August 15, 2019

What is a “Functional” Fiduciary?

ERISA’s Fiduciary Duties Understanding the nature of an ERISA benefit-plan-fiduciary is a big deal; naming fiduciaries and identifying “fiduciary-like” decisions is an even bigger one. A recent Fourth Circuit Court of Appeals opinion reminds employers that the types of decisions made regarding benefit plans is vital in determining fiduciary status. Watch this short video to… Continue Reading

August 12, 2019

IRS Updates VCP Electronic Submission Procedures, Revises Form

On June 28, 2019, the IRS issued its June Employee Plans News, in which the agency announced comparatively minor changes to the submission procedures applicable to the IRS Employee Plans Compliance Resolution System (“EPCRS“). The changes include revisions to required Forms 8950 and 8951, along with technical changes to the electronic submission process itself. The… Continue Reading

August 8, 2019

DOL Finalizes Regulations Expanding Access to MEPS By Small Employer Groups

On July 29, 2019, the U.S. Department of Labor (“DOL”) issued final regulations intended to expand access to retirement savings plans (including 401(k) plans) for employees of small businesses, by allowing them to group together for purposes of establishing “multiple-employer defined contribution retirement plans,” a type of “multiple employer plan” (“MEP”). The final regulations seek to… Continue Reading

July 23, 2019

IRS Expands Preventive Care Benefits for Chronic Conditions

Employees can now purchase chronic illness medications with health savings account (“HSA”) dollars instead of paying off their high deductible for insurance to cover the costs. On July 17, 2019, the Internal Revenue Service (“IRS”) expanded the list of preventive care benefits that may be provided by a high deductible health plan (“HDHP”) to include… Continue Reading

June 25, 2019

Final Regulations Expand Use of Health Reimbursement Arrangements

On June 13, 2019, the U.S departments of Health and Human Services (“HHS”), Labor, and the Treasury (collectively, the “Departments”) pre-released final regulations that will expand the use of health reimbursement arrangement (“HRAs”). Beginning in January 2020, employers will be able to offer two new types of HRAs created by these final regulations – individual… Continue Reading

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