The CARES Act was signed into law on March 27, 2020. Some guidance has been issued but more guidance isneeded in many areas, so we are keeping this ALERT simple. The provisions are effective immediately. Someprovisions are of limited duration. It remains to be seen if the restrictions will change. Provision Change Act Section Effective […]
401(k), Cafeteria Plan, DOL, IRSFurther Consolidated Appropriations Act, 2020 was enacted on December 20, 2019. It is comprised of various “Divisions”. Division N is Health and Human Services Extenders which includes repealing certain ACA provisions and Division O is Setting up Every Community Up for Retirement Enhancement (SECURE) which impacts retirement plans. This ALERT will briefly summarize items of […]
ACA, Affordable Care Act, IRSMany plan sponsors face the issue of what to do with uncashed checks. Even if the check is sent to the correct address, the participant or former participant may not cash the check. The IRS issued a Revenue Ruling (Revenue Ruling 2019-19 – Failure to Cash a check From a Qualified Plan) which might influence […]
401k, distributions, IRS, uncashed checksErisaALERT 2015-01 – The Government Accounting Office (GAO) issued at least two reports discussing rollovers. We have seen increased government focus in the rollover area. The Government Accounting Office (GAO) issued at least two reports discussing rollovers. In 2013, The GAO issued (“401(k) Plans: Labor and IRS Could Improve the Rollover Process for Participants”) focusing […]
Disclosure, distribution, IRS, RolloversThe DOL has issued FAB 2014-01 replacing previously issued guidance (FAB 2004-02) related to locating missing participants. Both the IRS and Social Security Administration have discontinued their letter forwarding service since the issuance of FAB 2004-02. Internet search technologies have improved greatly over the past few years. While this FAB is specifically for finding participants […]
DOL, ERISA, IRS, lost participants, missing participantsThe IRS has issued Notice 2014-19 and posted Answers to Frequently Asked Questions Regarding the Application of the Windsor Decision and Post-Windsor Published Guidance to Qualified Retirement Plans on its website. ErisaALERTs 2013-04 and 2013-06 discussed government guidance issued as a result of the United States v Windsor (the Supreme Court decision that holds Section 3 […]
compliance, DOMA, IRS, WindsorThe IRS issued guidance regarding tax treatment of certain employee benefits for same gender marriages, making ERISA compliance a little more complicated. HHS also issued guidance relating to Medicare and DOL issued guidance relating to FMLA as it relates to same gender marriages. The Supreme Court decision in U.S. v Windsor that holds Section 3 […]
compliance, DOL, DOMA, FMLA, HHS, IRSThe IRS issued guidance regarding lifetime income options to help participants structure their retirement plan distributions to help ensure that they don’t run out of money. The guidance includes: A revenue ruling clarifying rules for defined contribution plans that offer lifetime income options, A revenue ruling clarifying rules that apply to rollovers into defined benefit […]
2012 archive, IRS, lifetime security, longevity annuity contractEmployee benefit compliance is often viewed as a necessary evil; it is tedious, boring and complicated but if your plans are selected for audit, the process can be a nightmare if you are not prepared. A recent Towers Watson Retirement Plan Governance Survey revealed that 73% of respondents indicated regulatory complexity will be among the […]
2012 archive, compliance, DOL, ERISA, IRSSnapshot In ErisaALERT 2011-13, we discussed Technical Release 2011-03, an interim enforcement policy regarding electronic delivery of the required participant disclosures until further guidance becomes available. Technical Release was intended to provide guidance related to DOL regulations issued in October 2010 regarding disclosures for participant directed accounts. The participant disclosures are plan related and investment […]
Disclosure, electronic disclosure, ERISA, IRS(c) 2015 Erisa Diagnostics - We focus on benefits, so you can focus on business