant drawbacks in March 2020 alone. That impact has also been felt by U.S....more
The Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”) provides legislative relief to participants impacted by the Coronavirus pandemic. A summary of key provisions of the CARES Act, based on the current draft,...more
3/27/2020
/ Benefit Plan Sponsors ,
CARES Act ,
Coronavirus/COVID-19 ,
Diagnostic Tests ,
Employee Benefits ,
Employer Group Health Plans ,
Health Insurance ,
Relief Measures ,
Retirement Plan ,
State of Emergency ,
Telehealth
The Families First Coronavirus Response Act (“FFCRA”) enacted March 18 provides a combination of benefits to help employees during the COVID-19 pandemic...more
The Families First Coronavirus Response Act (“FFCRA“) generally requires employers with fewer than 500 employees (“Small Employers”) to provide paid sick leave and additional FMLA benefits to their employees. ...more
The proposed Coronavirus, Aid, Relief and Economic Security Act (“CARES ACT”) would, if enacted, provide legislative relief to participants impacted by the Coronavirus pandemic. This relief is expected to be agreed upon and...more
As the Coronavirus has continued to spread, there has been guidance from various entities on a myriad of topics pertaining to employee benefits. Summaries and links to such guidance can be found below. This information will...more
3/18/2020
/ Coronavirus/COVID-19 ,
Dependent Care ,
Dependent Care Assistance Program (DCAP) ,
Emergency Response ,
Employee Benefits ,
Equal Employment Opportunity Commission (EEOC) ,
Essential Health Benefits ,
Family and Medical Leave Act (FMLA) ,
HDHPs ,
Health Insurance Portability and Accountability Act (HIPAA) ,
IRS
If you are an ERISA fiduciary charged with management or investment of plan assets, and recent market activity has not tripped any alarm bells — or, if the alarm bells have been tripped, but you are are looking for a bit of...more
The IRS recently reversed course on the availability of the determination letter program for merged qualified retirement plans – thereby providing new alternatives for integrating qualified retirement plan benefits in the...more
Last week, we discussed four of the five most common compliance mistakes made by 401(k) plan administrators and fiduciaries, the potential liability associated with such mistakes, and steps you can take to avoid making them...more
This week, we are discussing the five most common compliance mistakes made by 401(k) plan administrators and fiduciaries, the potential liability associated with such mistakes, and steps you can take to avoid making them...more
Welcome to the third installment of this series! This week, we are discussing the five most common compliance mistakes made by 401(k) plan administrators and fiduciaries, the potential liability associated with such mistakes,...more