The DOL’s (DOL) recent warning that it is launching a new investigative program aimed at plans that offer investments in cryptocurrency and related products, including through brokerage windows, sent shockwaves through the...more
The IRS released proposed regulations today that implement certain SECURE Act changes to the rules governing required minimum distributions (“RMDs”) from qualified retirement plans, 403(b) plans, IRAs, and certain other...more
As we previously discussed, federal regulators released FAQs on January 10, 2022 (“January FAQs”), requiring health plans to cover over-the-counter (OTC) COVID-19 tests for all participants during the pandemic, without...more
The Supreme Court today issued a succinct, unanimous opinion in Hughes v. Northwestern University. The Court affirmed that fiduciaries of retirement plans (including university 403(b) plans like Northwestern’s as well as the...more
Federal regulators recently released FAQs providing that health plans are now required to cover over-the-counter (OTC) COVID-19 tests for all participants through the remaining duration of the pandemic, without requiring an...more
On November 22, 2021, the IRS released a draft version of proposed regulations that have been submitted for publication to the Federal Register (but not yet formally published) which would permanently extend the annual...more
The Build Back Better Act, the “social infrastructure” bill that was approved by the House of Representatives on November 19, 2021, includes new restrictions on so-called “backdoor Roth” conversions. Accordingly, if the...more
On Wednesday, the Internal Revenue Service (“IRS”) and Department of Treasury (“Treasury”) released guidance (Notice 2021-58) clarifying certain deadlines relating to COBRA continuation coverage in connection with the ongoing...more
While all businesses have been grappling with cybersecurity challenges for years, cybersecurity has recently come into focus for retirement plans, health and welfare plans and other ERISA plans due to a new Department of...more
The Departments of Health and Human Services, Treasury, and Labor jointly released a package of guidance relating to the surprise billing reforms included in the Consolidated Appropriations Act, 2021 (“CAA”). The guidance...more
On June 24, 2021, the Internal Revenue Service (“IRS”) released Notice 2021-40, which extended relief from the “physical presence” requirement for witnessing by plan representatives or notaries of spousal consents through...more
The Supreme Court released its opinion today in a highly anticipated third challenge to President Obama’s signature health care law, the Patient Protection and Affordable Care Act (“ACA”).
The 7-2 majority opinion,...more
On April 14, 2021, the Department of Labor (“DOL”) issued several pieces of guidance on cyber security best practices, including: (1) a press release, (2) Online Security Tips for retirement plan participants, (3) a Tips for...more
The Consolidated Appropriations Act, 2021 amended the Mental Health Parity and Addiction Equity Act (“MHPAEA”) to add several provisions designed to facilitate and strengthen compliance with that law. Among other things,...more
As 2020 drew to a close, the Department of Labor (“DOL”) finalized a number of regulations relating to the fiduciary duties that apply to ERISA plan investments, including: (1) a final rule generally restricting fiduciaries...more
On June 29, 2020, the Department of Labor (“DOL”) announced1 its new approach to the standards for financial institutions and investment professionals who provide investment advice on a nondiscretionary basis to 401(k) plans,...more
8/7/2020
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Department of Labor (DOL) ,
Disclosure Requirements ,
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Employee Retirement Income Security Act (ERISA) ,
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Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
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Regulation Best Interest ,
Retirement Plan
On June 29, 2020, the Department of Labor (“DOL”) announced its new approach to the standards for financial institutions and investment professionals who provide investment advice on a nondiscretionary basis to 401(k) plans,...more
On June 19, 2020, the Internal Revenue Service (“IRS”) released guidance (Notice 2020-50) clarifying many aspects of the retirement plan withdrawal and loan relief provisions of the Coronavirus Aid, Relief, and Economic...more
The Department of Treasury and Internal Revenue Service (“IRS”) released Notice 2020-35 on May 28, 2020, which extends to July 15, 2020, a growing list of deadlines otherwise applicable to employee benefit plans within the...more
The IRS has issued eagerly anticipated pre-guidance clarifying certain aspects of the CARES Act’s withdrawal and loan relief provision applicable to retirement plans (the “New FAQs”). This article expands on our prior...more
The $2.2 trillion stimulus bill (the “CARES Act”) signed into law March 27, 2020, contains important provisions that affect tax-qualified retirement plans. We have previously posted a summary of the emergency in-service...more
Emergency Withdrawals. Participants in defined contribution plans (profit sharing, 401(k), and 403(b) plans) could access their retirement savings now if plans are amended to allow coronavirus-related withdrawals....more
The Internal Revenue Service (IRS)’s Office of Chief Counsel recently issued a memorandum (the “CCM”) announcing that the Employer Shared Responsibility Payment (“Employer Penalty”) under Code Section 4980H is effectively not...more
The Supreme Court announced yesterday that it would grant certiorari with respect to two petitions relating to a challenge to the constitutionality of the Affordable Care Act....more
Nonprofit or governmental employers that sponsor 403(b) plans generally have until March 31, 2020, to correct any defects in their 403(b) plan documents by adopting a pre-approved plan document or by amending their...more