On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury (the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group health plan coverage of over-the-counter at-home COVID-19 tests (OTC Tests) plans, without participant cost-sharing, preauthorization,
Employee Benefits Blog
The Employee Benefits Blog covers legal and regulatory developments affecting employee benefit plans, including retirement plans, health savings accounts, and flexible spending accounts. It discusses IRS announcements on contribution limits and cost-of-living adjustments, guidance on new distribution types under recent legislation, and updates on fiduciary rules and compliance requirements. The blog also addresses legal challenges impacting benefits regulations and provides practical insights for plan sponsors and administrators on navigating evolving rules and filing obligations. Topics include qualified retirement plans, fiduciary duties, tax implications, and regulatory uncertainty in employee benefits law.
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Group Health Plans Must Pay For Over-The-Counter At-Home COVID-19 Tests
Beginning January 15, 2022, and continuing throughout the duration of the public health emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home COVID-19 tests (OTC Tests), including tests not ordered by a health care provider, without…
Infrastructure Investment and Jobs Act Brings an Early End to the Employee Retention Credit
The Infrastructure Investment and Jobs Act (the “IIJA”), which was signed by President Biden on November 15, 2021, retroactively eliminates an employer’s ability to claim the employee retention credit (“ERC”) for eligible wages paid during the fourth quarter of 2021.…
IRS Announces 2022 Retirement Plan Limits – Most Limits Increase
The Internal Revenue Service announced the 2022 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2022. Most of the dollar limits, including the elective…
Locke Lord QuickStudy: New Guidance Issued on What Employers Must Consider Before Charging Higher Group Medical Insurance Premiums for Unvaccinated Employees
In our September 2, 2021 QuickStudy available here, we outlined the various laws governing wellness plans and described how group health plans might structure a premium surcharge for employees who have not received the COVID-19 vaccine to fit within…
Electronic or Digital Signatures Permitted for Code Section 83(b) Elections
The Internal Revenue Service recently announced that electronic or digital signatures will be accepted for Code Section 83(b) elections. This relief is part of the IRS’s response to the COVID-19 pandemic and is temporary.
Background
Taxpayers receiving grants of restricted…
September 30, 2021 Marks the End of the COBRA Premium Subsidy – Don’t Overlook the Expiration Notice
Locke Lord QuickStudy: What Employers Should Consider Before Charging Higher Group Medical Insurance Premiums for Unvaccinated Employees
On August 23, 2021, the U.S. Food and Drug Administration approved the first COVID-19 vaccine for the prevention of COVID-19 disease in individuals 16 years of age and older. The vaccine, which has been referred to as the Pfizer-BioNTech COVID-19…
US Dept. of Labor Announces Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Record-Keepers and Plan Participants
The U.S. Department of Labor (“DOL”) recently issued guidance on best practices for maintaining cybersecurity directed to plan sponsors, fiduciaries, record-keepers and participants of employee benefit plans governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). …
IRS Provides Additional Guidance on COBRA Premium Subsidy
By Tvasil
On July 26, 2021, the IRS issued Notice 2021-46 (the “Notice”), which provides new guidance in the form of 11 questions and answers on the COBRA premium subsidy and the related tax credit under the American Rescue Plan Act of…