Employee Benefits & Compensation

SEPTEMBER 2020 DEVELOPMENTS:

• IRS Provides Clarification for Sponsors of Qualified Plans, 403(b) Plans, 457(b) Governmental Plans, and IRA Holders, Related to SECURE Act of 2019

• HIPAA Covered Entities and Business Associates Need an IT Asset Inventory List
  

AUGUST 2020 DEVELOPMENTS:

• DOL Releases Interim Final Rule on New Disclosures for Pension Benefit Statements

• CT District Court Enforces ERISA Venue Provisions and Dismisses Lawsuit with  No Connection to Connecticut

• New Executive Order Requires Federal Agencies to Ensure that Contractors Do Not Use Foreign Labor to Displace American Workers

• NLRB Clarifies Successor Employer’s Duty to Bargain Over New Employment Terms
  

JULY 2020 DEVELOPMENTS:

• Interim Rule Banning Federal Contractor Use of Certain Chinese Technologies Takes Effect August 13^th

• DOL Issues a Proposed Rule on ESG Investing for ERISA Plans
  

JUNE 2020 DEVELOPMENTS:

• IRS Extends Participant Eligibility for Distributions and Loans under CARES Act

• COVID-19 Alert: Default Electronic Disclosure by Employee Pension Benefit Plans Under ERISA

• IRS Publishes Guidance on Waiver of 2020 Required Minimum Distributions

• DOL, HHS and Treasury Release Joint FAQs Regarding FFCRA and CARES Act Implementation

• IRS Publishes Guidance for COVID-19 Related Distributions and Loans from Retirement Plans Under the CARES Act

• IRS Issues Notice 2020-46 Addressing Employer Leave-Based Donation Programs (COVID-19)

• DOL Information Letter Outlines Fiduciary Considerations for Including Private Equity Allocations in Defined Contribution Plan Investments

• IRS Notice 2020-42 provides temporary relief for witnessing spousal consents
  

• DOL publishes Final Rule expanding safe harbors for electronic disclosures

MAY 2020 DEVELOPMENTS:

• DOL Issues Disclosure Safe Harbor Guidance for Retirement Plans
  • See also unpublished set of rules to be published on 5/27/20

• IRS Issues Guidance on Cafeteria Plan Elections and Other Changes Amid COVID-19 Pandemic

• IRS Releases COVID-19-Related Employee Retention Credits: Amount of Allocable Qualified Health Plan Expenses FAQs

• Claiming Tax Benefits for Health Coverage Costs Under the Employee Retention Credit

APRIL 2020 DEVELOPMENTS:

• Benefits Advising in the Age of COVID-19: 3 Important Questions for You

• COVID-19 Fiduciary Investment Claims: A Look at Retirement Plans

• Reporting COVID-19-Related Distributions

• US DOL Issues Guidance and Relief for Employee Benefit Plans Due to COVID-19 Outbreak

• How Can 401k Plan Sponsors Better Shield 401k Participants from External Fraud?

• Q1 Retirement Analysis: Retirement Savers “Stayed the Course” Despite Economic Crisis

• Must-Know Rules for COVID-19 RMD Waivers Under the CARES Act

• Latest on Special Enrollment Periods, Pass-Through Funding, and the Risk Adjustment Data Validation Process

• COVID-19 Crisis Mandates School Districts Fix 403(b) Plans

• Pension Rescue is a No-Brainer for Next Pandemic Response Legislation

• The Fiduciary Angle to the Participant COVID Certification Because of Spousal Employment Loss

• Unions Say Next Virus Relief Package Needs Pension Reform

• What Does the Health Plan Say? Real-Life Employer Situations Related to Furloughs, Layoffs and Benefits Continuations

• Pension Benefit Guaranty Corp. Program Potentially Set for Reversal of Fortune

• Enhanced Loans for Qualified 401k Participants

• COVID-19 Extensions for Retirement Plan Filings and Payments

• IRS Extends Deadlines for 403(b) Plans and Pre-Approved Defined Benefit Plans

• CARE Act Suspension of Loan Repayments: Is it the Employer’s or the Participant’s Choice?

MARCH 2020 DEVELOPMENTS:

• Senate Bill Expands Retirement Plan Access for Coronavirus Impact

• Can Employers Suspend their Safe Harbor Nonelective or Matching Contribution

• Legislation to be Introduced to Suspend RMDs for 2020, Exempt Social Security Income from Taxation

• Internal Revenue Service (IRS) Filing and Payment Relief Deadlines Questions and Answers

• IRS Questions and Answers Address Applicability of Tax Filing Extensions Under Notice 2020-18 to Retirement Plans and HSAs

• Employers in Multiemployer Pension Plans – Is it Time to Panic?

• How the CARES Act Affects Employee Benefits