To all those who work in the employee benefits arena, whether in legal, finance, benefits administration, payroll, tax, human resources, or many other disciplines, this is our annual reminder to celebrate the valuable and...more
With a multitude of questions surrounding implementation and administration, late on a summer Friday afternoon, the IRS issued Notice 2023-62 (Notice), providing Plan Sponsors with a transition period until 2026 to implement...more
8/28/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
FICA Taxes ,
FUTA ,
IRS ,
Multiemployer Plan ,
Retirement Plan ,
Roth Conversions ,
Roth IRA ,
SECURE Act
With another National Employee Benefits Day upon us, it is a good reminder for all involved in the world of Employee Benefits to pause (take three deep breaths) and use it as an opportunity to look back at where we’ve been...more
Additional Tools for Employers to Encourage Retirement Savings-
Matching Contributions on Student Debt Payments-
One of the most eagerly anticipated provisions of the “SECURE 2.0” legislation is the ability for...more
1/30/2023
/ 401k ,
Education Expenses ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Private Letter Rulings ,
Retirement Plan ,
SECURE Act
Last year about this time, we wrote of how far we had come collectively in the world of employee benefits roughly one year after the onset of the COVID-19 Pandemic. We reveled at how we kept on keeping on, what we were able...more
4/5/2022
/ 401k ,
CARES Act ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
FSA ,
Labor Shortage ,
Popular ,
Remote Working ,
SECURE Act
As the year draws to a close, it is helpful for employers to pause to evaluate employee benefit plan amendment deadlines and other crucial fourth quarter considerations, including:...more
10/1/2021
/ 401k ,
Billing ,
Cafeteria Plans ,
CARES Act ,
Carryover Basis ,
Employee Benefits ,
Employer Group Health Plans ,
Flexible Spending Accounts ,
Health Insurance ,
MHPAEA ,
Remote Working ,
Retirement Plan ,
SECURE Act ,
W-4
In our most recent summary of IRS Notice 2021-31, we noted the Internal Revenue Service provided much-needed clarity to looming compliance challenges as employers, insurers, and others race to implement the applicable COBRA...more
On April 7, 2021, the U.S. Department of Labor (DOL) issued eagerly anticipated guidance on administering COBRA subsidies under the American Rescue Plan Act of 2021 (ARPA). The guidance includes Frequently Asked Questions...more
You didn’t know it was a thing? Or maybe, like most, you just lost track of what day it is? Or maybe it ranks somewhere behind New Beer’s Eve (the day before the end of prohibition) and National Tartan Day, both of which...more
The American Rescue Plan Act of 2021 (ARPA) is the latest federal COVID-19 relief bill, which the President signed into law March 11, 2021. ARPA includes new COBRA continuation coverage election, notice, and subsidy...more
3/12/2021
/ Affordable Care Act ,
American Rescue Plan Act of 2021 ,
Biden Administration ,
COBRA ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Dependent Care ,
Employee Benefits ,
Employer Group Health Plans ,
Flexible Savings Accounts (FSAs) ,
Full-Time Employees ,
Pensions ,
Popular ,
Relief Measures ,
Tax Credits
Like no other event in history, the COVID-19 pandemic shined a light on the value employee benefits bring to employment. What once may have been viewed as a “fringe” benefit is now central to attracting and retaining...more
In this issue:
Has DOL Put Final Nail In Coffin of ‘Substantial Compliance’ Doctrine for Disability Claims? Analysis of the most recent revisions to the ERISA Claims Procedure regulations, asking whether the amendments...more
On August 31, 2018, President Trump issued an Executive Order (the “Order”) calling on the Department of Labor (“DOL”) and the Internal Revenue Service (“IRS”) to consider issuing regulations and guidance directed at...more
The future of the Illinois Secure Choice Savings Program Act (Secure Choice) is uncertain following Governor Bruce Rauner’s amendatory veto that could make employer participation in the Secure Choice program optional.
The...more
Employers in Illinois with at least 25 employees must comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan. Secure Choice is set to roll out in...more