The US Department of Labor (DOL) provided three long-awaited pieces of sub-regulatory guidance on January 12 on the issues of missing participants and uncashed checks. This is an area that has been the subject of a focused...more
Notice 2020-86 (Notice) from the Internal Revenue Service (IRS) provides guidance to help interpret and apply certain Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) provisions that impact...more
The US Department of Labor issued an Interim Final Rule on August 18 to implement “lifetime income illustrations,” which must be provided to defined contribution plan participants pursuant to the Setting Every Community Up...more
The IRS issued proposed regulations and new frequently asked questions regarding the extension of the normal 60-day rollover period to roll over a qualified plan loan offset (QPLO), which was provided for under the Tax Cuts...more
IRS Notice 2020-52 provides welcome relief to plan sponsors considering suspending safe harbor matching contributions or safe harbor nonelective contributions (or who already suspended safe harbor contributions during 2020)...more
The Internal Revenue Service recently published additional guidance on the coronavirus-related distributions and loans provisions of Section 2202 of the CARES Act. Notice 2020-50 is intended to assist employers and plan...more
The US Department of Labor (DOL) announced publication of a final rule expanding the electronic disclosure options available for retirement plan communications on May 21. ...more
In what is likely the first of several CARES Act–related pieces of retirement plan guidance, the Internal Revenue Service recently posted a set of Q&As addressing certain issues and questions related to distributions and...more
In response to the coronavirus (COVID-19) pandemic, the US Department of Labor’s Employee Benefits Security Administration (DOL) issued EBSA Disaster Relief Notice 2020-01 (EBSA Notice 2020-01) on April 28, providing deadline...more
5/6/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Deadlines ,
Department of Labor (DOL) ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Regulatory Requirements ,
Relief Measures ,
Retirement Plan
Due to widespread court closures as a result of the coronavirus (COVID-19) pandemic, it may be difficult for participants or their attorneys to obtain a certified copy of a domestic relations order that many retirement plans...more
The $100,000 limit on coronavirus-related distributions (CVRD) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is both an individual limit and a plan limit....more
With broad bipartisan support, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or Act), signed into law by the president on March 27, provides a $2 trillion economic stimulus and contains numerous and...more
4/7/2020
/ CARES Act ,
Compensation & Benefits ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Payroll Taxes ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
Tax Relief
A constantly evolving framework of laws governing how multinational businesses can contact customers to how nonprofits report business income to how overtime is calculated and paid will influence how companies do business...more
2/3/2020
/ #MeToo ,
Artificial Intelligence ,
California Consumer Privacy Act (CCPA) ,
Commercial Real Estate Market ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Energy Policy ,
Fair Labor Standards Act (FLSA) ,
FERC ,
Insurance Regulations ,
Intellectual Property Protection ,
IRS ,
Japan ,
Long Term Care Insurance ,
NAIC ,
New Legislation ,
Opt-Outs ,
Personal Data ,
Personally Identifiable Information ,
Privacy Laws ,
Rate of Pay ,
Retirement Plan ,
Russia ,
SECURE Act ,
Sexual Harassment ,
State Labor Laws ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Reform ,
White-Collar Exemptions
The SECURE Act—the most impactful retirement plan legislation since the Pension Protection Act of 2006—was included in the bipartisan spending bill signed by US President Donald Trump on December 20, 2019. The SECURE Act will...more
For years, there has been a persistent trend toward outsourcing retirement plan recordkeeping and other administrative responsibilities. Although historically more prevalent for defined contribution plans, this outsourcing...more
Closed defined benefit plans—i.e., defined benefit plans that are frozen to new participants but that allow existing “grandfathered” participants to continue to accrue benefits—are nearly certain to face challenges in passing...more
The US Department of Labor recently issued a proposed rule to supplement the Department’s existing electronic disclosure regulations and ease the burden of compliance with many of ERISA’s retirement plan disclosure...more
The US Internal Revenue Service has released proposed regulations requiring retirement plans to eliminate the six-month suspension for hardship withdrawals made on and after January 1, 2020, with the option to eliminate it...more