On Tuesday, April 21, 2020, the Senate approved $310 billion in additional funding for the Payroll Protection Program (the “PPP”). This increases the PPP’s original funding cap, which ran out last week. The House is expected...more
Note: This alert concerns legislation and related agency guidance issued in the last several days regarding urgent government financial assistance relating to the COVID-19 pandemic.
On March 27, 2020, Congress Enacted the...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act), enacted on March 27, 2020, contains a number of provisions which directly impact tax-qualified retirement plans of non-governmental employers, which we...more
Following nearly a week of intense negotiations, the Senate passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) on March 25, and the House passed the Act and the President signed the...more
The Families First Coronavirus Response Act Notice is now available for employers. Each covered employer subject to the emergency leave provisions under the FFCRA must post the notice in a conspicuous place on the work...more
The “Families First Coronavirus Response Act (“HR 6201”), signed by President Trump on March 18, 2020, includes the following rules that impact employers’ group health plans and employer costs incurred in providing group...more
At the end of December, 2019, the “Setting Every Community Up for Retirement Enhancement Act of 2019” or “SECURE Act” was enacted, making wide-sweeping changes to the employee benefits world. ...more
The IRS Office of Chief Counsel recently issued a Memorandum of Generic Legal Advice that makes clear that the IRS expects each qualified plan and plan amendment to be signed and retained by the employer....more
Just before Thanksgiving, the First Circuit Court of Appeals handed a “win” to Sun Capital’s private equity funds which had been battling against multiemployer pension withdrawal liability since the 2008 bankruptcy of the...more
Similar to last year, the Internal Revenue Service has given employers a holiday gift – an extension of the deadlines for delivery (but not filing) of 2019 Forms 1094 and 1095....more
The IRS has released the 2020 cost-of-living adjustments for limits on employee benefits with some adjustments to the 2020 rates including minor increases to the maximum elective deferrals, the maximum benefits allowed under...more
11/18/2019
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Retirement Plan
With the passing of summer and the children back in school, it is time to get to work and check on benefit compliance items that you may have missed over the summer. Below is a short summary of a number of developments....more
The phrase “actuarial equivalence” does not roll off anyone’s lips. But, it may be the key phrase in the next wave of class action potential liability for defined benefit plans. ...more
In an expansion of the IRS’ qualified retirement plan determination letter program, employers will now be able to seek an IRS favorable determination letter for individually-designed merged plans and, for a limited time,...more
The IRS and the Treasury Department released Notice 2019-18 on March 6, which serves as a retraction of prior administrative guidance under Notice 2015-49 and indicates that the IRS no longer intends to propose regulations...more
To start the New Year, the IRS issued 92 pages of interim guidance (Notice 2019-09) on Code Section 4960, the Tax Cuts and Jobs Act provision that imposes a 21% excise tax on remuneration in excess of $1 million and excess...more
With Thanksgiving on the horizon, now is the time to check on end of year changes for compliance for your 401(k), 403(b) and other defined contribution pension plans. ...more
The IRS has released the following 2019 adjustments for limits on employee benefits. For the first time since 2015, the highly compensated employee (HCE) limit has increased to $125,000. ...more
Group health plan sponsors must provide their Medicare Part D Notices by October 15th. This Notice is often handled by your third-party administrator (TPA) or insurer, but now is a good time to make sure. ...more
The Tax Cuts and Jobs Act of 2017 imposes excise taxes on tax-exempt organizations who pay compensation excess of $1 million or make certain “excess parachute” payments on account of termination of employment. ...more
On August 21, 2018, the IRS released IRS Notice 2018-68 which contains much-anticipated initial guidance on the application of the grandfathering rules under amended Section 162(m) of the Internal Revenue Code. ...more
In a recent Private Letter Ruling (PLR 201833012), the IRS confirmed that an employer could make nonelective contributions to a 401(k) plan intended to “match” the participant’s student loan repayments....more
The U.S. Department of Labor issued final regulations in late June expanding the availability of association health plans to more businesses and to self-employed individuals....more
It’s been a long year waiting for the full Fiduciary Rule to take effect, but will it ever truly achieve its intended impact on employer plans and their advisors?
As we reported, the DOL’s Fiduciary Rule was supposed to...more
A California tech firm recently settled with the Securities and Exchange Commission (SEC), paying $160,000 for violating Rule 701 of the Securities Act (Rule 701) because the firm failed to provide detailed financial...more