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2025 IRS & SSA Benefits Alert | JD Supra
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2025 IRS & SSA Benefits Alert
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2025.
Benefits Alert - November 2023 | JD Supra
IRS and SSA Announce 2024 Indexed Numbers The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2024.
Secure Act of 2022: Significant Changes Linked to Retirement Plans | JD Supra
New legislation commonly called “SECURE 2.0” was signed into law this past December. The new legislation includes almost 100 different changes that are linked to retirement plans. Following is a brief summary of some of the changes that may affect your company’s retirement plans with those changes presented in the order that they generally become effective. Effective Immediately Childbirth/Adoption Expenses.
New Legislation Commonly Called “SECURE 2.0” was Recently Passed by Congress | JD Supra
New legislation commonly called “SECURE 2.0” was passed by Congress last week and signed into law on Tuesday by President Biden. The new legislation includes almost 100 different changes that are linked to retirement plans. Following is a brief summary of some of the changes that may affect your company’s retirement plans. Effective Immediately Child Birth/Adoption Expenses.
IRS and SSA Announce 2023 Indexed Numbers | JD Supra
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2023. See the IRS website for more details regarding cost-of-living increases.
IRS and SSA Announce 2021 Indexed Numbers | JD Supra
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2022.
IRS Extends Relief for Participant Signatures | JD Supra
Certain elections made by participants and spouses under retirement plans must be signed “in the physical presence of a plan representative or a notary public.” The IRS provided relief from this physical presence requirement through June 30, 2021 when it issued Notice 2021-3. The relief allows for live audio-video technology to satisfy this physical presence requirement. The IRS just extended this relief through June 30, 2022 per Notice 2021-40.
EEOC Issues Guidance To Employers About COVID Issues, Including Vaccine Mandates and Incentives | JD Supra
The EEOC issued guidance on May 28 about what employers may or may not do about a wide range of COVID issues, including vaccine mandates and incentives. For example: May employers require employees to be vaccinated? Yes, but subject to reasonable accommodations for disabilities and other EEO considerations. May employers offer an incentive to employees who voluntarily provide proof of vaccination?
Cybersecurity Guidance For Fiduciaries | JD Supra
As of 2018, the DOL estimates that there are 34 million defined benefit (DB) plan participants in private pension plans and 106 million defined contribution (DC) plan participants with combined assets of $9.3 trillion. Without sufficient protection, these participants and assets may be at risk from internal and external cybersecurity threats. The DOL notes that ERISA requires plan fiduciaries to take appropriate precautions to mitigate these risks. The DOL guidance was issued in three forms.
New Participant Disclosure For DC Plans | JD Supra
Effective sometime later this year, but no later than September 18, benefit statements issued to participants for defined contribution plans (i.e., 401(k) plans) will be required at least once per year to include a disclosure about how the participant’s account might convert to a stream of lifetime income. The DOL issued an Interim Final Rule on this topic on August 18, 2020 and is expected to issue further guidance later this year.
New IRS Guidance About Flexible Spending Accounts (FSAs) | JD Supra
The IRS recently issued more guidance about the flexibility that employers may provide to employees during 2021 and 2022 for health FSAs and dependent care FSAs. IRS Notice 2021-15 offers more details about how FSAs can be improved in the following ways: Unused amounts may be carried over from prior years ending in 2020 and 2021 Employers may allow employees to opt out of the carryover of unused amounts if this benefit would hurt their HSA eligibility Carried over amounts won’t limit the...
FAQs Issued About COVID Diagnostic Testing and Vaccinations | JD Supra
The CMS, DOL and Treasury Departments recently and jointly issued FAQs about how group health plans are required to cover COVID-19 Diagnostic Testing without cost-sharing. The guidance makes clear that private group health plans generally cannot use medical screening to deny this testing to individuals who may be asymptomatic. For example, individuals wishing to confirm that they are COVID-19 negative prior to visiting a family member generally would be eligible for testing without cost sharing.
Last Minute Guidance About COBRA and Other Deadlines | JD Supra
The DOL issued Disaster Relief Notice 2021-01 this past Friday about different deadlines that were extended last year due to COVID from March 1, 2020 through February 28, 2021. The deadlines were extended for COBRA election notices, COBRA elections, COBRA premium payments, special mid-year health care enrollments, and some claims and appeals deadlines.
New Rule For Tracking Part-Time Hours for 401(k) Plans | JD Supra
Beginning this year, employers that sponsor 401(k) plans must satisfy a new requirement. 401(k) plans must allow certain part-time employees to make voluntary 401(k) contributions. These part-time employees must be at least 21 years of age and work at least 500 hours for three consecutive years, starting with the plan year beginning during 2021. Thus employees won’t be eligible to participate in a plan because of this rule any sooner than plan years beginning on or after January 1, 2024.
