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
COVID-19
Form 5500 Filing Relief for Certain Employee Benefit Plans
By Lori Basilico on
Posted in COVID-19
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…
FAQs Provide Guidance on COVID-19 Testing and Diagnosis Requirements Affecting Employer Health Plans
By Lori Basilico on
Posted in COVID-19, Health and Welfare Plans
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,…
ISS and Glass Lewis Present Guidance for Corporate Governance During COVID-19
By Laura Ferguson on
Posted in COVID-19
Public companies and their boards can look to the recently released guidance of ISS and Glass Lewis when considering best therapies to address corporate governance and broader environmental, social and governance issues. The prominent proxy advisors address, among other things, issues affecting annual general meetings, board composition, and executive compensation. …
The CARES Act Allows High-Deductible Health Plans to Temporarily Provide No-Cost Telehealth Services
By Lori Basilico on
Posted in COVID-19
As we noted in our March 13, 2020 blog post, the Internal Revenue Service advised in IRS Notice 2020-15 that a high-deductible health plan (HDHP) is permitted to pay for COVID-19-related testing and treatment, without jeopardizing its status as an HDHP.
The Coronavirus Aid, Relief and Economic Security Act…
Hang on to Those Pharmacy Receipts: The CARES Act Changes OTC Rules for FSAs, HSAs, and HRAs
By Lori Basilico on
Posted in COVID-19, Health and Welfare Plans
The Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was signed into law by President Trump on March 27, 2020, authorizes more than $2 trillion of economic relief for individuals, businesses and industries impacted by the COVID-19 pandemic.
Buried in the CARES Act is a provision allowing employees…
Governance Issues for Retirement Plan Sponsors Due to “Opt-Out” Amendments
By Edward A. Razim III on
Posted in COVID-19
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”, into law. We discussed the employee benefit plan provisions included in the CARES Act in our Quick Study published last week, which can be found here. For sponsors of defined…
Addressing Impacts on Group Health Plan Coverage Caused by COVID-19 Employment Changes
By Lori Basilico on
Posted in COVID-19, Health and Welfare Plans
This article provides practical guidance regarding how employers should address eligibility and coverage issues under their group health plans resulting from the coronavirus (also known as COVID-19). For more information on legal issues relating to the coronavirus, see Coronavirus (COVID-19) Resource Site.
To avoid drastic options like mass layoffs…
COVID-19 and Your Benefit Plans: What You Need to Know Now
Posted in COVID-19
In a matter of a few weeks, the COVID-19 pandemic has caused drastic changes to our businesses and personal lives. The effects are already substantial, from those personally affected by illness and shelter-in-place orders to companies seeing sharp declines in business activity. Although your to-do list may be long, we…
Employers May Offer Tax-Free Financial Assistance to Employees Affected By Coronavirus under Internal Revenue Code Section 139
By Lori Basilico on
On March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (the “Stafford Act”) in response to the Coronavirus Disease 19, or COVID-19. This declaration allows employers to make qualified disaster relief payments to employees affected by COVID-19 on a…