As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more
1/3/2023
/ Audits ,
Corporate Counsel ,
Defined Benefit Plans ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Internal Revenue Code (IRC) ,
IRS ,
New Rules ,
Overpayment ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Self-Correction Programs
A few short weeks ago we told you in a blog post that, with only four days’ notice, the Departments of Labor, Treasury, and HHS (the Departments) required that, starting January 15, 2022, group health plans cover FDA-approved...more
2/7/2022
/ Compensation & Benefits ,
Coronavirus/COVID-19 ,
Cost-Sharing ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Fraud and Abuse ,
Health Insurance ,
Healthcare ,
Infectious Diseases ,
Medical Reimbursement ,
New Regulations ,
Over The Counter Drugs (OTC) ,
Safe Harbors ,
Virus Testing ,
Workplace Safety
On May 21, 2020, the U.S. Department of Labor (the “DOL”) finalized its proposed regulation expanding electronic delivery for retirement plan disclosures. On balance, the final regulation is generally consistent with the...more
The SECURE Act, included as part of the Further Consolidated Appropriations Act, 2020, was signed into law on December 20, 2019. This new law contains many significant changes that may impact employer-sponsored benefit plans....more
1/7/2020
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Multiple Employer Plan (MEP) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act
On October 23, 2019, the Department of Labor published a new proposed regulation that paves the way for “notice and access” electronic delivery of certain disclosures for retirement plans. The proposal is welcome news for...more
In this edition of our Newsletter, we take a look at a pair of cases that, while unrelated, together remind us of the importance of having clear plan rules in place that reflect the plan sponsor’s intention. The first article...more
10/11/2019
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Breach of Duty ,
Class Action ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Duty ,
Foreign Nationals ,
Hardship Distributions ,
Health Insurance ,
IRS ,
Mental Health Parity Rule ,
Multiemployer Pension Plan Amendments Act (MPPAA) ,
Pensions ,
Retirement Plan ,
Safe Harbors ,
Standing ,
Statute of Limitations ,
Withdrawal Liability
The IRS recently released final regulations making a number of changes to the rules applicable to hardship distributions from 401(k) and 403(b) plans. Concluding our three-part series on the final regulations, this blog entry...more
10/4/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
Employer Contributions ,
FEMA ,
Final Rules ,
Hardship Distributions ,
Natural Disasters ,
Safe Harbors ,
Tax Cuts and Jobs Act
As discussed in our prior blog entry, the IRS recently released final regulations making a number of significant changes to the rules applicable to hardship distributions from 401(k) and 403(b) plans. As part of our...more
Last week, the Department of Treasury and the IRS issued final regulations regarding hardship distributions from 401(k) and 403(b) plans. The final regulations respond to comments based on earlier proposed regulations and...more
New regulations issued by the Departments of Labor, Treasury, and Health and Human Services have expanded the use of health reimbursement accounts (“HRAs”) by allowing reimbursements for individual market insurance premiums....more
7/16/2019
/ Affordable Care Act ,
Benefit Plan Sponsors ,
COBRA ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Final Rules ,
HRA ,
Safe Harbors ,
U.S. Treasury
Last week, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancements (SECURE) Act of 2019. To become law, the bill still needs to be passed by the Senate and signed by the President....more
5/30/2019
/ 401k ,
Benefit Plan Sponsors ,
Defined Benefit Plans ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Employer Contributions ,
Part-Time Employees ,
Pending Legislation ,
Safe Harbors ,
Wage and Hour
Last Friday, the IRS issued eagerly-awaited proposed regulations regarding hardship distributions under section 401(k) and 403(b) plans (the “Proposed Regulations”). The Proposed Regulations primarily address hardship...more
11/13/2018
/ 403(b) Plans ,
Applicability Date ,
Bipartisan Budget Act ,
Employee Benefits ,
Hardship Distributions ,
IRS ,
New Rules ,
Proposed Regulation ,
Retirement Plan ,
Safe Harbors ,
Section 409A ,
Tax Cuts and Jobs Act ,
U.S. Treasury