Late last week the U.S. Department of Labor (“DOL”) announced a final rule that brings retirement plan disclosures into the 21st Century by allowing widespread electronic delivery to workers (“Final E-Disclosure Rule”). ...more
If you are a small business that received a Paycheck Protection Program loan (a “PPP loan”), you should begin preparations to maximize your PPP loan forgiveness....more
The IRS has issued Notices 2020-29 and 2020-33 (“Notices”) to give employers with Section 125 cafeteria plans, including health and dependent care spending accounts (FSAs), new flexibility to allow mid-year changes and...more
The Department of Labor (DOL) and Internal Revenue Service (IRS) issued guidance at the end of April intended to extend deadlines and recognize the difficulties of employee benefit plan compliance during the public health...more
On Tuesday, April 21, 2020, the Senate approved $310 billion in additional funding for the Payroll Protection Program (the “PPP”). This increases the PPP’s original funding cap, which ran out last week. The House is expected...more
Note: This alert concerns legislation and related agency guidance issued in the last several days regarding urgent government financial assistance relating to the COVID-19 pandemic.
On March 27, 2020, Congress Enacted the...more
Opportunities Under the CARES Act for Employers, Including Those in the Hospitality Industry
Retention Payroll Tax Credits, Delayed Payroll Taxes
Special Loan Eligibility Rules for Employers in Accommodations and Food &...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Delays ,
Direct Lending ,
Economic Injury Disaster Loans ,
ESOP ,
Hospitality Industry ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
Subsidies ,
Tax Credits ,
U.S. Treasury ,
Webinars
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act), enacted on March 27, 2020, contains a number of provisions which directly impact tax-qualified retirement plans of non-governmental employers, which we...more
Yesterday, the Department of Labor issued Questions and Answers providing additional guidance on the Emergency Family and Medical Leave Expansion Act and the Emergency Paid Sick Leave Act (collectively “Emergency Leave”),...more
In response to the COVID-19 national emergency, employers of all sizes are in the process of implementing voluntary and involuntary leaves of absence/furloughs, layoffs and/or reduction in hours programs....more
Nelson Mullins will host a webinar on topics related to the COVID-19 outbreak on March 26. Topics to be presented:
- Business Continuity, Force Majeure, and Potential Defenses to COVID-19 Related Contractual...more
3/23/2020
/ Borrowers ,
Business Continuity Plans ,
Contract Disputes ,
Contract Terms ,
Coronavirus/COVID-19 ,
Creditors ,
Crisis Management ,
Employer Liability Issues ,
Families First Coronavirus Response Act (FFCRA) ,
Force Majeure Clause ,
Infectious Diseases ,
Lenders ,
Performance Standards ,
Webinars
The “Families First Coronavirus Response Act (“HR 6201”), signed by President Trump on March 18, 2020, includes the following rules that impact employers’ group health plans and employer costs incurred in providing group...more
Please join Nelson Mullins attorneys Mitch Boyarsky, Ann Murray, Robert Sheridan, and Roy Wyman for a webinar covering the implications that coronavirus has on employment, employee benefits, and data privacy in the workplace....more
3/13/2020
/ Coronavirus/COVID-19 ,
Data Privacy ,
Employer Group Health Plans ,
Employment Policies ,
Health and Safety ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Human Resources Professionals ,
Infectious Diseases ,
Reasonable Accommodation ,
Remote Working ,
Retirement Plan ,
Sick Leave ,
Wage and Hour ,
Webinars ,
Workplace Safety
At the end of December, 2019, the “Setting Every Community Up for Retirement Enhancement Act of 2019” or “SECURE Act” was enacted, making wide-sweeping changes to the employee benefits world. ...more
The IRS Office of Chief Counsel recently issued a Memorandum of Generic Legal Advice that makes clear that the IRS expects each qualified plan and plan amendment to be signed and retained by the employer....more
Just before Thanksgiving, the First Circuit Court of Appeals handed a “win” to Sun Capital’s private equity funds which had been battling against multiemployer pension withdrawal liability since the 2008 bankruptcy of the...more
Similar to last year, the Internal Revenue Service has given employers a holiday gift – an extension of the deadlines for delivery (but not filing) of 2019 Forms 1094 and 1095....more
The IRS has released the 2020 cost-of-living adjustments for limits on employee benefits with some adjustments to the 2020 rates including minor increases to the maximum elective deferrals, the maximum benefits allowed under...more
11/18/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Contribution Plans ,
Employee Benefits ,
ESOP ,
Health Savings Accounts ,
IRS ,
Retirement Plan
With the passing of summer and the children back in school, it is time to get to work and check on benefit compliance items that you may have missed over the summer. Below is a short summary of a number of developments....more
The phrase “actuarial equivalence” does not roll off anyone’s lips. But, it may be the key phrase in the next wave of class action potential liability for defined benefit plans. ...more
In an expansion of the IRS’ qualified retirement plan determination letter program, employers will now be able to seek an IRS favorable determination letter for individually-designed merged plans and, for a limited time,...more
The IRS and the Treasury Department released Notice 2019-18 on March 6, which serves as a retraction of prior administrative guidance under Notice 2015-49 and indicates that the IRS no longer intends to propose regulations...more
To start the New Year, the IRS issued 92 pages of interim guidance (Notice 2019-09) on Code Section 4960, the Tax Cuts and Jobs Act provision that imposes a 21% excise tax on remuneration in excess of $1 million and excess...more
With Thanksgiving on the horizon, now is the time to check on end of year changes for compliance for your 401(k), 403(b) and other defined contribution pension plans. ...more
The IRS has released the following 2019 adjustments for limits on employee benefits. For the first time since 2015, the highly compensated employee (HCE) limit has increased to $125,000. ...more