The IRS has issued IRS Notice 2020-50 (the Notice) providing guidance implementing the retirement plan provisions of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) that was enacted on March 27, 2020. A...more
6/23/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
CARES Act ,
Coronavirus/COVID-19 ,
Distribution Rules ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Relief Measures ,
Retirement Plan
The Internal Revenue Service has issued proposed regulations describing the rules regarding the 21 percent excise tax on compensation over $1 million and excess parachute payments paid by tax-exempt organizations to certain...more
As a result of the COVID-19 crisis, the IRS has just issued IRS Notice 2020-29 (the notice), which permits (but does not require) employers to provide flexibility to employees to change their elections under cafeteria plans...more
Two recent sets of guidance affecting employers’ operations of employee benefit plans have been issued by the Internal Revenue Service (the IRS) and the Department of Labor (the DOL). ...more
5/13/2020
/ CARES Act ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Distribution Rules ,
Eligibility Determination ,
Employee Benefits ,
Health Insurance ,
Individual Retirement Account (IRA) ,
IRS ,
Popular ,
Retirement Plan
Employers across the country are currently considering what actions to put in place in light of the potential spread of COVID-19 (the coronavirus). Many employers offer their employees high-deductible health plans that can...more
3/16/2020
/ China ,
Clinical Laboratory Testing ,
Coronavirus/COVID-19 ,
Crisis Management ,
Deductibles ,
Emergency Management Plans ,
Emergency Response ,
Employee Benefits ,
Employer Group Health Plans ,
HDHP ,
Health Insurance ,
Health Savings Accounts ,
Infectious Diseases ,
IRS ,
Medical Benefits ,
Medical Examinations ,
New Guidance ,
Public Health ,
TPAs
When it comes to complying with the law, the expiration of a statute of limitations can be a welcome relief for employers trying their best to be legally compliant, but discovering that they were not 100 percent correct with...more
The United States Internal Revenue Service (the “IRS”) has released Revenue Procedure 2019-39, which sets forth a March 31, 2020 deadline by which tax-qualified 403(b) plans must have plan documents that fully comply with the...more
10/4/2019
/ 403(b) Plans ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
EPCRS ,
Filing Deadlines ,
IRS ,
Retirement Plan ,
School Districts ,
Tax Exempt Entities ,
Tax Planning