When the SECURE Act was passed in late 2019 and the CARES Act in Spring 2020, retirement plans were expected to adopt appropriate amendments by the end of 2022. While the IRS in Notice 2022-33 and Notice 2022-45 extended the...more
The just-signed American Rescue Plan Act (ARPA) contains several provisions to help multiemployer and single employer plans fund retiree benefits. Two less-noticed provisions greatly increase the child care tax credit and...more
In May 2020, the Department of Labor (DOL) and IRS issued guidance to toll various notices, claims, and election deadlines due to COVID-19, including COBRA elections. Examples in the guidance assumed that the National...more
The SECURE Act was passed in late 2019, in what seems like another era, with the goal of increasing participation in 401(k) plans. One way to reach that goal was a new mandate, starting in 2021, to track long-term, part-time...more
Fueled by concerns regarding investments made for environmental, social and corporate governance, or similar considerations (ESG) in retirement plans, the U.S. Department of Labor (DOL) has proposed amendments to the...more
The Internal Revenue Service (IRS) has issued temporary relief for sponsors of safe harbor retirement plans considering reduction or suspension of safe harbor contributions due to COVID 19. ...more
The IRS has significantly expanded the categories of "qualified individuals" who can receive distributions and loans with favorable tax treatment to include individuals who have suffered a pay cut and those whose spouses and...more
The Internal Revenue Service (IRS) has issued temporary relief with respect to the requirement that certain retirement plan participant elections must be witnessed in the physical presence of a plan representative or notary...more
The U.S. Departments of Labor (DOL), Treasury, and Health and Human Services have issued guidance extending deadlines for COBRA, special enrollment periods, benefit claims/appeals, employer notices and other disclosures. ...more
Employers impacted by COVID-19 have a variety of questions regarding the situation’s effect on employee health and welfare plans - particularly on how to maintain compliance with state and federal regulations....more
This advisory summarizes key provisions in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) applying to employee benefit plans. We provide a summary of key items and more detailed FAQs relating to...more
3/30/2020
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CARES Act ,
Coronavirus/COVID-19 ,
Defined Contribution Plans ,
Employee Benefits ,
Employer Group Health Plans ,
Hardship Distributions ,
Payroll Taxes ,
Relief Measures ,
Retirement Plan ,
Student Loans ,
Tax Credits ,
Telehealth
The recently passed spending bill to keep the federal government operating included a last minute addition: the SECURE Act, almost identical to the bill passed by a nearly unanimous House in May 2019. ...more
ERISA requires Summary Plan Descriptions and other disclosures to be "written in a manner calculated to be understood by the average plan participant." ERISA section 102(a). ...more
A new California law requires employers who sponsor flexible spending accounts (FSAs) to notify employees of any deadline that requires them to withdraw FSA funds before the end of the plan year. Although the law is only...more
In a previous blog, we discussed the potential changes under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of interest to plan participants. ...more
In a rare bipartisan display, the House passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act by a vote of 417-3. The Act now goes to the Senate for reconciliation with similar bills and hopefully...more
A D.C. federal district court struck down DOL rules allowing expanded Association Health Plans (AHPs), effectively putting that new insurance market on hold. ...more
Following closely along the path blazed by the new Association Health Plan (AHP) rules (see our detailed advisories here and here), the Department of Labor (DOL) has issued proposed regulations to allow multiple employers to...more
This advisory examines the most innovative and controversial aspect of the new Association Health Plan (AHP) regulation: Allowing individual “working owners,” such as a self-employed person, partner, or independent...more
The U.S. Department of Labor (DOL) has just released a final regulation allowing more employers to band together to form Association Health Plans (AHPs). The goal of the rule is to allow small employers to use the pricing...more
Our previous Advisory on the Tax Cuts and Jobs Act reported that it made few changes that affected retirement plans. However Congress got another chance in the recent Bipartisan Budget Act of 2018, and included changes to...more
On Friday, December 22, 2017, the 1,100-page tax bill was signed into law. The bill promises to bring about the most impactful tax reform that plan sponsors and their advisors have seen in decades. Join Davis Wright Tremaine...more
As it did last year, the IRS has again extended the date that employer Form 1095-C reports need to be distributed to employees. For 2017 reports, the deadline is now March 2, 2018, but the deadline for filing the reports with...more
The new Tax Cuts and Jobs Act eliminates the ACA’s individual mandate to maintain minimum essential coverage, and the penalty for failure to do so, effective in 2019. While President Trump tweeted that this “effectively...more
After months of Congressional attempts to “repeal and replace” the ACA ended in failure, President Trump has issued an Executive Order and taken other actions that could significantly reshape the health care market. We are...more