The U.S. Department of Labor (DOL) announced two settlements with major insurance companies this month that highlight the importance of employers avoiding the collection of group life insurance premiums from employees until...more
6/28/2024
/ Benefit Plan Sponsors ,
Denial of Insurance Coverage ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Employer Responsibilities ,
ERISA Litigation ,
Fiduciary Duty ,
Insurance Industry ,
Insurance Litigation ,
Life Insurance ,
Open Enrollment ,
Premiums
As signed into law, Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0) required that effective as of January 1, 2024, participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and...more
8/30/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Employee Benefits ,
Employee Contributions ,
IRS ,
Retirement ,
Retirement Funds ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Tax Liability
On August 3, 2022, the IRS published Notice 2022-33, which extends the deadlines for amending retirement plans and IRAs to reflect certain changes to the law made by the SECURE Act; the Bipartisan American Miners Act; and...more
8/10/2022
/ Benefit Plan Sponsors ,
CARES Act ,
Deadlines ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement ,
Retirement Plan ,
Retirement Plan Providers ,
SECURE Act
On Friday, July 16, 2021, the Internal Revenue Service (IRS) published the most recent revision to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2021-30. Revenue Procedure 2021-30 supersedes and...more
On May 18, 2021, the Internal Revenue Service (IRS) released much-anticipated guidance on premium subsidies for continuation coverage under Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) provided by the...more
6/1/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Health Insurance ,
Infectious Diseases ,
IRS ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “ARPA”) into law. Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should...more
4/1/2021
/ American Rescue Plan Act of 2021 ,
COBRA ,
Compensation & Benefits ,
Employee Benefits ,
Health Insurance ,
Multiemployer Plan ,
New Legislation ,
Regulatory Reform ,
Retirement Plan ,
Section 162(m) ,
Tax Credits
In a new information letter, the U.S. Department of Labor (DOL) concludes offering professionally managed asset allocation funds, which include a private equity component as an investment option in an individual account plan...more
On May 4, 2020, the IRS provided guidance on coronavirus-related distributions (“CRDs”) and coronavirus-related loans and loan payment delays (“CR Loan Provisions”) in the form of FAQs....more
On April 1, 2020 the U.S. Department of Labor (DOL) issued a temporary rule promulgating regulations on the Families First Coronavirus Response Act (FFCRA), which created two new emergency paid leave requirements in response...more
4/7/2020
/ Coronavirus/COVID-19 ,
EFMLA ,
EPSLA ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
New Legislation ,
Relief Measures ,
Sick Leave ,
Sick Pay ,
Tax Credits ,
Trump Administration
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which addresses the public economic and health crisis related to the 2019 novel coronavirus (COVID-19)....more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Distribution Rules ,
Employee Benefits ,
Financial Stimulus ,
Pensions ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
Waivers
The Internal Revenue Service (IRS) released eagerly anticipated guidance on Friday, March 27, 2020, aimed at employers wishing to take advantage of the tax credits for providing employees with paid sick leave and paid family...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Financial Stimulus ,
IRS ,
Popular ,
Relief Measures ,
Sick Pay ,
Tax Credits ,
Trump Administration
The U.S. Treasury Department, Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) collectively, the "agencies," issued a press release Friday, March 20 updating employers required to provide paid leave to...more
3/21/2020
/ Child Care ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Families First Coronavirus Response Act (FFCRA) ,
IRS ,
Paid Leave ,
Paid Time Off (PTO) ,
Relief Measures ,
Sick Pay ,
Tax Credits ,
U.S. Treasury
On April 23, 2018, the DOL released Field Assistance Bulletin (FAB) 2018-01 relating to (1) plan investment in “economically targeted investments (“ETIs”), (2) the exercise of shareholder rights and (3) investment policy...more
The stories of an employer and a long-term disability insurer and claims fiduciary for an ERISA plan, defendants in two recent cases, ring so true. In the first case, the insurer was designated as claims fiduciary for an...more
5/19/2017
/ Breach of Duty ,
De Novo Standard of Review ,
Death Benefits ,
Denial of Benefits ,
Disability Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Life Insurance ,
Long Term Disability Insurance ,
Popular
The Internal Revenue Service (IRS) has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely...more
10/26/2015
/ 401k ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Contributions ,
ESOP ,
HDHP ,
Health Savings Accounts ,
IRS ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan
AffOn Tuesday, September 30, federal Judge Ronald White of the Eastern District of Oklahoma ruled in Pruitt v. Burwell that the plain text of the Patient Protection and Affordable Care Act (“PPACA”) does not allow for the...more
Recently, the United States Court of Appeals for the Eighth Circuit released an opinion which highlights the importance of ensuring ERISA plan documents grant plan administrators the discretion to construe and interpret the...more
On March 19, 2014, a three judge panel of the United States Court of Appeals for the Eighth Circuit issued its decision in Tussey v. ABB, Inc., No. 12-2056 (8th Cir. Mar. 19, 2014). The case came to the Eighth Circuit on an...more