The Department of Labor (DOL) recently issued the long-awaited electronic disclosure final regulations providing employers with two new safe harbor methods for electronic delivery of retirement plan disclosures. The final rules are effective July 27, 2020; however, plan administrators may rely on them prior to that date. This Client Alert provides a summary of these new rules.
Articles about the Employee Retirement Income Security Act (ERISA) and other issues relating to employee benefit topics
Deadlines are a large part of employee benefit plan administration. The past 12 – 18 months have contributed to potential confusion about standard deadlines and added new deadlines plan administrators will not want to overlook. During this period, the IRS created a one-time window deadline, published extensions for some plans’
Roger Severino, Director of the Office for Civil Rights (OCR) at the U.S. Department of Health and Human Services (HHS), provides advice for HIPAA covered health care providers:
When informed of potential HIPAA violations, providers owe it to their patients to quickly address problem areas to safeguard individuals’ health information
Last month the US Department of Labor (Department) issued an Information Letter stating that it is possible for individual account plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) to offer limited private equity investments in a manner that complies with ERISA, provided certain suitability issues are considered by plan fiduciaries. The Information Letter confirms that a plan fiduciary would not violate ERISA fiduciary duties “solely because the fiduciary offers a professionally managed asset allocation fund with a private equity component.” Similarly, the Information Letter confirms that fiduciaries may offer private equity as a small component of an ERISA plan’s diversified investment option, like a target date fund, a target risk fund, or a balanced fund.
The United States Department of Labor (the “DOL”) recently issued a proposed rule on the fiduciary requirements under the federal pension law, ERISA, that apply to the selection and monitoring of environmental, social, and corporate governance (“ESG”) investments in retirement plans. Under the proposed rule, which would be effective 60
Employers that have experienced significant disruptions to their executive compensation programs as a result of the COVID-19 pandemic should consider our top 10 cost saving/incentivization strategies as they begin to reopen.
A little more than one year ago, we reported on a settlement (Cassell et al. v. Vanderbilt University, et al.) involving the alleged wrongful use of personal information belonging to retirement plan participants, claimed to be “plan assets.” This year, similar claims have been made against Shell Oil Company in connection
As part of an ongoing effort by the IRS to provide employers and employees with flexibility during the COVID-19 pandemic, the IRS recently issued notices 2020-29 and 2020-33, providing relief with respect to “cafeteria plans,” health flexible spending accounts (Health FSAs), dependent care assistance programs (DCAPs), and high deductible health plans (HDHPs).
On paper, the rule is straightforward: if a company sponsors a defined benefit pension plan or participates in a union/multiemployer pension plan in the United States, all members of that company’s controlled group of corporations (e.g., parents, subsidiaries, and affiliates connected through a common equity ownership of 80 percent or
The IRS issued proposed regulations under Section 4960 of the Internal Revenue Code of 1986, as amended (the “Code”), which was added as part of the Tax Cuts and Jobs Act. The proposed regulations published in the Federal Register on June 11, 2020, largely follow the IRS interim guidance under
As the COVID-19 pandemic continues to spread across the country, doctors, dentists, therapists and other healthcare providers have turned to telehealth use with their patients by way of videoconferencing applications such as Zoom, Skype and WebEx. The Office of Civil Rights and the Department of Health and Human Services (“OCR”)
IRS Notice 2020-44 was issued this week as a reminder that Patient-Centered Outcomes Research Institute (PCORI) fees were extended under the Further Consolidated Appropriations Act of 2020 and are now not scheduled to expire until plan years ending after September 30, 2029. Annual PCORI fees will still need to be
The Internal Revenue Service has relaxed spousal notarization and plan representative witness requirements in 2020 for retirement plan elections in IRS Notice 2020-42. The notice addresses the physical presence requirement for notarization or witnessing of certain plan elections and provides temporary relief permitting remote notarization and witnessing subject to certain
The plaintiffs’ expectations surely suffered a blow after reading the Supreme Court’s initial observation in their case: “If [the plaintiffs] were to lose this lawsuit, they would still receive the exact same monthly benefits that they are already slated to receive, not a penny less. If [the plaintiffs] were to win this lawsuit, they
We previously wrote about the Department of Labor’s proposed expansion of its safe harbor for electronic delivery of certain retirement plan disclosures required under ERISA. The wait is finally over, with publication of the final rule (the “New Rule”) helped along by the DOL’s desire to alleviate some of the