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
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
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
IRS Provides COVID-19 403(b) Plan Relief
Due to the COVID-19 pandemic, the IRS has extended the remedial amendments deadline for Section 403(b) plans by three months, from March 31, 2020, to June 30, 2020. In September 2019, the IRS issued Revenue Procedure 2019-39 that set remedial amendment periods for making amendments to 403(b) plans. That guidance was updated by the IRS’ recent deadline extension announcement and includes the following: New Read More
Benefit Plan Cost Mitigation Alternatives in a COVID-19 Economic Downturn
As businesses struggle to come to grips with conducting “normal” operations in a “new normal” environment, the issue of cost reduction will certainly be on the table for many companies. One area that companies will likely be examining to reduce costs is employee benefits; here are some options for consideration: Set priorities. In looking for ways to reduce costs for employee benefit plans, you should look first Read More
