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Articles by Jeff Belfiglio
SECURE and CARES Amendments Deadline Postponed But Plans Should Still Review Year-End Needs | JD Supra
When the SECURE Act was passed in late 2019 and the CARES Act in Spring 2020, retirement plans were expected to adopt appropriate amendments by the end of 2022. While the IRS in Notice 2022-33 and Notice 2022-45 extended the deadline for retirement plans to adopt the amendments required by the SECURE Act and the CARES Act until December 31, 2025, there are still some amendments and other actions that may be required by the end of 2022.
American Rescue Plan Act Expands Dependent Care Benefit—But Only for 2021 | JD Supra
The just-signed American Rescue Plan Act (ARPA) contains several provisions to help multiemployer and single employer plans fund retiree benefits. Two less-noticed provisions greatly increase the child care tax credit and dependent care exclusion, but only for 2021. To the extent children get back into school or daycare in 2021, and their care is needed to allow the parents to work, these increases could be valuable. It remains to be seen if efforts will be made to make these increases permanent.
DOL Extends COBRA and Claims Tolling in the Worst Way | JD Supra
In May 2020, the Department of Labor (DOL) and IRS issued guidance to toll various notices, claims, and election deadlines due to COVID-19, including COBRA elections. (See our article at the time here.) Examples in the guidance assumed that the National Emergency effective March 1, 2020, would end in a few months, and the "Outbreak Period" would end 60 days later.
401(k) Plans Have Options to Comply With New Mandate for Part-Time Employees | JD Supra
The SECURE Act was passed in late 2019, in what seems like another era, with the goal of increasing participation in 401(k) plans. One way to reach that goal was a new mandate, starting in 2021, to track long-term, part-time employees and require that they be given the opportunity to make salary deferrals.
It's All About the Money! USDOL Proposed Regulations Impose Burdens on Socially Responsible Investing for ERISA Plans | JD Supra
Fueled by concerns regarding investments made for environmental, social and corporate governance, or similar considerations (ESG) in retirement plans, the U.S. Department of Labor (DOL) has proposed amendments to the investment duties regulation under the Employee Retirement Income Security Act (ERISA). If enacted, the proposed changes would confirm that plan fiduciaries must select investments based solely on monetary return factors.
IRS Issues Temporary Relief Regarding Mid-Year Reduction of Safe Harbor Retirement Plan Contributions | JD Supra
The Internal Revenue Service (IRS) has issued temporary relief for sponsors of safe harbor retirement plans considering reduction or suspension of safe harbor contributions due to COVID 19. As explained below, Notice 2020-52 relieves certain burdens associated with amending safe harbor plans in the middle of the plan year. It both helps protect safe harbor plans that have already taken this step, and opens a window until August 31, 2020, to take action prospectively.
CARES Act Gets Needed Expansion and Clarification | JD Supra
The IRS has significantly expanded the categories of "qualified individuals" who can receive distributions and loans with favorable tax treatment to include individuals who have suffered a pay cut and those whose spouses and household members have suffered an economic impact due to COVID-19. It also confirmed how to treat loans when qualified individuals have deferred payments during 2020 and explained how plans and individuals should report distributions for tax purposes.
IRS Issues Temporary Relief Allowing Remote Spousal Consents Under Retirement Plans | JD Supra
The Internal Revenue Service (IRS) has issued temporary relief with respect to the requirement that certain retirement plan participant elections must be witnessed in the physical presence of a plan representative or notary public. Notice 2020-42 relieves plan sponsors from enforcing physical presence requirements for the 2020 calendar year in light of the social distancing measures implemented due to the ongoing COVID-19 pandemic.
New Guidance Relaxes ERISA Deadlines, Other Benefit Plan Requirements Pursuant to CARES Act | JD Supra
The U.S. Departments of Labor (DOL), Treasury, and Health and Human Services have issued guidance (here and here) extending deadlines for COBRA, special enrollment periods, benefit claims/appeals, employer notices and other disclosures. The extended deadlines apply to plans governed by the Employee Retirement Income Security Act of 1974 (ERISA), and governmental plans. The DOL also issued guidance on fiduciary compliance.
COVID-19: Benefits FAQs for Health and Welfare 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.
The CARES Act: Summary of Key Provisions Affecting Employee Benefit 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.
SECURE act becomes law with most changes effective in 2020 | Lexology
The recently passed spending bill to keep the federal government operating included a last minute addition: the SECURE Act, almost identical to the bill passed by a nearly unanimous House in May 2019. Effective dates were not changed, so many changes will be effective January 1, 2020. See our previous blogs concerning the changes of most interest to participants here and plan sponsors here.
SECURE Act Becomes Law With Most Changes Effective in 2020 | 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.
Calculated to Be Understood by the Average Plan Participant – How Does the DOL Score? | 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.
California Law Requiring FSA Notices Poses ERISA and Plan Design Issues | 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.
Plan Design Opportunities for Employers Under the SECURE Act | 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.
What Retirement Plan Participants Could Expect Under the SECURE Act | 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.
An ARP Is Not an Open MEP – but New DOL Rules Offer Limited Expansion of Retirement Plans for Small Employers | JD Supra
JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations. This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services").
Health Savings Accounts (HSAs): Essential Compliance Updates
This topic will explain the basic rules for eligibility, contributions and use of an HSA with a high deductible plan. It will also review current studies on whether HSAs are achieving the goal of reducing total health care costs through consumerism. Focusing on the final comparability rules for employer contributions and updates on the new contribution limits and IRS guidelines, it will explore new design opportunities for employers considering how to implement a successful HSA program.
New Association Health Plans (Part 1 of 2): Effect on the Washington State Group Health Market | JD Supra
JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations. This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services").
New Association Health Plans (Part 2 of 2): Coverage of Individual Working Owners | JD Supra
JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations. This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services").
Budget Act Includes Retirement Plan Changes Dropped From Tax Act | JD Supra
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Update #12: Distribution Deadline for Employer Form 1095-C for 2017 Extended
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Update #11: Individual Mandate Eliminated by New Tax Law: Effect on Employers and Individual Market
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[Webinar] 2017 Tax Act Update: Most Impactful Tax Reform for Plan Sponsors in Decades - March 1st, 10:00am PT | JD Supra
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Update #9: New Executive Orders and Actions Could Reshape ACA in Absence of Legislation
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Update #8: American Health Care Act Passed by House May Revive Annual and Lifetime Limits in Self-Insured Employer Plans
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Update #7: ACA Market Stabilization Rules Finalized; Cost-Sharing Next Hurdle
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