In compliance with the Affordable Care Act (ACA) and to help businesses comply with regulations, the Department of Labor (DOL) has updated its template for the important Summary of Benefits and Coverage (SBC) document as well as the instructions and other related materials. This recent round of updates, the first since 2016, reflects changes made by the Tax Cuts and Jobs Act (TCJA). These updated documents are for Read More
DOL Offers MEP Form 5500 Transition Relief
The Field Assistance Bulletin from the Department of Labor (DOL) released in June 2019 discusses transition relief for MEP plans in conjunction with the MEP Final Rules. This temporary relief is for retirement plans that failed to comply with ERISA Form 5500 reporting requirements. Form 5500 Reporting Requirements Under ERISA Section 103(g) a MEP must file an annual report (Form 5500) that includes a list of Read More
IRS Deems Transfer of Surplus Assets of Terminated Plan to Replacement Plan Permissible
A recent private letter ruling from the IRS discussed transferring assets from a terminated defined benefit plan to two 401(k) “qualified replacement plans” under Code Section 4980. The two replacement plans are employer-sponsored retirement plans that qualify for special tax treatment. Without this transfer approval, the IRS Code would require a 20% excise tax on funds transferred after a plan Read More
Hall Benefits Law Celebrates $60 Million in Penalty Abatement, Adds to Team Serving Clients in 27 States
ATLANTA, Feb. 4, 2020 /PRNewswire/ -- Highlighting Hall Benefits Law's dedication to helping plan sponsors nationally, HBL ERISA attorneys achieved penalty abatement and avoidance of over $60 Million since January 1, 2018 for their clients. The decision to add team members comes on the heels of rapid growth and provision of counsel for clients in 27 states for the boutique ERISA and employee benefits law firm Read More
DOL Clarifies Retirement Plan Electronic Disclosure in New Proposed Regulations
New proposed regulations from the Department of Labor (DOL) will give employers additional flexibility to deliver required retirement plan disclosure documents electronically. Released in October 2019, these rules would allow plan administrators to satisfy notice delivery requirements by posting notices to a website, so long as they meet certain conditions. This helps both businesses and individuals cut down on paper Read More
New Publication Provides Comprehensive Analysis of DOL’s ESOP Investigations
The National Center for Employee Ownership recently released a guide that includes a comprehensive analysis of the Department of Labor’s (DOL) investigations of Employee Stock Ownership Programs. The report’s data comes from the DOL and covers the years 2007 through 2017. DOL investigations are further broken down by issues and results. While the report is comprehensive and very quantitative, there are some high Read More
Four Compensation Committee Best Practices
Executive compensation and compensation programs will always be under review as management and ownership aim to align compensation, especially at the highest levels, with performance. While the goals and metrics may differ by company, best practices for compensation committees can be applied across the board to increase compensation effectiveness (and, as a byproduct, company growth) and improve Read More
Disclosure of PHI on Yelp Results in $10,000 HIPAA Settlement
This past October, the Department of Health and Human Services (HHS) Office of Civil Rights (OCR), the entity responsible for policing HIPAA violations, announced a settlement with a Texas dental practice. The dental practice disclosed protected health information (PHI) on Yelp and was subject to a $10,000 fine. This information was disclosed in response to online reviews posted by the patient. In addition to the Read More
Time for Your Beginning of Year Benefit Check-Up
Benefit administrators work hard to avoid the unexpected costs and frustration associated with an IRS audit. One way to do so is to perform a periodic check-up of your organization’s benefit plans, associated documentation, and procedures. This should be performed with the help of benefits legal counsel to take into account the laws and regulations that could impact your business, employees, and dependents. Update Read More
