Certain elections made by participants and spouses under retirement plans must be signed “in the physical presence of a plan representative or a notary public.” The IRS provided relief from this physical presence requirement...more
7/13/2021
/ Coronavirus/COVID-19 ,
Employee Benefits ,
IRS ,
Notarization ,
Physical Presence Test ,
Plan Participants ,
Relief Measures ,
Remote Notarization ,
Retirement Plan ,
Signatures ,
Time Extensions
The EEOC issued guidance on May 28 about what employers may or may not do about a wide range of COVID issues, including vaccine mandates and incentives. For example...more
The CMS, DOL and Treasury Departments recently and jointly issued FAQs about how group health plans are required to cover COVID-19 Diagnostic Testing without cost-sharing. The guidance makes clear that private group health...more
3/3/2021
/ Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Cost-Sharing ,
Department of Labor (DOL) ,
Diagnostic Tests ,
Employer Group Health Plans ,
Employer Responsibilities ,
Joint Statements ,
U.S. Treasury ,
Vaccinations ,
Virus Testing
The DOL issued Disaster Relief Notice 2021-01 this past Friday about different deadlines that were extended last year due to COVID from March 1, 2020 through February 28, 2021. The deadlines were extended for COBRA election...more
3/3/2021
/ Benefit Plan Sponsors ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Filing Deadlines ,
IRS ,
Public Health Emergency ,
Relief Measures ,
Time Extensions
Violating COBRA can be expensive with penalties of up to $110 per day per violation. COBRA compliance has become more challenging with COBRA deadlines being extended during the COVID-19 pandemic....more
On June 29, the IRS issued Notice 2020-52. It permits plan sponsors to adopt a mid-year amendment between March 13, 2020 and August 31, 2020 to freeze their safe harbor contributions under their 401(k) and 403(b) plans. The...more
On June 19, the Treasury, Labor and HHS Departments jointly proposed an updated Self-Compliance Tool for confirming compliance under the Mental Health Parity and Addiction Equity Act (MHPAEA). The Departments expect to issue...more
On June 19, the IRS issued Notice 2020-50. It expounds on the rules for in-service withdrawals and participant loans for defined contribution (DC) plans for participants adversely affected by the COVID-19 pandemic. The...more
On June 23, the DOL, IRS and HHS issued joint FAQs about the implementation of health coverage rules related to COVID-19 under the CARES Act and the FFCRA. Topics covered by the FAQs include coverages, procedures and services...more
Cybersecurity continues to be an important fiduciary responsibility as the threat for security breaches grows with fraud, hacking or phishing schemes. During this COVID-19 pandemic, cybersecurity for your ERISA retirement...more
As a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was enacted on March 27, 2020 there have been changes to participant loans.
Participant Loan Changes -
For a qualified individual (as...more
The Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted on Friday, March 27, 2020, there have been changes to retirement plans.
In-Service Distributions -
The Act waives the 10% excise tax that...more
As a result of the CARES Act enacted on March 27, 2020, the required minimum distribution rules that previously began at age 70½ and now begin at age 72 are waived for the 2020 calendar year for defined contribution plans...more