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
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.
Latest from Employee Benefits Blog - Page 4
IRS Extends Relief Allowing Remote Witnessing Procedures for Certain Retirement Plan Elections
As the COVID-19 pandemic drags on, administrators of defined benefit pension plans continue to field questions about the notary requirement related to certain participant and spousal elections. For qualified retirement plans subject to the qualified joint and survivor annuity rules…
IRS Updates Qualified Plan Correction Procedures
The IRS recently issued Revenue Procedure 2021-30, which updates the correction program under the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits plan sponsors to correct failures in the form and operation of retirement plans intended to satisfy the requirements…
DOL Releases Model Notices and FAQs About COBRA Premium Subsidy
As discussed in our prior post, under the American Rescue Plan Act of 2021, certain individuals who are eligible for COBRA coverage as a result of an involuntary termination of employment or reduction in hours may be eligible to…