Additional Flexibility for Required Minimum Distributions (RMDs) Taken During 2020 | JD Supra
The CARES Act suspended the required minimum distribution (RMD) rules for DC plans and IRAs for 2020 for those past age 70½ (or those past age 72 under new rules). If you have already taken a RMD for 2020 from a DC plan and wish to reverse it, you have until at least August 31, 2020 to do so by rolling over the distribution. If you have already taken a RMD for 2020 from an IRA and wish to reverse it, you have until at least August 31, 2020 to return the distribution to the IRA.
COBRA Challenges During COVID-19 Pandemic | JD Supra
Violating COBRA can be expensive with penalties of up to $110 per day per violation. COBRA compliance has become more challenging with COBRA deadlines being extended during the COVID-19 pandemic. For example, if someone received a COBRA election notice on or after March 1 of this year, the 60-day period for electing COBRA doesn’t begin until 60 days after the COVID-19 National Emergency Period ends.
IRS Notice Provides Temporary Relief for Freezing Safe Harbor 401(k) Plans | JD Supra
On June 29, the IRS issued Notice 2020-52. It permits plan sponsors to adopt a mid-year amendment between March 13, 2020 and August 31, 2020 to freeze their safe harbor contributions under their 401(k) and 403(b) plans. The Notice also waives the 30-day advance notice requirement for a suspension of safe harbor nonelective contributions if notice is provided by August 31, 2020.
Mental Health Benefits During COVID-19 Pandemic | JD Supra
On June 19, the Treasury, Labor and HHS Departments jointly proposed an updated Self-Compliance Tool for confirming compliance under the Mental Health Parity and Addiction Equity Act (MHPAEA). The Departments expect to issue a final version of the letter after receiving comments from the public by July 24, 2020. During the COVID-19 pandemic, mental health benefits have become more important as employees face greater stress.
DOL Proposes New Rule for Investment Advisors Providing ERISA Fiduciary Advice | JD Supra
On June 29, the DOL proposed a new class exemption from the prohibited transaction rules for investment advice fiduciaries. If certain conditions are met, an investment advisor may receive reasonable compensation for providing investment advice while avoiding conflict of interest concerns. For a DOL explanation of its proposal, see DOL FAQs.
Questions About In-Service Withdrawals for Child Birth/Adoption Expenses | JD Supra
The SECURE Act of 2019 permits in-service withdrawals from 401(k) and 403(b) plans for expenses incurred for the birth or adoption of a child of up to $5,000. The 10% excise tax is waived for these “qualified birth or adoption distributions.” Many plan sponsors have delayed amending their plans to permit these distributions until unanswered questions are answered. On June 29, the SPARK Institute sent a letter to the IRS posing many of these unanswered questions.
DOL Proposes Rules for ESG Investments | JD Supra
On June 23, the DOL released proposed regulations for retirement plans for “socially responsible” investments that are also called environmental, social and governance (ESG) investments. The proposed standards require plan fiduciaries to select plan investments based on relevant financial considerations.
IRS Broadens Eligibility for COVID-19 In-Service Distributions and Participant Loans Under DC Plans | JD Supra
On June 19, the IRS issued Notice 2020-50. It expounds on the rules for in-service withdrawals and participant loans for defined contribution (DC) plans for participants adversely affected by the COVID-19 pandemic.
DOL Safe Harbor for Electronic Disclosures | JD Supra
On May 27, the DOL issued final regulations that provide a safe harbor for electronic disclosures to employees. Although the regulations don’t become effective until 60 days later (on July 27, 2020), they may be relied upon in the meantime. The good news is that the new rules apply to a broader base of employees than the current rules and apply to both website disclosures and electronic transmissions.
FAQs Issued For COVID-19 Health Coverage Matters | JD Supra
On June 23, the DOL, IRS and HHS issued joint FAQs about the implementation of health coverage rules related to COVID-19 under the CARES Act and the FFCRA. Topics covered by the FAQs include coverages, procedures and services that must be provided without any cost-sharing requirements, prior authorization, or other medical management requirements.
Cybersecurity for ERISA Retirement and Welfare Benefit Plans | JD Supra
Cybersecurity continues to be an important fiduciary responsibility as the threat for security breaches grows with fraud, hacking or phishing schemes. During this COVID-19 pandemic, cybersecurity for your ERISA retirement and welfare benefit plans becomes more important as plan participants work from home and access information remotely.
CARES Act Retirement Plan Update: Participant Loan Changes | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
CARES Act Retirement Plan Updates: In-Service Distributions | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
IRS No Longer Prohibits Pension Plans From Offering Certain Lump-Sum Window Programs | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
IRS Confirms Ability To Rely On Proposed Hardship Regulations | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
New Rollover Rules For Participant Loans Can Help With Corporate Transactions | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
New Hardship Withdrawal Rules for 401(k) and 403(b) Plans | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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