Plan sponsors of Code Section 403(b) tax-sheltered annuity plans (“403(b) plans”) that have not already done so may want to consider applying for an IRS determination letter or planning and budgeting for the process next year...more
On February 7, 2024, the IRS announced the second phase of its Pre-Examination Retirement Compliance Program... Under this program, sponsors will be notified that their plan is selected for examination and will have 90 days...more
As previously discussed, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design...more
The IRS recently issued Notice 2023-43 providing new interim guidance for self-correction of plan errors. This guidance applies to corrections made prior to the anticipated issuance of revisions to the Employee Plans...more
As part of our continuing series on SECURE 2.0, signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). 403(b) plans are similar to 401(a)...more
The IRS issued new proposed regulations that would permanently change the rules that require spousal consent for plan distributions to be signed in the physical presence of a notary or plan representative. Specifically, the...more
On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). Although...more
Perhaps channeling the old adage of “if it ain’t broke, don’t fix it,” the IRS recently released Notice 2022-27 extending through December 31, 2022 its temporary relief from the requirement that spousal consent for plan...more
The Internal Revenue Service (“IRS”) recently issued proposed regulations affecting certain reporting deadlines under the Patient Protection and Affordable Care Act (“ACA”). Specifically, proposed regulations would make...more
Just when we were about to draft our blog reminding plans of the expiration of the temporary relief. . . The IRS has now issued Notice 2021-40 extending for another year the temporary relief from the requirement that spousal...more
On May 18, 2021, the IRS released Notice 2021-31 (the “Notice”) providing guidance on the temporary 100% COBRA premium subsidy under the American Rescue Plan Act of 2021 (“ARP”), summarized generally here. The Notice...more
One important question that arises when determining whether an individual is eligible for the COBRA premium subsidy under the American Rescue Plan Act of 2021 (“ARP”) is whether the employee has experienced an involuntary...more
The DOL recently provided retirement plans with a new method to comply electronically with certain participant disclosure and notice requirements. See our blog post outlining the new DOL rule. This new method adds to the...more
8/6/2020
/ Department of Labor (DOL) ,
Disclosure Requirements ,
Electronic Disclosure ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Notice Requirements ,
Pensions ,
Plan Administrators ,
Retirement Plan ,
Safe Harbors
A recently released redacted report from the Treasury Inspector General for Tax Administration (TIGTA) offers some helpful insights for employers who may be assessed shared responsibility payments because the IRS thinks they...more
On April 29, 2020, the U.S. Departments of Labor (Employee Benefits Security Administration, “EBSA”) and Treasury (IRS) published a final regulation, and EBSA issued a package of guidance and relief, for employee benefit...more
In this episode of the Proskauer Benefits Brief, partner Paul Hamburger, and associate Katrina McCann discuss the suspension of benefits rules, and the unique and interesting issues that arise when defined benefit plan...more
Editor's Overview -
As the summer draws to a close, this month's Newsletter previews three cases that the U.S. Supreme Court already has agreed to hear that ought to be of particular interest to ERISA plan sponsors and...more
8/28/2015
/ 401k ,
Actual Injuries ,
Affordable Care Act ,
Article III ,
Benefit Plan Sponsors ,
COBRA ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Delta Airlines ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Duty to Disclose ,
Employee Retirement Income Security Act (ERISA) ,
Equitable Relief ,
Fair Credit Reporting Act (FCRA) ,
Fiduciary Duty ,
FIfth Third Bancorp v Dudenhoeffer ,
Final Rules ,
HDHP ,
Health Insurance ,
Health Plan Sponsors ,
HSA ,
IRS ,
Medicaid ,
Medicare ,
Montanile v Board of Trustees ,
Non-Grandfathered Health Plans ,
PBGC ,
Penalties ,
Preemption ,
Reimbursements ,
Reporting Requirements ,
SCOTUS ,
Section 510 ,
Spokeo v Robins ,
Standing ,
Stock Drop Litigation ,
Subrogation ,
Summary of Benefits and Coverage ,
Tax Credits ,
Trade Adjustment Assistance ,
Trade Preferences Extension Act (TPEA) ,
U.S. Treasury
As promised in the FAQ issued on March 30, 2015, the U.S. Departments of the Treasury, Labor and Health and Human Services (the Departments) have issued final regulations regarding the summary of benefits and coverage (SBC)...more
7/13/2015
/ Affordable Care Act ,
Compliance ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance ,
IRS ,
Medicare Advantage ,
Minimum Essential Coverage ,
Minimum Value Plans ,
New Regulations ,
Summary of Benefits and Coverage ,
Third-Party ,
U.S. Treasury