It is a common practice for employers to offer employees a health care flexible spending account (“Health FSA”) option under a cafeteria plan. However, employers (and their COBRA administrators) may not be aware that Health...more
Under Section 404 of ERISA, plan fiduciaries must act for the exclusive benefit of plan participants and beneficiaries and use plan assets only to provide benefits and defray reasonable expenses of administering the plan. In...more
On August 25, 2023, the IRS issued IRS Notice 2023-62, providing much needed relief for employers who have been struggling to implement Section 603 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”), which requires high income...more
The opportunity to self-correct mistakes in maintaining a retirement plan has been dramatically expanded by the SECURE 2.0 Act of 2022 (“SECURE 2.0”); see our February 10 blog post for details. However, IRS interim guidance...more
For decades, it was common for employers to maintain employer-funded defined benefit pension plans (“DB Plans” or “Plans”) to provide retirement benefits to their employees. In recent years, DB Plans have become increasingly...more
On November 7, 2022, the IRS issued Revenue Procedure 2022-40, which allows certain tax-exempt employers (such as schools, charities, and churches) to apply for IRS determination letters on their individually designed section...more
Last month, the IRS extended the deadline for retirement plan sponsors to adopt amendments necessary to comply with the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan...more
On June 3, 2022, the Internal Revenue Service (“IRS”) announced a new pre-examination compliance pilot program beginning in June 2022. Under the pilot program, the IRS will notify a plan sponsor by letter that its retirement...more
In January of 2021, we published two blog posts regarding Department of Labor (“DOL”) guidance on missing retirement plan participants. The first post describes DOL guidance on best practices for locating missing retirement...more
Health and Welfare Plans -
Employers that made available COVID-19 relief and benefit enhancements in 2020 – such as the increased carry over limit and extended grace period for health flexible spending accounts – need to...more
ERISA Fiduciary Duties and Liability -
Under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan fiduciary must (i) act prudently, for the exclusive purposes of providing benefits to plan...more
This Client Advisory summarizes developments in the law governing employee benefit plans prompted by the COVID-19 pandemic. We explain what these developments mean for plan sponsors and highlight the need to adopt plan...more
8/19/2021
/ 401k ,
403(b) Plans ,
American Rescue Plan Act of 2021 ,
CARES Act ,
COBRA ,
Compensation & Benefits ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Mandates ,
Equal Employment Opportunity Commission (EEOC) ,
Executive Compensation ,
GINA ,
Health and Welfare Plans ,
IRS ,
Medicare ,
New Guidance ,
Paid Leave ,
Pharmacy Benefit Manager (PBM) ,
Reasonable Accommodation ,
Remote Working ,
Retirement Plan ,
Vaccinations
Many employers maintain formal or informal severance policies or practices that they use sporadically. Other employers may implement a severance program for a limited period of time to reduce the number of employees overall...more
6/29/2021
/ ADEA ,
Benefit Plan Reimbursements ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Internal Revenue Code (IRC) ,
Labor-Managment Relations Act ,
Retirement Plan ,
Safe Harbors ,
SCOTUS ,
Severance Agreements ,
Tax Code
On January 18, we published a blog post regarding new Department of Labor (“DOL”) guidance on missing plan participants. That post is available here, and describes the DOL’s guidance on Missing Participants - Best Practices...more
1/22/2021
/ Best Practices ,
Compliance ,
Department of Labor (DOL) ,
Employee Benefits ,
Enforcement Guidance ,
Fiduciary Duty ,
Missing Plan Participants ,
New Guidance ,
PBGC ,
Plan Participants ,
Retirement Plan Beneficiaries
The Department of Labor (“DOL”) has undertaken a nationwide compliance initiative to ensure that retirement plan participants receive the benefits that they were promised when they reach their retirement age. To that end, the...more
This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews...more
12/18/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Executive Compensation ,
Families First Coronavirus Response Act (FFCRA) ,
Filing Deadlines ,
IRS ,
New Rules ,
Paid Leave ,
Retirement Plan ,
SECURE Act
There is a growing trend for employers to provide employee assistance programs (“EAPs”) and wellness programs for the benefit of their employees. Typically, the employer pays for benefits under these programs out of its...more
The IRS recently issued Notice 2020-50, which expands relief provided for retirement plan distributions and loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Distributions -
Under the CARES...more
In response to the 2019 novel coronavirus outbreak (COVID-19), earlier this week the IRS issued two notices allowing certain changes to cafeteria plans. Notice 2020-33 increases the limit on unused amounts remaining at the...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) is the most far reaching new law affecting retirement benefits in more than a decade. This Client Advisory highlights key aspects of the...more
1/9/2020
/ 401k ,
403(b) Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Contributions ,
Form 5500 ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Small Business
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more
12/18/2019
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRS ,
New Rules ,
Pensions ,
Proposed Regulation
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more
12/18/2018
/ 401k ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Breach of Duty ,
Burden-Shifting ,
Claim Procedures ,
Deadlines ,
Disability Benefits ,
Employee Benefits ,
Employer Contributions ,
Employer Liability Issues ,
Executive Compensation ,
Fiduciary Duty ,
Filing Requirements ,
Forfeiture ,
Hardship Distributions ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRA Rollovers ,
IRS ,
PBGC ,
Proposed Regulation ,
Proposed Rules ,
Safe Harbors ,
Student Loans ,
Tax Penalties ,
Wellness Programs