Earlier this month, the IRS announced that it had extended deadlines for filing federal income tax returns and making tax payments due to the COVID-19 pandemic, which had a small effect on benefit plans. The IRS has since amplified this relief through Notice 2020-23 and provided additional relief that is more significant for benefit plans.
The Center for Medicare and Medicaid Services, the Department of Labor and the Department of Treasury issued joint guidance this week that will be helpful to employers that sponsor group health plans and insurers that provide health insurance coverage or provide third party administration services to group health ...
This past week, the Pension Benefit Guaranty Corporation (“PBGC”) announced it had extended deadlines for upcoming premium payments and other filings due to the COVID-19 pandemic. The PBGC’s announcement came after the IRS extended its deadlines to July 15, 2020. Under the PBGC’s disaster relief policy, when the IRS announces ...
Most small businesses are aware of the loans backed by the Small Business Administration (“SBA”) to help maintain cash flow and retain workers, specifically the Paycheck Protection Program (“PPP”). While most of the media, and our prior blog post, focused on how to apply for these loans and the fact the loan is forgivable if used for ...
COVID-19 has shaken up the benefits world in a big way - new laws, new issues. One issue that has been around for a long time, but isn’t often on the front page, is the partial termination of a retirement plan. However, difficult financial times bring this issue to the forefront when companies are laying off employees, closing plants ...
What a plan sponsor needs to know NOW!
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) became law on March 27, 2020 to address many issues in our country caused by the coronavirus. This article addresses issues that employers who sponsor retirement plans must address quickly.
New Distribution Event ...
All 403(b) retirement plans are yet another area impacted by COVID-19. These retirement plans (sponsored by nonprofits and governmental entities) were required by the Internal Revenue Service (IRS) to completely restate their plans by March 31, 2020 to reflect changes in the law since 2010 in order to receive retroactive ...
Under the FMLA, an employer is required to continue an employee’s group health plan coverage at active employee rates during the length of the FMLA leave. Therefore, it came as no surprise that the DOL temporary regulations that were released yesterday on the Emergency Paid Sick Leave Act (“EPSLA”) and the Emergency Family Medical Leave ...