IRS Provides Updated Model 402(f) Notices – For SECURE Act Changes That Do Not Necessitate a 402(f) Notice (!)

By Anne Tyler Hall and Keely Collins, Hall Benefits Law  On August 6, 2020, the IRS released Notice 2020-62 (the “IRS Notice”) providing updated safe harbor explanations for rollover distributions ( “402(f) Notices”) to accommodate changes made under the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). Specifically, the new 402(f) Notices – one for distributions from a non- Read More

SECURE Act Provides Greater Flexibility for Retirement Plan Lifetime Income Options

The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) has added new lifetime income disclosure requirements to benefit statement rules under ERISA. The law requires that a participant’s total accrued benefit be expressed as a lifetime income stream in the form of a single life annuity.  If the participant has a same-age spouse, the total accrued benefit must be expressed as a qualified joint Read More

Hall Benefits Law Welcomes Attorney Keely Collins to Compliance Counsel Role, Graduates First Summer Intern

ATLANTA, Aug. 11, 2020 /PRNewswire/ -- July of 2020 was a busy month for national boutique ERISA law firm Hall Benefits Law. Expanding its efforts to recruit and build top talent to best serve its clients, Hall Benefits Law added Compliance Counsel Keely Collins to its growing team of attorneys and bid adieu to J.D. Candidate Allison Richter after her completion of the Firm's inaugural HBL Summer Intern Read More

Avoiding COVID-19 Benefits-Related Litigation

The COVID-19 pandemic has brought about a staggering number of changes for employers in the past few months, requiring them to make significant changes to workplace processes and policies virtually on the fly. In this environment, it’s important to review employee benefits plans to ensure these changes have not triggered any adverse consequences. Employers are encouraged to review their actions related to benefits Read More

Voluntary Fiduciary Correction Program (VFCP) – Questions and Answers

Q: What is the VFCP? A: The VFCP, offered through the Department of Labor (DOL)’s Employee Benefits Security Administration (EBSA), is a way to voluntarily correct certain fiduciary breaches (or potential breaches). Only specific types of fiduciary breaches are eligible for relief on the VFCP all of which deal with transactions that raise valuation issues and/or prohibited transaction issues under Title I of Read More

COVID-19 Considerations for Nonqualified DC Plans

Employers that sponsor nonqualified deferred compensation plans are no doubt aware of the strict requirements in providing these plans. Failure to adhere to these requirements can lead to penalties as well as tax consequences for both the employer and the participating employee. In light of the unprecedented business and market conditions as well as employee needs that have arisen as the result of the COVID-19 Read More

Navigating RMD Waivers under the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) suspended required minimum distributions (RMDs) from certain retirement accounts for 2020. This waiver applies to any retirement account subject to RMDs, including 401(k)s, 403(b)s, 457(b)s, traditional IRAs, and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs. Here are some of the rules you need to know regarding RMD waivers under the CARES Read More

Retirement Plan Fiduciary Considerations in Context of COVID-19

To comply with ERISA, retirement plan fiduciaries are required to act with “care, skill, prudence and diligence under the circumstances then prevailing.” The COVID-19 pandemic certainly presents a unique set of circumstances, with a stock market downturn not seen in 12 years, mass layoffs and furloughs, business closings, and a dramatic shift in how work gets done. Retirement plan fiduciaries are undoubtedly Read More

Reporting Coronavirus-Related Distributions and Repayments

Thanks to a provision in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), employers may allow their employees to access their retirement savings to help them cope with the financial impact of the COVID-19 pandemic. Employee benefits law has changed significantly, even if temporarily, under the CARES Act. Employees may now take a coronavirus-related distribution (CRD) from a defined contribution Read More

CARES Act Expands Employer-Paid Student Loan Debt Repayment

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides numerous methods by which employers can expand existing programs or create new ones for the benefit of their employees. One such program, the Code Section 127 educational assistance program, now includes the ability for employers to pay up to $5,250 in 2020 toward an employee’s student loan debt. Educational Assistance Program Read More