July 2020 Newsletter | With Supreme Court’s Recent Bostock LGBTQ Ruling, Are Your Benefit Plans Up to Date?

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CARES Act Expansion of In-Service Withdrawals Highlights 403(b) Plan Surrender Charge Disparity

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes provisions that allow retirement plan sponsors to provide plan participants the opportunity to withdraw funds from a defined contribution retirement plan -- IRA, 403(b), 457(b) or 401(k) -- if they are facing adverse financial consequences due to the COVID-19 pandemic. Withdrawal Qualifications The CARES Act allows for withdrawals of up to Read More

New DOL E-Disclosure Rule Now Allows E-Delivery of Benefit Plan Documentation

On May 27, 2020, the Department of Labor (DOL) published its final rule on Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA, establishing a new alternative safe harbor that allows benefit plan administrators to provide ERISA retirement plan disclosures to plan participants via email, website posting, or mobile app with relaxed requirements. Those who still wish to receive hard copies of Read More

Certain CARES Act Loans Contingent on Limits to Executive Pay

Under Section 4003 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Secretary of the Treasury is authorized to provide up to $500 billion in loans, loan guarantees, and other investments to support eligible businesses, states, and municipalities affected by the COVID-19 pandemic. Section 4004 of the CARES Act imposes limits on executive compensation as a condition of receiving this Read More

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

ATLANTA, June 30, 2020 /PRNewswire/ -- Having increased its national reach to 30 states in less than seven years, in the second quarter of 2020 boutique ERISA law firm Hall Benefits Law added leadership in the form of Lead ERISA Counsel and Chief Operating Officer. Robert Forman and Kenneth Beaver were selected for these roles through a nationwide search with an emphasis on years of experience and demonstrated Read More

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

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