Blog
The information and content contained in this blog are for general informational purposes only, and does not, and is not intended to, constitute legal advice. As always, for specific questions concerning your health or 401(k) plans, please consult your own ERISA attorney or professional advisor.
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
Required Contribution Percentage Adjustment
The IRS announced (in Rev. Proc. 2020-36) the 2021 indexing adjustment to the Affordable Care Act's (ACA's) required contribution percentage. Applicable Large Employers (ALEs) subject to the ACA's shared responsibility (pay or play) provisions use this percentage to determine whether
New IRS Guidance Expands Eligibility for 401(k) Plan COVID-19 Related Distributions and Loans
On June 19, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-50, along with a related news release, that provides official guidance on “coronavirus-related distributions” and temporarily expanded loans taken from 401(k) plans due to the COVID-19 crisis. The Notice
SCOTUS Expands Exemption for Contraceptive Coverage
On July 8th, 2020, the Supreme Court of the United States (SCOTUS) upheld expanded exemptions to the Affordable Care Act's (ACA) contraceptive coverage mandate (Mandate). In a 78 page opinion, SCOTUS details history of the litigation surrounding the Mandate. In