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Hall Benefits Law Sharpens Focus on Excellence, Selects Chief Operating Officer, Lead ERISA Counsel Ahead of Seventh Anniversary Read More

Special Edition Newsletter | DOL Introduces New Safe Harbor for Retirement Plan Disclosures; Health and Welfare Plans Remain Subject to Existing Safe Harbor E-Disclosure Rules

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DOL Introduces New Safe Harbor for Retirement Plan Disclosures; Health and Welfare Plans Remain Subject to Existing Safe Harbor E-Disclosure Rules

By Anne Tyler Hall and Eric Schillinger, Hall Benefits Law On May 27, 2020, the Department of Labor (“DOL”) published a final rule on electronic disclosures of ERISA-required documents (the “Final Rule”) that relaxes previous disclosure guidelines and allows retirement plan administrators to deliver documents to participants using modern electronic methods (the “2020 Safe Harbor”). Importantly, the Final Rule Read More

June 2020 Newsletter | Meet Lead ERISA Counsel Robert Forman

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IRS Extends 403(b) and Pre-Approved Defined Benefit Plan Deadlines

The Coronavirus Aid, Relief, and Economic SecurityAct (CARES Act) has extended several important deadlines for sponsors of 403(b) and defined benefit plans: Initial remedial amendment period for 403(b) plans extended to June 30, 2020.  The initial remedial amendments deadline for 403(b) plans has been extended by three months, from March 31, 2020, to June 30, 2020.  Plan sponsors now have additional time to Read More

COVID-19 and 457(b) Unforeseeable Emergency Distributions

Thanks to a provision in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), public employers may now allow their employees to access their retirement savings to help them cope with the financial impact of the COVID-19 pandemic. Prior to the enactment of this emergency retirement plan distribution option under the CARES Act, working employees were unable to receive distributions from governmental Read More

COVID-19 and Mid-Year Suspension of Employer Retirement Plan Contributions

Many companies facing financial pressure from the COVID-19 pandemic are examining opportunities to curtail operating costs, including the reduction or suspension of matching or nonelective contributions to 401(k) plans.  Here are some considerations to help guide your decision-making when determining whether to reduce or suspend safe-harbor contributions: Reduction or Suspension of Employer Contributions to Read More

CARES Act Restricts Loans Used to Enhance Senior Executive Compensation

One of the most critical provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is financial relief for U.S. businesses in the form of federal loan programs aimed at keeping Americans employed and companies solvent.  However, there are certain restrictions on how federal loan monies may be deployed, including a prohibition on using these loans or loan guarantees to enhance senior executive Read More

CARES Act Makes Sweeping Changes to Health and Welfare Benefit Plans

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) went into effect on March 27, 2020, altering some of the rules for employer health and retirement plans. Group Health Plans Telehealth services. Under the CARES Act, high-deductible health plans with health savings accounts (HSAs) now cover telehealth services before a plan participant has met the deductible.  Normal cost sharing (e.g., co-pays) Read More

CARES Act Expands Telehealth Coverage in HDHPs

Included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) are several provisions dealing with the expansion of telehealth services coverage, including for individuals currently enrolled in high deductible health plans (HDHPs): Section 3701 Participants in HDHPs -- including those with HSAs -- are no longer required to meet their deductibles before gaining access to telehealth services.  Read More