This week the DOL and IRS issued a joint rule which provides relief from certain deadlines for group health plans, other welfare benefit plans, and retirement plans. The guidance applies to all plans covered by ERISA or the Code, and HHS has announced it will extend similar relief to non-federal governmental health plans. This post examines the ...
Earlier this month, the IRS announced that it had extended deadlines for filing federal income tax returns and making tax payments due to the COVID-19 pandemic, which had a small effect on benefit plans. The IRS has since amplified this relief through Notice 2020-23 and provided additional relief that is more significant for benefit plans.
This past week, the Pension Benefit Guaranty Corporation (“PBGC”) announced it had extended deadlines for upcoming premium payments and other filings due to the COVID-19 pandemic. The PBGC’s announcement came after the IRS extended its deadlines to July 15, 2020. Under the PBGC’s disaster relief policy, when the IRS announces ...
Most small businesses are aware of the loans backed by the Small Business Administration (“SBA”) to help maintain cash flow and retain workers, specifically the Paycheck Protection Program (“PPP”). While most of the media, and our prior blog post, focused on how to apply for these loans and the fact the loan is forgivable if used for ...
Under the FMLA, an employer is required to continue an employee’s group health plan coverage at active employee rates during the length of the FMLA leave. Therefore, it came as no surprise that the DOL temporary regulations that were released yesterday on the Emergency Paid Sick Leave Act (“EPSLA”) and the Emergency Family Medical Leave ...
The IRS has extended the deadlines for plan sponsors to adopt certain retirement plans as a result of the Coronavirus emergency.
403(b) Plans
In 2013, The IRS initiated a 403(b) program that allows eligible employers to amend or restate their plans retroactively. Plan sponsors could correct defects in their written plan document going back as far ...
Employers want to attract and retain the best talent available. Employers today are cognizant that employees entering the workforce are burdened by mounting student loan debt, and many employers have explored the benefit options available to provide student loan debt relief for their employees. This issue has been percolating for some time
Almost all employers that sponsor a Dependent Care Flexible Spending Account Plan (DC FSA) provide for a run-out period in the plan. A run-out period is the period of time in the following plan year that DC FSA participants can submit reimbursements for expenses incurred in the prior year. Most DC FSA plans run on a calendar year and a very common ...
Earlier today, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by the House. Having already passed the Senate, the CARES Act will now go the President, who has stated he will sign it as soon as possible. The Act is far reaching for nearly every aspect of American life and business. This post focuses on the portion of ...
Earlier today, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted into law when it was signed by the President. The Act is far reaching for nearly every aspect of American life and business. This post focuses on Sections 2202 and 2203 of the Act which provide relief for participants and plan sponsors of defined ...