With 2023 drawing to a close, it is a good time for employers to consider any actions needed before year-end with respect to their benefit plans. We made a list, and we encourage plan sponsors to check it twice....more
The end of an era looms for employee benefits plans, as the Biden administration has announced the end of both the Public Health Emergency and the National Emergency periods on May 11, 2023. The two emergency periods were...more
On February 24, 2023, the IRS issued proposed regulations simplifying the use of forfeitures in qualified retirement plans, providing that forfeitures in defined contribution plans must be used by the end of the plan year...more
President Biden signed the Consolidated Appropriations Act, 2023, on December 29, 2022, which includes the package of retirement plan legislation known as “SECURE 2.0.” SECURE 2.0 contains numerous significant changes for...more
Health plans and insurers must generally cover over-the-counter COVID-19 tests under Frequency Asked Questions (FAQs) issued on January 10 by the Departments of Labor, Treasury and Health and Human Services (tri-agencies)....more
1/12/2022
/ Benefit Plan Sponsors ,
Biden Administration ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employer Group Health Plans ,
Health Insurance ,
New Guidance ,
U.S. Treasury ,
Virus Testing ,
Workplace Safety
Since 1996, the US Department of Labor granted more than 1,200 individual exemptions from the ERISA prohibited transaction rules.
One of the distinctive features of ERISA is its prohibition, in ERISA section 406 as a...more
1/5/2022
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Duty ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Prohibited Transactions ,
Reinsurance ,
Related Parties
A district court decision in March has added to the sparse authority regarding the status of participant data under ERISA, particularly whether recordkeepers or other providers can use that data to offer additional products...more
On March 11, 2021, President Biden signed the American Rescue Plan Act (the Act), which includes some notable changes and relief for employers and workers. This legal alert summarizes the key issues relating to the Act’s...more
On March 11, 2021, President Biden signed the American Rescue Plan Act (the Act), which includes some notable changes and relief for employers and employee benefit plans. The Act expands the section 162(m) deduction...more
3/15/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Family and Medical Leave Act (FMLA) ,
Health Insurance ,
Pensions ,
Relief Measures ,
Section 162(m) ,
Tax Credits ,
Tax Deductions
In 2020, the Department of Labor (DOL), in its guidance issued under the Employee Retirement Income Security Act of 1974, as amended (ERISA), remained principally focused on the development of its Fiduciary Rule 3.0 and...more
2/25/2021
/ Administrative Exemption ,
Advisory Opinions ,
Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Fiduciary Rule ,
Prohibited Transactions ,
Proxy Voting ,
Retirement Plan
On June 19, 2020, the Internal Revenue Service provided additional guidance for plan sponsors implementing the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) retirement plan relief. Notice 2020-50 expands the...more
The CARES Act provides for special federal tax treatment for “coronavirus-related distributions” from most types of tax-qualified retirement plans and IRAs. The distribution must be made between January 1, 2020 and December...more
As employers prepare their workforces for issues related to COVID-19, they should also take steps to ensure that their benefit plans are prepared. The impact of the virus will put a financial and logistical strain on many...more
3/12/2020
/ 401k ,
Benefit Plan Sponsors ,
Coronavirus/COVID-19 ,
Disability Benefits ,
Employee Benefits ,
Employer Group Health Plans ,
Flexible Savings Accounts (FSAs) ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HSA ,
PHI ,
Summary of Benefits and Coverage
Over the next year, the Department of Labor (DOL) will likely be issuing guidance in a number of areas that could impact asset managers and financial services companies.
In this Bottom Line videocast, Carol McClarnon and...more
1/27/2020
/ Asset Management ,
Beneficiaries ,
Benefit Plan Sponsors ,
Broker-Dealer ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Employee Benefits ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
Multiple Employer Plan (MEP) ,
Pooled Investment Vehicles ,
Proxy Voting ,
Regulation Best Interest ,
Regulation BI ,
Regulatory Agenda ,
Retirement Plan ,
SECURE Act