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 ...
The IRS has extended the deadlines for plan sponsors to adopt certain retirement plans as a result of the Coronavirus emergency.
403(b) Plans
In 2013, The IRS initiated a 403(b) program that allows eligible employers to amend or restate their plans retroactively. Plan sponsors could correct defects in their written plan document going back as far ...
Employers want to attract and retain the best talent available. Employers today are cognizant that employees entering the workforce are burdened by mounting student loan debt, and many employers have explored the benefit options available to provide student loan debt relief for their employees. This issue has been percolating for some time
Almost all employers that sponsor a Dependent Care Flexible Spending Account Plan (DC FSA) provide for a run-out period in the plan. A run-out period is the period of time in the following plan year that DC FSA participants can submit reimbursements for expenses incurred in the prior year. Most DC FSA plans run on a calendar year and a very common ...
Earlier today, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by the House. Having already passed the Senate, the CARES Act will now go the President, who has stated he will sign it as soon as possible. The Act is far reaching for nearly every aspect of American life and business. This post focuses on the portion of ...