August 12, 2020

Reminder! COVID-19’s Altered Benefit Plan Deadlines

The FFCRA and CARES Act legislation extended certain guidelines applicable to plan administration actions (e.g., claims and appeals deadlines). What does this mean for employers? Plans covered by ERISA or the IRS Code must alter administrative management of plans to comply with regulatory deadline extensions. To learn how COVID-19’s affected benefit plan regulations, including deadline… Continue Reading

August 10, 2020

IRS Updates 401(k) Model Rollover Notice

On August 6, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-62 which updates the information that must be provided to participants in retirement plans (including 401(k) plans) when they become eligible for a distribution (this is often referred to as the “rollover notice”). In addition, Notice 2020-62 provides two model rollover notices (one solely… Continue Reading

July 31, 2020

DOL Keeps Its “Social Distance” from 401(k) Plan Investments in Environmental, Social and Governance Funds

On June 30, 2020, the U. S. Department of Labor (“DOL”) published a proposed rule (see also related Notice of Proposed Rulemaking) that would throw cold water on the idea of “social investing” in retirement plans, including 401(k) plans. In particular, by emphasizing that ERISA requires plan fiduciaries to select investments and investment courses of… Continue Reading

July 29, 2020

DOL Proposes Revised Prohibited Transaction Exemption

On June 29, 2020, the U. S. Department of Labor (“DOL”) issued a proposed prohibited transaction exemption (“PTE”) – along with a related fact sheet – that would permit “investment advice fiduciaries” to receive compensation in exchange for providing investment advice to retirement plans and their participants and beneficiaries. Among other things, the proposal generally… Continue Reading

July 27, 2020

Temporary Suspension of 401(k) Plan Safe Harbor Contributions Due to COVID-19

On June 29, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-52 that generally permits employers who sponsor safe harbor 401(k) plans to temporarily reduce or suspend certain contributions made during the COVID-19 crisis. As a bonus, the Notice also addresses reductions of certain midyear contributions that affect only “highly compensated employees” (“HCEs”), regardless of… Continue Reading

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