On September 26, 2022, the Internal Revenue Service issued IRS Notice 2022-45, which extends the deadline for amending retirement plans to reflect certain optional and required changes under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and section 302 of Title III of the Taxpayer Certainty and Disaster
IRS Notice 2022-33 Extends Retirement Plan Amendment Deadlines
On August 3, 2022, the Internal Revenue Service issued IRS Notice 2022-33, which extends the deadline for amending certain plans with the applicable requirements of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan American Miners Act of 2019 (Miners Act), and one provision
IRS Announces New 90-Day Pre-Examination Compliance Pilot Program for Retirement Plans
In its June 3, 2022 Employee Plans Newsletter, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified plan sponsor by letter that its retirement plan has been selected for an upcoming examination.
The IRS’s letter
Additional Guidance Issued on Coverage for OTC COVID-19 Tests
On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury (the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group health plan coverage of over-the-counter at-home COVID-19 tests (OTC Tests) plans, without participant cost-sharing, preauthorization, or medical management. The February FAQs provide clarification on the
Group Health Plans Must Pay For Over-The-Counter At-Home COVID-19 Tests
Beginning January 15, 2022, and continuing throughout the duration of the public health emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home COVID-19 tests (OTC Tests), including tests not ordered by a health care provider, without participant cost-sharing, preauthorization, or medical management, according to Frequently Asked
IRS Announces 2022 Retirement Plan Limits – Most Limits Increase
The Internal Revenue Service announced the 2022 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2022. Most of the dollar limits, including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans, the
Locke Lord QuickStudy: New Guidance Issued on What Employers Must Consider Before Charging Higher Group Medical Insurance Premiums for Unvaccinated Employees
In our September 2, 2021 QuickStudy, we outlined the various laws governing wellness plans and described how group health plans might structure a premium surcharge for employees who have not received the COVID-19 vaccine to fit within such existing rules. This week, the Departments of Labor, Health and Human Services,
Electronic or Digital Signatures Permitted for Code Section 83(b) Elections
The Internal Revenue Service recently announced that electronic or digital signatures will be accepted for Code Section 83(b) elections. This relief is part of the IRS’s response to the COVID-19 pandemic and is temporary.
Background
Taxpayers receiving grants of restricted stock typically recognize taxable income in connection with such grants
September 30, 2021 Marks the End of the COBRA Premium Subsidy – Don’t Overlook the Expiration Notice
Locke Lord QuickStudy: What Employers Should Consider Before Charging Higher Group Medical Insurance Premiums for Unvaccinated Employees
On August 23, 2021, the U.S. Food and Drug Administration approved the first COVID-19 vaccine for the prevention of COVID-19 disease in individuals 16 years of age and older. The vaccine, which has been referred to as the Pfizer-BioNTech COVID-19 Vaccine and has been available only under an emergency use