On May 21, 2020, the U.S. Department of Labor (“DOL”) announced a new safe harbor rule that will allow plan sponsors, by default, to post retirement plan disclosures online or deliver them to participants by email in satisfaction of their duties under the Employee Retirement Income
Austin’s Jennifer Rangel co-authored an article for Employee Benefit Plan Review examining the rapid evolution of regulations that apply to telemedicine during the COVID-19 pandemic. The article outlines the guidance issued by various federal agencies and state bodies related to the expanded use of telemedicine and important issues for payors
As we discussed in our recent article, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) temporarily increases the permissible loan amount for loans taken by qualified individuals between March 27, 2020 and September 22, 2020 and suspends loan repayments due beginning on March 27, 2020 through December
The IRS addressed Frequently Asked Questions (“FAQs”) this week on the new coronavirus-related distribution (“CRD”) available from eligible retirement plans added by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
As background, the CARES Act allows certain retirement plans to provide a special in-service distribution option in
This article provides practical guidance regarding how plan sponsors and fiduciaries should address delays in remitting participant salary deferral contributions and plan loan payments to their defined contribution plans resulting from the coronavirus (also known as COVID-19). For more information on legal issues relating to the coronavirus, see Coronavirus (COVID-19)
In addition to the relief detailed in our recent article on EBSA Disaster Relief Notice 2020-01, the U.S. Department of Labor (DOL) in Notice 2020-01 extended a number deadlines for furnishing required notices or disclosures to plan participants, beneficiaries, and other persons. This will provide additional time for plans
On April 28, 2020 the Employee Benefits Security Administration, U.S. Department of Labor, Internal Revenue Service, and Treasury Department published joint guidance extending certain important deadlines that are otherwise applicable to employee benefit plans. This relief was granted in an effort to preserve and protect the benefits of participants and
In response to the COVID-19 pandemic, the IRS has automatically extended the deadline for certain retirement and welfare plans to file Form 5500. IRS Notice 2020-23 provides that tax returns, including Forms 5500, that are required to be filed on or after April 1, 2020 and before July 14, 2020
The Departments of Labor, Health and Human Services and Treasury (collectively, the “Departments”) jointly issued FAQ guidance regarding implementation of the health coverage provisions under the Families First Coronavirus Response Act (“FFCRA”) and the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”).
FFCRA, as amended by the CARES Act,
In a surprising memo from the IRS Office of Chief Counsel, the IRS concluded that there is no statute of limitations period on the Employer Shared Responsibility Payments (“ESRP”) under the Affordable Care Act. The IRS reasoned that the filing of Forms 1094-C and 1095-C (“ACA Returns”) does not start