On September 26, 2022, the Internal Revenue Service issued IRS Notice 2022-45, which extends the deadline for amending retirement plans to reflect certain optional and required changes under the Coronavirus Aid, Relief, and...more
According to Frequently Asked Questions (FAQs) recently issued by the Departments of Labor, Treasury and Health and Human Services (collectively, the Departments), group health plans and insurers must cover over-the-counter...more
On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury (the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group health plan coverage of over-the-counter...more
Beginning January 15, 2022, and continuing throughout the duration of the public health emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home COVID-19 tests (OTC Tests), including...more
On May 18, 2021, the Internal Revenue Service issued Notice 2021-31 (the “Notice”) providing much anticipated guidance on implementing the COBRA subsidy provisions under the American Rescue Plan Act (the “Act”). ...more
Under the American Rescue Plan Act of 2021 (ARPA), which was signed into law by President Biden on March 11, 2021, certain individuals who lost group health plan coverage due to an involuntary termination of employment or...more
As discussed in our prior post, under the American Rescue Plan Act of 2021, certain individuals who are eligible for COBRA coverage as a result of an involuntary termination of employment or reduction in hours may be...more
As discussed in our prior blog post, on April 28, 2020, the Employee Benefits Security Administration, U.S. Department of Labor, Internal Revenue Service, and Treasury Department (the “Agencies”) published joint guidance...more
The Internal Revenue Service recently announced that it will treat contributions to single-employer defined benefit pension plans, previously extended to January 1, 2021 by the CARES Act, as timely if made no later than...more
The economic uncertainty of the COVID-19 pandemic has forced many employers to furlough or layoff a significant percentage of their workforce. These workforce reductions may inadvertently cause a “partial termination” of the...more
On August 8, 2020, President Trump issued the Presidential Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster (the “Executive Order”). The Executive Order instructed the Treasury...more
The Internal Revenue Service (IRS) issued helpful guidance to plan sponsors of safe harbor 401(k) plans that are considering reducing or suspending safe harbor employer matching contributions or safe harbor nonelective...more
The Internal Revenue Service (IRS) recently issued Notice 2020-50 which provides helpful guidance for plan sponsors and plan participants who wish to take advantage of the enhanced distribution and loan provisions under the...more
6/29/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
CARES Act ,
Coronavirus/COVID-19 ,
Distribution Rules ,
Employee Benefits ,
IRS ,
Popular ,
Relief Measures ,
Retirement Plan
As employers and employees adjust to the changes caused by this unprecedented global pandemic, preserving access to and protecting elections under group health and welfare plans are hot topics on many minds. To further assist...more
As we discussed in our recent article, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) temporarily increases the permissible loan amount for loans taken by qualified individuals between March 27, 2020 and...more
The Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was signed into law by President Trump on March 27, 2020, authorizes more than $2 trillion of economic relief for individuals, businesses and industries...more
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”, into law. The CARES Act will provide significant financial relief to individuals and small businesses,...more
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”, into law. The CARES Act will provide significant financial relief to individuals and small businesses,...more
In a matter of a few weeks, the COVID-19 pandemic has caused drastic changes to our businesses and personal lives. The effects are already substantial, from those personally affected by illness and shelter-in-place orders to...more
On March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Stafford Act”) in response to the Coronavirus Disease 19, or COVID-19. This...more